Greece Meets Europe to Save Financial Woes

Greece Meets Europe to Save Financial Woes

Greek party flag bearers had a meeting on Wednesday to agree on a reform deal in exchange for a renewed EU/IMF rescue, after the annoying repeated delays which prompted warnings that the euro may disengage Athens.

With the financial future of Greece and the wider euro zone at stake, Prime Minister Lucas Papademos’ strained efforts to convince the three parties in his government to accept the tough reforms demanded by the International Monetary Fund and the European Union which seemed to have been tainted by disturbing arguments which are a little over than just procedural matters.

Series of deadlines have elapsed without the leaders finally making up their minds regarding the terms and conditions for the new 130 billion euro (108 billion pound) bailout which Athens desperately needs to avoid the shameful bankruptcy next month when huge debt repayments are due.

What was supposed to have been a successful meeting on Tuesday was eventually postponed due to some missing paperwork, which is a very annoying mistake, which further delays the discussion of a deal, according to one party official.

 On Monday, the Greek government had been under pressure convincing skeptical European capitals that it would stick to the terms of a multi-billion-euro rescue package endorsed by lawmakers during violent protests on the streets of Athens.

Political leaders had only until Wednesday this week to issue a written commitment documenting their implementation of the terms of the deal, a government spokesman said.

Greece desperately needs the international funds before March 20 this year to meet huge debt repayments of 14.5 billion euros, otherwise they would suffer chaotic consequences that would eventually affect the entire euro zone.

Posted by James Fried on Monday February 13 2012, 11:38 PM EDT. Ref: Google. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0