2011年6月1日星期三

Greek EU of race to the second rescue plan project: sources (Reuters)

By Jan Strupczewzki and Harry Papachristou Jan Strupczewzki and Harry Papachristou - Mon May 30, 7: 25 am and

Brussels/Athens (Reuters) - the European Union is working on a second package of rescue for the Greece in a race to release vital loans next month and avoid the risk of the euro zone defaulting countries, EU officials, said Monday.

During this time, the conservative opposition of the Greece demanded lower taxes, as condition for reaching a political consensus with the Socialist Government on new austerity measures, which Brussels says is necessary to obtain additional assistance.

Blows to plug a gap in funding for 2012 and 2013 imminent have accelerated after the Monetary Fund International, said last week he would refuse the next tranche of aid due June 29 unless the EU guarantees meet the needs of financing Athens next year.

Responsible for the EU Senior maintained unannounced emergency with the Greek Government over the weekend, said an EU source.

The Greece has a rescue plan of 110 billion euros ($158 billion) of the EU and the IMF last may, but has since dropped short of its commitments to reduce deficit, increasing the risk of default on its debt 327 billion euros equivalent to 150% of the production.

Tax cuts sought by Conservative leader of the new democracy Antonis Samaras could aggravate the shortfall, but he argues that they are essential to boost economic growth.

EU officials, said that a new package of EUR 65 billion could involve a mixture of loans with a guarantee of the EU and IMF and measures of additional revenue, with unprecedented and intrusive program of privatization of the Greece external supervision. "Should guarantee for new loans and technical assistance of the EU - involvement of the EU in the process of privatization," a senior EU said, speaking on condition of anonymity.

Additional funds for the fact Greece face a fierce political resistance of conservatives in nationalist and fiscal matters in key creditor Northern European - Germany, the Netherlands and the Finland countries - which complicates the task of the Governments of the EU.

Greek daily Kathimerini said the Finance Ministers of the 17-nation single currency area can hold a special meeting Monday next on a new package. European Commission spokesman Amadeu Altafaj dismissed once more the report as "unfounded rumours."

The next scheduled meeting of Finance Ministers of euro area is June 20 in Luxembourg, after was pushed back a week from its original date. It will be followed three days later a Summit of EU leaders to assess the crisis of the long-term debt of 18 months.

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Massive cuts in unemployment and wages and benefits the EU austerity plan and the IMF have triggered protests from spontaneous youth in Greece and a series of strikes a day by the powerful trade unions.

Comments by weekend by a Dublin Irish Minister perhaps too need a second rescue plan can also fuel opposition to bail further between lawmakers in Berlin, the Hague and Helsinki.

The Transport Minister Leo Varadkar said The Sunday Times newspaper that Ireland was unlikely to be able to return to the capital markets next year as planned in its EU agenda and the IMF.

"This would mean a second program (emergency loans)," he was quoted as saying.

Governor of the Central Bank Irish Patrick Honohan acknowledged at a Monday press conference that market of the debt of the conditions were now worse when Ireland took a bailout of EUR 85 billion last November, but said they would improve.

Uncertainty as to whether the Greece will receive the next tranche of aid 12 billion euros needed to reach EUR 13.4 billion in financing needs in July continued to rattle the financial markets.

10-Year Greek bond over refuge German bunds rose by 20 basis points to 1,387. Two years yields have increased by 58 bps per cent alcohol.

The European Central Bank has maintained a drum roll of pressure against any attempt by EU politicians to restructure the debt of the Greece, same mountain asking investors to accept a voluntary extension of binding deadlines.

Lorenzo Bini Smaghi, Member of the BCE Board said in an interview published Monday the idea that the restructuring of the debt could be carried out in an orderly manner was a "fairytale", saying that this is the equivalent of the death penalty.

"If you look at the financial markets, whenever there is mention of a word like"Restructuring"or"soft restructuring"they are going crazy - which proves that it could not happen in an orderly manner, in this environment, at least" Bini Smaghi said the Financial times.

He also warned against a "Report" debt, or a voluntary extension of binding deadlines Greek, it would be difficult to convince investors to agree to such an agreement without the use of force.

Euro-zone Governments are actively looking for options to modify the deadlines on Greek debt, officials said, although in an interview last week, the German Finance Minister Wolfgang Sch?uble has acknowledged that it was a very high risk.

"The Eurogroup does research for a report - what you can do on a report." Is this possible without a credit event? The Dutch Finance Minister Jan Kees De Jager told reporters Saturday in Cyprus. "It is an investigation, and we will have to await the outcome thereof."

EU officials argue that the Greece could do much more to help itself through the sale of a property of the State Treasury.

ECB Executive Board Member Juergen Stark told Welt am Sonntag newspaper that Athens could raise as much as 300 billion euros of the privatization of State assets.

Greece currently aims to raise 50 billion euros from privatizations by 2015 to help stave off a financial crisis, but the country lacks a proper land registry and the possession of many potentially lucrative property is legally uncertain.

Athens puts in place a sovereign wealth Fund of real estate assets of swimming pool and State issues in companies such as telecom OTE, post Office Savings Bank and ports company.

Top EU officials have asked Greece to intensify privatization of urgency and proposed the creation of an institution of trustee to assist the process similar to the organization which privatized East German businesses after the fall of communism.

(Other reports by Angeliki Koutantou and Ingrid Melander in Athens, Marius Zaharia London, Luke Baker in Brussels; written by Paul Taylor, Mike Peacock-mounting)


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