TNBiz (TNBiz)
Finance  |  June 21, 2011 11:20:18

Greece awaits a key vote of confidence in the government


Mediafax

ATHENS (MEDIAFAX) - Members of the Greek Parliament will vote on a Tuesday night vote of confidence in local government. This vote is for the fate of key countries, reported Reuters.

The vote itself should be around 11:00 p.m. CEST, but it is possible that because of discussions, it will stretch until Wednesday morning. The government party has in Parliament 300členném total of 155 seats. In recent years, but there are also disagreements within the ruling PASOK party.

Unrelated Greeks and unions are planning to vote in connection with the demonstrations, and it is before Parliament.

On Tuesday arrived in Athens on an unscheduled visit by inspectors of the European Union (EU) and International Monetary Fund (IMF) who will evaluate the status of Greek public finances. It is expected to focus on changes in the five-year standby program.

Greek Prime Minister George Papandreou last week obměnil composition of the Cabinet. The major changes include new Minister of Finance, which 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.

After gaining the trust of the Greek Parliament on 28 June to vote on five-year saving package worth 28 billion euros (675.5 billion CZK).It approved a new round of savings cuts and international creditors, ie the EU and IMF conditional upon payment of the fifth tranche of 12 billion euros (289.5 billion CZK) from the rescue package. Without these funds, Greece is insolvent.

At the beginning of May last year, Greece became the first EU country to be agreed with the European Union (EU) and International Monetary Fund (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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