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Greece must implement bailout deal, eu commission ready to help by wwy yrj
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Greece must implement bailout deal, eu commission ready to help by WWY YRJ
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| Article Posted: 06/29/2012 |
| Article Views: 52 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
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Greece must implement bailout deal, eu commission ready to help |
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Business,Business News,Business Opportunities
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BRUSSELS (Reuters) - Greece must implement the reforms it agreed to underthe second bailout program and the European Commission is ready tohelp Athens with that, the European Union executive said on Monday,after Greek parties opposing the bailout did well in elections. "Full and timely implementation of the program is of the essence inorder to meet the targets and (reach) sustainability of the Greekdebt," Commission economic and monetary affairs spokesman AmadeuAltafaj told a regular news briefing. Greece's conservative leader, whose New Democracy party won thebiggest support in elections on Sunday, began a hunt for partnersto forge a coalition that would continue reforms agreed with theeuro zone and the International Monetary Fund, which are acondition for continued emergency financing for Athens. Without the EU/IMF funds, Greece would have to default on its debt,which some politicians believe would entail leaving the euro zoneand the European Union. But on Sunday, voters savaged the two ruling parties for imposingsteep wage and spending cuts, in line with the bailout terms, andforming a coalition government in support of the reforms might bedifficult.
"A second program has been negotiated with the Greek authorities,on behalf of the Greek state... the private sector hascontributed... but of course when it comes to implementation, it isup to the Greek authorities," Altafaj said. The bailout program is an ambitious deal struck in February thataims to clear the way for Greece to return to financial markets by2015.
"We stand ready to continue to assist Greece with its ongoingreform agenda in the framework of the second economic adjustmentprogram," European Commission spokeswoman Pia Ahrenkilde Hansentold the briefing. The Commission said it was premature to anticipate what decisions afuture Greek government that might emerge from the coalition talkscould take regarding the bailout reforms. "We do not have a new government in Greece yet," she said. "TheCommission hopes and expects that the future government of Greecewill respect the engagement that Greece has entered into." Greece consistently missed targets under its first program, agreedin April 2010, which led to the restructuring of its private-sectordebt under the second package.
Officials say any further backsliding now will not be tolerated,especially with the International Monetary Fund a reluctant partnerin the second program. (Reporting By Sebastian Moffett and Jan Strupczewski ; editing by Luke Baker and Rex Merrifield ). I am a professional writer from Activated Carbon, which contains a great deal of information about aluminum spray bottle , machine stretch wrap, welcome to visit!
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