Greece begins new bailout mission

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Greece&&num;8217&semi;s negotiators head to Brussels armed with their reform proposals and parliamentary backing to seek a third bailout&comma; but with the shadow of severe dissent from governing politicians hanging over them&period;<&sol;p>&NewLine;<p>Finance Minister Euclid Tsakalotos was to meet with his 18 colleagues from the other eurozone countries this afternoon to discuss the Greek proposals&comma; which contain tax hikes and deep spending cuts&comma; including on pensions&comma; that the six-month-old left-wing government had so far resisted&period;<&sol;p>&NewLine;<p>Without a deal Greece&comma; already desperately low on cash&comma; its banks shut for the past two weeks and its population restricted on cash withdrawals&comma; risks crashing out of Europe’s joint currency&comma; the euro&period; It would be the first country to do so&comma; and the consequences for the country and global markets would be unpredictable&period;<&sol;p>&NewLine;<p>The austerity measures prime minister Alexis Tsipras’ government is proposing are so far from his radical left Syriza party’s policies that he suffered severe dissent in a late-night parliamentary debate that culminated in a 3&colon;30am local time vote today&period;<&sol;p>&NewLine;<p>It comes less than a week after 61&percnt; of voters opposed similar reforms&comma; proposed by creditors&comma; in a referendum last Sunday&period;<&sol;p>&NewLine;<p>The motion&comma; which sought to authorise the government to use the proposal as a basis for negotiation with international creditors during the weekend&comma; passed with 251 votes in favour&comma; 32 against and eight voting present – a form of abstention – in the 300-member parliament&period;<&sol;p>&NewLine;<p>Those who voted present or were absent&comma; as well as two of those who voted against&comma; were Syriza party members – raising questions about the stability of Mr Tsipras’ government&comma; a coalition of Syriza and the small nationalist Independent Greeks&period;<&sol;p>&NewLine;<p>The dissenters included two ministers – Panagiotis Lafazanis who holds the energy portfolio and Dimitris Stratoulis who holds the social security portfolio&comma; and prominent party member and Parliament Speaker Zoe Konstantopoulou&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;I support the government but I don’t support an austerity programme of neoliberal deregulation and privatisations which &&num;8230&semi; would prolong the vicious circle of recession&comma; poverty and misery&comma;” Mr Lafazanis said in a statement released to the press explaining his &OpenCurlyDoubleQuote;radical and categorical” objection to the proposal&period;<&sol;p>&NewLine;<p>Former finance minister Yanis Varoufakis&comma; who resigned this week&comma; was absent for family reasons&comma; saying on Twitter he was spending the weekend with his daughter who was visiting from Australia&period; Although he sent parliament a letter saying he would have voted in favour had he been present&comma; it could not be counted among the &OpenCurlyDoubleQuote;yes” votes under parliamentary rules&period;<&sol;p>&NewLine;<p>All opposition parties except the Nazi-inspired Golden Dawn and the Communist Party voted in favour&period;<&sol;p>&NewLine;<p>Speaking earlier in the debate which began just before midnight Friday&comma; Mr Tsipras acknowledged the reforms his government has proposed were harsh and include measures far from his party’s election pledges&comma; but insisted they were Greece’s best chance to emerge from its financial crisis&period;<&sol;p>&NewLine;<p>Mr Tsipras said his government had made mistakes during his six-month tenure but said he had negotiated as hard as he could&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;There is no doubt that for six months now we’ve been in a war&comma;” he said&comma; adding that his government had fought &OpenCurlyDoubleQuote;difficult battles” and had lost some of them&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Now I have the feeling we’ve reached the &&num;8230&semi; line&period; From here on there is a minefield&comma; and I don’t have the right to dismiss this or hide it from the Greek people&comma;” he said&period;<&sol;p>&NewLine;<p>The proposed measures are certain to inflict more pain on a Greek public who just days ago voted overwhelmingly against a similar plan&period; But if approved by Greece’s international creditors&comma; the deal would also provide longer-term financial support for a nation that has endured six years of recession&comma; and address the country’s debt which the government has long argued is unsustainable&period;<&sol;p>&NewLine;<p>If approved&comma; Greece would get a three-year loan package worth nearly €60bn as well as some form of debt relief&period; That is far more than the €7&period;2bn left over from Greece’s previous bailout that had been at stake in the country’s five-month negotiations until last month&period;<&sol;p>&NewLine;<p>Defence Minister Panos Kammenos&comma; who heads Independent Greeks&comma; said he was advocating a vote in favour of the proposal even though the reforms were against his party’s principles&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;I want to state clearly&comma; I am not afraid of Grexit&comma;” he said&comma; referring to the possibility of Greece leaving the euro&period; &OpenCurlyDoubleQuote;I am afraid of one thing&colon; national division and civil war&period;”<&sol;p>&NewLine;<p>He said he feared failure to get a deal with creditors would eventually lead to civil strife&period;<&sol;p>&NewLine;<p>The country has relied on bailout funding since losing access to financing from bond markets in 2010&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed135d8c3a7">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ed135d8c3a7'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


Discover more from London Glossy Post

Subscribe to get the latest posts sent to your email.

- Advertisement -
Exit mobile version