greece drive targets low wage earners
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Greece drive targets low wage earners

Arab Today, arab today

Arab Today, arab today Greece drive targets low wage earners

Athens - Arabstoday

Greece's beleaguered government said it will start taxing minimum-wage earners and encourage local banks to help the state delay debt payments for bonds maturing as late as 2015. The announcement came on Thursday as the government reached a final deal on a €28 billion (Dh147.28 billion) austerity package with debt inspectors from the European Union and the International Monetary Fund. Getting the new spending cuts, economic reforms and privatisations through parliament next week is a precondition for Greece to get more aid, without which it will default on its massive debts. The deal reached between the Greek government and the debt inspectors, which regularly check on Greece's implementation of its €110 billion bailout programme, contains an additional €3.8 billion in spending cuts, an EU official said early yesterday. The experts from the EU and the IMF found that the austerity package to be sent to parliament initially fell short of the promised €28 billion in savings, but that the Greek government promised to offset the shortfall with additional cuts, the official said. The official was speaking on condition of anonymity because the cuts have not yet been announced. Earlier, Evangelos Venizelos, the country's new finance minister, said the government is encouraging a deferment scheme under the so-called "Vienna initiative," signing up private investors such as banks and investment funds to voluntarily renew their debt holdings as they expire. Similar discussions are currently going on throughout the Eurozone, in an attempt to cut the overall amount of money other Eurozone nations and the IMF have to lend Greece in a second bailout package that is in the process of being negotiated. Voluntary bond rollovers were used successfully in 2009 to help East European countries during the global financial crisis. But Athens runs the risk that a similar move may be considered a default by ratings agencies, because it will likely involve banks charging interest rates that are significantly lower than what they would currently get on Greek bonds bought on the open market. "The Vienna process is totally voluntary," Venizelos said. "Are we encouraging the Greek banks to participate? The answer is yes." Asked what bond maturities would be considered in the voluntary process, he said: "They may include 2015." A Greek default could drag down Greek and European banks, endanger weak Eurozone countries like Portugal, Ireland and Spain, and potentially spark turmoil in global markets, the European Central Bank has warned. From / Gulf News

arabstoday
arabstoday

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*

greece drive targets low wage earners greece drive targets low wage earners

 



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*

greece drive targets low wage earners greece drive targets low wage earners

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday