|

Business

Greek deal elusive

Friday, September 21, 2012



ATHENS, Greece - GREECE’S coalition government parties yesterday failed again to agree on a major new austerity package that had been promised for this week and is crucial to the financial survival of the country.

Prime Minister Antonis Samaras resumed meetings with the leaders of parties backing his coalition government to discuss the package worth at least €11.5 billion ($1.3 trillion).

Politicians have had trouble agreeing on the details of the package, which is expected to include more salary and pension cuts for the years 2013-14. Critics say it’s just going to make the recession worse and make it more difficult for Greece to pay down its debts.

“Nothing has been finalised. All those who hastened to declare that the measures have been decided were mistaken,” junior coalition partner Fotis Kouvelis told reporters after talks with conservative Samaras and a Socialist party leader.

Finance Minister Yannis Stournaras confirmed the three-party talks had again failed to reach a final deal, describing the negotiations as “very difficult”.

Asked when he thought the agreement would be reached, he replied: “I don’t know. I think it will take a few more days.”

The new cuts are a source of indignation among many Greeks, including judges and police.

Earlier on Thursday, policemen guarding the prime minister’s office in central Athens used pepper spray to push back about 20 demonstrating colleagues, who held up a banner that read “Protect those who protect you.” No arrests were reported by authorities.

“We staged a small protest together with colleagues from the Coast Guard and the Fire Service. We wanted to hand over a petition to the government,” Grigoris Bakaris, a senior member of the Greek Police Officers’ Association who joined the protest, told the AP.



Interest rates are on the rise

 

JNBS touts 'financial bridge' in London

 

SVL dealing with 'little issues' in Dom Rep

 

Pat Francis praised by WTO

 

Barbadian collects J$362 million Super Lotto Jackpot

 

IMF appoints new rep for Jamaica

 

Puerto Rico faces lowest coffee production ever

 

Oil falls on concerns for China demand

 

Cuba sees decline in food production

 

Turks and Caicos recovers cash, land amid probe

 

Canadian businessman on trial for corruption in Cuba

 

IMF head Lagarde in fraud probe

 

Keeping records is key

 

Are the new telecoms licences up for sale too pricey?

 

GK goes after mobile money

 

JPS, ATL partner on energy-saving retail products

 

Purity boosts income 58%

 

Fiction, Tracks & Records post losses

 

Colombia turning brain drain to gain

 

BCW Capital to raise $500-m for Caribbean Producers

 

Today's Cartoon