Arab Today, arab today greece heads for new euimf audit hopes reforms will earn loans
Last Updated : GMT 14:35:30
Arab Today, arab today
Arab Today, arab today

Greece heads for new EU-IMF audit, hopes reforms will earn loans

Arab Today, arab today

Arab Today, arab today Greece heads for new EU-IMF audit, hopes reforms will earn loans

Athens - AFP

A new EU-IMF audit of Greek fiscal performance and reforms begins Sunday, with the debt-laden country hoping progress in reining in spending will unlock further bailout loans. The mission chiefs of the so-called troika of creditors -- the EU, IMF and the European Central Bank -- will begin the inspection with a meeting with Finance Minister Yiannis Stournaras. Expected to end in October, the audit will determine the release of a scheduled loan instalment of 1.0 billion euros ($1.33 billion) from Greece\'s ongoing EU-IMF bailout. In contrast with prior troika visits, Greece has made fiscal progress and recently announced a tentative primary surplus in the budget. This could enable the Greek government to claim additional help for its recession-help economy from its European peers later this year. A primary surplus is a state budget surplus excluding the cost of servicing debts. The recession also seems to be easing, and there was a slight dip in unemployment rate due to seasonal tourism industry hirings. \"The signs of recovery are becoming clear,\" Stournaras told a conference this past week. \"No other country has achieved such a large (fiscal) adjustment in peacetime,\" he said. The inspection comes during a period of heightened labour unrest and political tension after the murder of an anti-fascist musician by an alleged member of the neo-Nazi party Golden Dawn this past week. The country is also grappling with an ongoing wave of strikes against a sweeping redeployment scheme in the civil service which the government says will maximise efficiency. The unions counter that the move is merely designed to meet layoff quotas imposed by the international creditors. Greek school teachers are on indefinite strike over the measure, state-employed doctors have also mobilised and civil servants staged a two-day walkout, later pledging to maintain resistance to the redeployment scheme. Greece is due to move or temporarily cut the salaries of a total of 25,000 civil servants and axe 4,000 state jobs by the end of the year. The auditors will also scrutinise efforts to privatise three ailing companies -- miner LARKO, truck manufacturer ELVO and defence contractor EAS -- and the drafting of a new property tax. The audit is expected to break for the IMF\'s three-day annual meetings on October 11-13 and a Eurogroup meeting on October 13 and then resume. After a meeting with Greek Prime Minister Antonis Samaras on Tuesday, European Commission President Jose Manuel Barroso said that there was \"light at the end of the tunnel,\" with twice-bailed out Greece set to return to growth next year. Greece has received two EU-IMF aid packages worth 240 billion euros since 2010 in a bailout plan that will wind down next year. But there is now widespread acceptance that it will need a third rescue package, probably amounting to 10 billion euros ($13.3 billion). The IMF has forecast that Greece will need 4.4 billion euros in 2014 and another 6.5 billion in 2015. Asked about widespread speculation Athens will need a third rescue, Barroso said \"it is no secret we have to look again at Greece\'s financial needs,\" estimated by the IMF at another 11 billion euros in 2014 and 2015. Conservative Prime Minister Antonis Samaras, who heads a fragile coalition with the socialists, earlier this week said the Greek economy is likely to need another six years to return to pre-crisis levels.

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 greece heads for new euimf audit hopes reforms will earn loans Arab Today, arab today greece heads for new euimf audit hopes reforms will earn loans

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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