Mediafax (Mediafax)
Finance  |  June 20, 2011 10:30:12

The second rescue package for Greece to involve the private sector


Mediafax

LUXEMBOURG (MEDIAFAX) - Finance ministers of the euro area (Eurogroup) at night on Monday decided that Greece gets the fifth tranche of the rescue package worth 12 billion euros after Athens to give the green light and another round of savings cuts. The second financial assistance to engage the private sector, Reuters and AFP.

Ministers expect that Greece will get the necessary funds out of a total package worth 110 billion euros (2.7 trillion CZK) until mid-July. Athens has repeatedly stated that without these funds find themselves insolvent. Representatives of the Eurozone countries, but first want to Greece approved the package of savings needed, reform and privatization.

In a statement issued after the Eurogroup meeting in Luxembourg sedmihodinového, also writes that Greece gets a second rescue aid. The new plan, which should draw clearer contours in July, includes the participation of the private sector. He should voluntarily agree to exchange maturing bonds with new ones. Statement did not specify how large amount of funds would be given Athens, but the private sector should participate in it had "substantial" work.

A source from the euro area but told Reuters that the new rescue package should reach a volume of 120 billion euros (2.9 trillion CZK), of which 60 billion euros (1.45 billion CZK) will come from new loans, 30 billion resulting from the participation of the private sector and 30 billion should be obtained from the privatization of Greece.

Greece is in the words of their leaders believe that the end of June parliament approves key savings and reforms. Ruling party in parliament holds 155 seats out of the 300th New cuts and savings are in Greece itself but very unpopular.

Prime Minister George Papandreou there last week obměnil the composition of the Cabinet. New finance minister became the outgoing Defense Minister Evangelos Venizelos. According to the prime minister's words, the new Greek government will try to push particularly hard fiscal and structural reforms as well as stimulate economic growth.

Simone Radacicova, radacicova@mediafax.cz

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