Arab Today, arab today growth hopes dashed in strikehit greece
Last Updated : GMT 09:00:05
Arab Today, arab today
Arab Today, arab today

Growth hopes dashed in strike-hit Greece

Arab Today, arab today

Arab Today, arab today Growth hopes dashed in strike-hit Greece

Athens - AFP

New strikes hit debt-hit Greece on Thursday and hopes for growth in its ailing economy were dashed as it came under increasing pressure from its international creditors to accelerate sluggish reforms. With the government locked in marathon talks on a new wave of austerity measures, Greece\'s eurozone peers indicated that another rescue deal was on the way, along with a possibility of easier debt terms negotiated with creditors. \"It is obvious that there will be a second programme for Greece,\" the eurozone\'s chief policymaker Jean-Claude Juncker told journalists in Luxembourg. \"I am in the middle of negotiating a global solution for Greece,\" the Luxembourg prime minister added. Greece received a 110-billion-euro ($160 billion) bailout from the EU and the International Monetary Fund last year, a landmark deal that averted a default. But with Greek state debt having ballooned to some 350 billion euros and a deeper-than-expected recession lessening the impact of sharp spending cuts, a second bailout is considered unavoidable. The EU and the IMF have demanded proof of reforms in Athens before approving further aid, which could be more than 90 billion euros from a mixture of new loans, Greek asset sales, and rolling over privately-held Greek debt. The IMF has also threatened to hold back its next scheduled slice of loan funding -- part of an overall 12-billion-euro instalment Athens needs to pay next month\'s bills -- if Europe cannot provide a long-term solution to Greece\'s woes. European officials are still divided on the question. Germany supports offering fresh aid to Athens as long as private banks rollover their existing loans to the Greek government, but the European Central Bank insists that any such agreement be approved by creditors first. \"We exclude ourselves all concepts which would not be purely voluntary, without any element of compulsion,\" ECB chairman Jean-Claude Trichet said, leaving the door open to some sort of agreement with banks and other private creditors. Hopes for a Greek rebound which would help ease the pain of the austerity medicine were hit meanwhile as first quarter growth figures were slashed to just 0.2 percent from the initial 0.8 percent estimate, showing the economy slowing to a halt. Worse still, after a series of sales tax hikes last year, inflation is still at 3.3 percent -- although in clear decline. The Greek government is caught in a vice, trapped between internal dissent and pressure from its international creditors to deliver on a four-year economic recovery plan designed to economise more than 28 billion euros ($41 billion) by 2015, and a 50-billion-euro privatisation drive of state assets. Employees at state companies earmarked for sale on Thursday staged a 24-hour walkout, supported by civil servants, to reject a wave of fresh austerity cuts imposed after earlier wage and pension cuts came up short last year. A few hundred unionists from the postal service, state railways, the port of Piraeus and near-monopoly telecoms giant OTE demonstrated in Athens, chanting slogans against the country\'s painful economic rescue. \"We say \'no\' to selling out the country,\" read one banner held aloft by dock workers. The government hopes to push the reform package through parliament, where it holds a slim six-seat majority, by the end of June. Ministers enlisted to brief the ruling party\'s lawmakers on the package received a dressing-down on Tuesday, with many internal critics arguing that the recovery recipe mandated by Greece\'s creditors is ill-conceived. The plan was designed to help Athens regain access to borrowing markets but investors remain unconvinced and credit rates have risen instead of falling. Tens of thousands of Greeks have been gathering opposite parliament daily over the last two weeks to protest against the austerity policies which are seen to have pushed the economy into an even deeper hole.

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 growth hopes dashed in strikehit greece Arab Today, arab today growth hopes dashed in strikehit greece

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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