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Greeks vote in second general election

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thebalticbriefing.com

Athens: On Sunday, Greeks voted in the second general election this year to elect a new government that will implement the three year bailout agreed in the summer with international creditors.

About 9.8 million citizens of 18 years and above were registered to vote in 19,457 polling stations nationwide. The number of new voters is 108,464.

The two front-runners are former prime minister and leader of the radical-left SYRIZA party Alexis Tsipras and Evangelos Meimarakis of the conservative New Democracy party.

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Tsipras asked weary Greek voters to deliver a “fighting government” capable of “moving forward with difficult reforms” as he cast his ballot in the country’s closely-fought election, the fifth in six years.

“The Greek people will take their future into their own hands… and seal the transition to a new era,” Tsipras said in the working-class Athens district Kypseli. “I’m confident.”

Meimarakis after casting his ballot: “I believe we will have a better future for all Greeks regardless of which party they vote for.

“I hope the result will vindicate Greek people’s sacrifices,” President Prokopis Pavlopoulos said.

Stavros Theodorakis, head of the centrist small Potami party, and Fofi Gennimata, leader of the PASOK socialist party, stressed the need for consensus after the elections.

(IANS)

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Greek bailout tranche disbursed on time

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Athens: The first tranche of Greece’s new bailout programme — the third in five years — was disbursed on Thursday on time allowing Athens to repay its maturing debts to its international creditors, the finance ministry announced.

The announcement came as Prime Minister Alexis Tsipras was holding a meeting with his close aides and advisors to examine the prospect of calling snap general elections in later this year, government sources said.

2015-08-20_1840Following the ratification of the new 86 billion euros ($96 billion), three-year bailout by the European Support Mechanism (ESM) on Wednesday evening, the first loan installment of 26 billion euros was paid out, Xinhua reported citing Greek news agency AMNA.

About 13 billion euros was allocated to a special account at the Bank of Greece to automatically repay a 3.4-billion euro debt to the European Central Bank (ECB) due on Thursday, a 2.2 billion euro debt to the International Monetary Fund (IMF), and the rest to pay off the 7 billion euro bridging loan ESM granted to the country in July.

Furthermore, 10 billion euros in the form of European Financial Stability Facility bonds will be used to recapitalise Greek banks, while one billion euros will be used for the payment of overdue obligations of the Greek government to the private sector.

The development clears the way for the Tsipras to decide his next moves in the domestic political scene, analysts in Athens noted.

According to the analysts, Tsipras was considering a new confidence vote in his government soon and, in case of failure to win back his party’s “rebels”, will call for snap elections in September or October.

With dissidents within the ruling Syriza party openly blasting the government of making a U-turn on the anti-austerity platform that brought the party to power last January, early polls seem almost inevitable.

Tsipras was thinking about calling the polls as early as September 13, officials said.

The second idea is to hold the elections later in October so that the government passes some bailout policies through the parliament first, on time for the first assessment by creditors that will pave the way for the discussion on the Greek debt relief.

In order to ensure that the measures will be ratified by the assembly with no problems from Syriza MPs , the premier could close the plenary so that the draft bills are put to vote in reduced summer parliamentary sessions where he can control the appointment of Syriza deputies.

(IANS)

One response to “Greek bailout tranche disbursed on time”

  1. Note the 96 Billion $ of so called bail out money, that came from the bank, is being made available to repay- meaning- return the money to the bank. Nothing is left for investment in sectors that is likely to generate wealth that will help the nation to repay their debt. On top of this- Greece will have to privatize many of the services like healthcare, social security, etc. But the exchange between Greece and Euro is being publicized as “AID” or “HELP” which in fact is the aid and help to Bankers.

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IMF calls for Greek debt relief after bailout approval

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Brussels, Aug 15 (IANS) The International Monetary Fund (IMF) on Saturday called on eurozone leaders to offer debt relief to Greece, following the approval of a new third bailout deal.

Lagarde-Christine
www.armstrongeconomic.com

 

Greece will receive up to 86 billion euros ($95 billion) in loans over the next three years, in return for tax rises and spending cuts, BBC reported.
IMF chief Christine Lagarde welcomed the agreement but warned Greek debt had become unsustainable.

She said the country needed significant relief “well beyond what has been considered so far”.

“Greece cannot restore debt sustainability solely through actions on its own,” she added.

The first tranche of loans will be for 26 billion euros ($28 billion).

This will include 10 billion euros ($11.5 billion) to recapitalise Greek banks and 16 billion ($17.7 billion) in several instalments – the first of which will be delivered in time for Greece to repay about 3.2 billion euros ($3.5 billion) to the European Central Bank (ECB) by August 20.

European Commission President Jean-Claude Juncker said the deal sent a message “loud and clear” that Greece will stay in the eurozone.

The new bailout deal was passed on Friday.

(IANS)

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EU negotiators arrive in Athens for bailout talks

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By NewsGram Staff Writer

European Union (EU) negotiators arrived in Athens on Friday to begin discussions on a third Greek bailout.

Greek government officials are expected to hold talks during the first high-level negotiations in the Greek capital since leftist Alexis Tsipras became prime minister in January, BBC reported.

The negotiators comprise representatives of the European Commission, European Central Bank (ECB) and European Stability Mechanism (ESM) – the eurozone’s main bailout fund.

The move comes after Greek MPs approved tough new conditions set by the EU lenders last week.

The new conditions included an increase in Value Added Tax (VAT) and pushing back the retirement age. On Wednesday, the ECB increased its cash lifeline to Greek banks by 900 million euros (about $980 million).

The IMF confirmed on Monday that Greece had cleared its overdue debt repayments of 2.05 billion euros ($2.24 billion) and was no longer in arrears.

Greece’s next major deadline is August 20, when it must pay 3.2 billion euros ($3.5 billion) owed to the ECB, followed by a payment of 1.5 billion euros ($1.6 billion) to the IMF in September.

(With inputs from IANS)