greek leftist vows to reject loan terms
Last Updated : GMT 11:03:35
Arab Today, arab today
Arab Today, arab today

Greek leftist vows to reject loan terms

Arab Today, arab today

Arab Today, arab today Greek leftist vows to reject loan terms

Athens - AFP

The head of Greece's radical left-wing Syriza party said Tuesday his cabinet will reject all austerity measures imposed under an EU-IMF loan deal, if he manages to form a new government. "The public verdict has clearly nullified the loan agreement and (pledges) sent to Europe and the IMF,"  Alexis Tsipras said in a televised address. The country's youngest political leader at 37, Tsipras was earlier given three days to form a government by the head of state, President Carolos Papoulias, after a similar attempt by the first-ranked conservative New Democracy party failed. General elections on Sunday did not produce a clear winner but gave an overwhelming boost to Syriza which now has 52 deputies in parliament, making it the second biggest party. The main parties that have pledged to continue deficit-cutting reforms, New Democracy and socialist Pasok, now only send a combined 149 MPs to the 300-seat parliament, not enough for a re-run of the outgoing coalition led by technocrat Lucas Papademos.Tsipras called on the leaders of Pasok and New Democracy to renege on their pledges to international creditors, vowing to form an anti-austerity coalition with other leftist parties and abolish a spate of labour laws demanded by Greece's creditors to improve competitiveness. "Citizens have crushingly voted against the barbaric policy of loan agreements. They put an end to plans for 77 new austerity measures in June, plans to lay off 150,000 civil servants, and to additional measures worth 11.5 billion euros ($15 billion)," he said in his address. "This was a mature, conscious political choice," he said. Even assuming that Syriza and other anti-bailout parties could overcome their gaping differences, they can only muster 151 votes, enough for just a razor-thin majority in parliament. The Communist party, which has 26 seats, refused to cooperate on Tuesday. Some constitutional experts have argued that a government could theoretically be backed by just 120 lawmakers depending on the number of deputies present on the day of the confidence vote in parliament. Tsipras, who will probably not seek the prime minister's post for himself, said that banks should be placed under "national control" and a "moratorium" applied on loan repayments. Syriza spokesman Panos Skourletis said the party would seek an understanding with Greece's EU peers on making the country's huge debt of over 350 billion euros sustainable. A new government has to be formed by May 17 or new elections will be called. The voters' verdict in Greece has alarmed markets. The Athens stock exchange lost 3.77 percent in afternoon trading after shedding another 6.67 percent on Monday, with Paris shedding 2.78 percent, Frankfurt losing 1.90 percent and London ending 1.78 percent down. And Greece's cost of borrowing jumped on Tuesday as it sought to raise 1.3 billion euros ($1.7 billionj) in a sale of six-month treasury bills, with it paying 4.69 percent to investors, up from 4.55 percent at the last equivalent sale on April 10. The only option to forestall new elections, noted pro-socialist Ethnos daily, is for Syriza and the smaller Democratic Left party to settle on a joint candidate for prime minister which the third-seeded socialist Pasok party could support. The political developments in Greece and also France, after presidential elections there on Sunday, stoked anxiety about the fate of the EU's tough fiscal pact adopted in March to end the eurozone's crippling debt crisis. German Chancellor Angela Merkel, the chief proponent of austerity as the main way out of the crisis, said Monday it was "of utmost importance" that Greece stuck to its reform path, while conceding this was "difficult". A European Commission spokeswoman said Brussels "hopes and expects" that the future government of Greece will respect its commitments. Market analysts saw the verdict as added evidence that Greece will soon be exiting the euro. "The failure of the Greek election to produce a new government provides some support to our view that Greece could leave the eurozone as soon as the end of this year," London-based Capital Economics said in a note. The head of Fitch ratings agency said in an interview published on Tuesday that a Greek exit from the eurozone would not kill the common currency as Europe's paymaster Germany has too much invested in its survival. "If the deutschemark were reintroduced, it would appreciate considerably against other currencies. Export industries, which are the motor of the German economy, would suffer," Paul Taylor said. "Germany isn't going to tolerate that, even if one or more countries leave the eurozone." And even if the pro-bailout parties gained a small majority, this would likely erode as economic conditions worsen, the group said. The country, in its fifth year of recession with unemployment at 20 percent, is committed under the previous government to finding by June another 11.5 billion euros in savings over the next two years.

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*

greek leftist vows to reject loan terms greek leftist vows to reject loan terms

 



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*

greek leftist vows to reject loan terms greek leftist vows to reject loan terms

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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