European creditors conditional aid to Greece to fulfill three Conditions

European creditors conditional aid to Greece to fulfill three Conditions

Brussels : Belgium | Feb 10, 2012 at 8:54 AM PST
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EU Ministers Meet to Avert Greek Debt Default

to Greece must meet three conditions to receive a portion of financial aid from the European Union, according to established finance ministers of the euro zone meeting in Brussels.

The aid, worth 130 billion euros ($ 296 billion), was subject to the approval of more austerity measures by the Greek Parliament, more cuts in the government budget for this year and a "strong political guarantee" of party leaders Greeks that they comply with negociação.As goals must be accomplished before the next meeting of European ministers on Wednesday said the president of the European group, Jean-Claude Juncker, Luxembourg.

"Despite the progress achieved in recent days, we still lack the necessary elements on the table to make a decision (on aid)," he said. "These three elements must be in place before making a decision."

Juncker said that creditors Greeks still have doubts about the austerity plan promised by Athens earlier in the week.

The German finance minister, Wolfgang Schaeuble, swelled the chorus and said the Greek austerity plan "has not reached a stage where it can be approved." DesconfiançaAs two country's major unions called a strike for 48 hours starting this Friday Monday by the Greek government announced earlier this week, which already includes cutting 15,000 civil servants, relaxation of labor laws and reducing the minimum wage by 22%.

The reform of the retirement system, a condition of the EU, the European Central Bank and International Monetary Fund (IMF) continues to be an impasse in negotiations.

The Greek prime minister, Lucas Papademos, failed to advance in political negotiations within the country to reform the current model, with the goal of saving $ 300 million per month.

Greece, at the same time, is already feeling the effects of a previous round of measures, consideration of the first financial bailout package.

The cuts cause large protests, at a time when the country is sinking into recession and faces unemployment rates above 20%.

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The IMF involvement and the draconian austerity measures have angered Greek unions
The IMF involvement and the draconian austerity measures have angered Greek unions
babar42 is based in Karāchi, Sind, Pakistan, and is a Reporter on Allvoices.
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