TNBiz (TNBiz)
Finance  |  June 19, 2011 10:33:58

Eurozone finance ministers will discuss a rescue package for Greece


Mediafax

LUXEMBOURG (MEDIAFAX) - Finance ministers Eurozone countries (Eurogroup) on Sunday and Monday will meet in Luxembourg to negotiate on the form of second bailout for indebted Greece. Informed the agency said.

At the negotiating table gets the first question of the fifth tranche amounting to 12 billion euros (289.5 billion CZK) from the first rescue package. It is expected that ministers give green light release of these funds.

As regards the second rescue package for a long time there are differences between the representatives of Member States and the European Central Bank (ECB). On Friday, however, managed to reach a grand bargain France and Germany.At a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy with former engine of European integration was able to find consensus on the involvement of the private sector in the second package for Athens. This should go hand in hand with the initiative of the Vienna of 2009. But the private sector must participate on a voluntary basis.

At the beginning of May last year, Greece became the first EU country to be agreed with the EU and the IMF for financial assistance. This should help to solve the dismal state of Greek public finances. In exchange for a rescue package worth 110 billion euros (2.7 trillion CZK) countries pledged to take a number of austerity measures and cuts, which include a reduction in salaries of civil servants, reducing pensions and tax increases. With the cuts but their unions do not agree that held a number of strikes and protests.

But the austerity measures deepened the economic recession the country. Greek gross domestic product (GDP) in the first quarter of this year fell by 5.5 percent. The decrease was stronger than originally expected.

Simone Radacicova, radacicova@mediafax.cz

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