Arab Today, arab today optimism for new greek bailout deal despite german misgivings
Last Updated : GMT 12:27:18
Arab Today, arab today
Arab Today, arab today

Optimism for new Greek bailout deal despite German misgivings

Arab Today, arab today

Arab Today, arab today Optimism for new Greek bailout deal despite German misgivings

A Greek flag waves outside the Athens Stock Exchange
Athens - AFP

Debt-ridden Greece and its creditors appeared on track Monday to finalise the terms of a third bailout agreement despite the misgivings of EU paymaster Germany.

Amid reports that a deal could be announced by Tuesday, Greek ministers took a break from talks with EU-IMF negotiators to brief Prime Minister Alexis Tsipras, the government said.

The talks between Greece's finance and economy ministers, Euclid Tsakalotos and Giorgos Stathakis, and the European Central Bank, the International Monetary Fund and the European Stability Mechanism, aim to finalise the list of new reforms to be required of the Greek government in exchange for a lifeline of up to 86 billion euros ($94 billion).

Highlighting expectations, the Athens stock exchange on Monday jumped 2.06 percent, its third day of gains.
Greek financial websites report that the deal forecasts an economic contraction of up to 2.3 percent this year, and a balanced budget not counting interest repayments.

The new funds will enable Athens to avoid yet another loan default, as it faces an August 20 deadline to repay 3.4 billion euros to the ECB.

The ANA news agency said the negotiators hope to clinch an accord by Tuesday at the latest, while Stathakis has described the talks as being "in the final stretch".

- 'Thoroughness over speed' -

But Germany may stand in the way of a full disbursement of the third bailout on top of two earlier rescue packages totalling 240 billion euros.

Appearing to throw cold water on the optimism voiced by the two sides, German government spokesman Steffen Seibert told reporters: "The principle 'thoroughness over speed' applies here in particular."
Berlin favours a stopgap solution such as the short-term EU bridging loan of seven billion euros that enabled Greece to meet debt payments to the IMF and ECB in June and July.

German lawmaker Ralph Brinkhaus, a top official of Chancellor Angela Merkel's CDU party, said earlier Monday that such a solution would be "better than a bad agreement".

Sticking points include raising a solidarity tax on large incomes and VAT (sales) taxes on private studies, petrol for farmers and beef.

Another decision concerns whether to create a "bad bank" to dispose of some 90 billion euros in bad loans encumbering many Greek banks.

Any decision affecting farmers -- an influential group in Greece -- carries political risk and Tsipras last week promised to extract as many concessions as possible from the creditors.
On Monday, the prime minister pledged to cut lawmaker tax breaks and ministers' salaries in a "symbolic" move to appease Greek society.

"When the issue of scrapping tax breaks for farmers falls on the negotiating table, we cannot pretend not to care about our own tax breaks," Tsipras said.

Parliament may vote on the accord on Thursday, after which eurozone finance ministers could be asked to approve it on Friday.

- Snap elections? -

Tsipras meanwhile is under pressure from many in his radical left Syriza party who say the new accord will pile further austerity on a weakened economy and goes against the party's campaign pledges.

But with his popularity among Greeks still high, Tsipras has warned the dissidents of early elections in the autumn if they continue to resist the measures.
Former energy minister Panagiotis Lafazanis, who is opposed to the new bailout agreement, has dismissed it as "a negotiating fiasco" and said Tsipras could not "avoid the outcry by resorting guiltily and hurriedly to elections".

Iskra, a website of the Lafazanis-led Left Platform, the anti-euro group inside Syriza, on Saturday raised the prospect of snap elections as soon as the first half of September.

Quoting anonymous government sources, the website said the plan was to rush the bailout accord through parliament and then immediately call for snap elections in order to "purge" MPs who oppose the new deal.

However, the government spokeswoman insisted Monday that "there are no electoral thoughts."

"The election talk cultivated in recent days is neither useful nor does it correspond to reality," spokeswoman Olga Gerovasili said in a statement, adding that the government was focused on concluding a deal and then negotiating debt relief with its creditors.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today optimism for new greek bailout deal despite german misgivings Arab Today, arab today optimism for new greek bailout deal despite german misgivings

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:34 2017 Wednesday ,22 February

Euro zone economy outlook shines

GMT 04:10 2017 Wednesday ,22 February

US stocks finish at another all-time high

GMT 02:31 2017 Wednesday ,22 February

Arms deals worth over AED6.9 bn sealed on day two of IDEX

GMT 02:21 2017 Wednesday ,22 February

Putin urges Russian nuclear weapons boost

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 20:39 2017 Tuesday ,21 February

China allocates $117 billion to expand railway network
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday