February 6, 2012
Greece's economic future is still hanging in the balance after the prime minister, Lucas Papademos, held crucial talks with party leaders in an attempt to rally support for the stringent reforms Athens must enact in return for aid.
With at least one political leader in the coalition government publicly refusing to endorse the rescue package, it was far from certain whether Papademos would win backing and keep bankruptcy at bay when the talks resume on Monday.
Before the meeting, the Greek finance minister, Evangelos Venizelos, described negotiations with foreign lenders as being "on a razor's edge". To avert a disorderly default, Greece must secure financial support by 20 March when it faces €14.5bn (£12bn) of loan repayments. Monday is seen as a sort of financial crunch day for Greece by creditors who will decide whether Athens deserves to be bailed out for a second time to the tune of €130bn.
"The moment is very crucial," Venizelos said after emerging from 12 hours of talks with officials representing the EU, the European Central Bank and the International Monetary Fund, the "troika" propping up the near-insolvent Greek economy. "Crucial issues which concern the future of the country and the Greek people remain [unresolved]. The distance separating the procedure being completed with success from stalemate … is very small. It's a very fine line. We are on a razor's edge," he said.
More
No comments:
Post a Comment