Subscribe free to our newsletters via your
. Earth Science News .

EU ponders how to hold off on Greek pleas
by Staff Writers
Berlin (UPI) Aug 24, 2012

disclaimer: image is for illustration purposes only

Eurozone leaders had consultations Friday on how best to hold off Greek pleas for more time to implement reforms that are tied to Athens continuing to receive cash as part of a multibillion-dollar bailout, the second since its debt crisis began last year.

Greek Prime Minister Antonis Samaras has been lobbying for "breathing space," saying he wants more time, not more money, to implement austerity cuts that are part of the bailout terms.

German Chancellor Angela Merkel and aides have been blowing hot and cold while receiving Samaras, who will meet Saturday with the eurozone's other key leader, French President Francois Hollande.

In comments after meeting Samaras, Merkel left no doubt Germany wants the Greek people to join their government in helping austerity cuts that Samaras fears will be hugely unpopular and dash hopes of securing a hairline growth while honoring commitments on reforms.

The prime minister's plea for more time indicated Samaras still feels the reforms need to be slower and stretched out longer to minimize their political fallout on his government.

Merkel said she was working for Greece to stay in the eurozone but her aides appeared to take a harder line, sending messages that the eurozone was prepared to carry on without Greece.

"What I want is to bring the two realities that have emerged back together into one reality," Merkel said. "Now it's the task of those who have political responsibility in Europe to bridge that gap. I want Greece to say in the eurozone and that's what I'm working for."

She said she had confidence that the Greek government "will do what it takes to solve the problem in Greece." In earlier comments, Merkel acknowledged the eurozone's preferred path of reform for Greece "demands a lot of the Greek people."

Merkel met with Hollande Thursday but analysts said neither leader intends to give Samaras anything beyond assurances until a full review of the Greek debt outlook is completed next month.

A "troika" of the European Commission, the European Central Bank and the International Monetary Fund is to visit Athens before it concludes its findings and publish a report around mid-September. Present plans call for EU finance ministers to meet in Cyprus Sept. 14-15 before the troika publishes its review and reconvene in Luxembourg Oct. 8-9.

However hard Samaras tries to win EU pledges for a further respite in reforms, analysts said, little concrete progress is expected before the Luxembourg meeting which is likely to be followed by a further summit of Merkel and other leaders.

Before being lobbied by Samaras this week, Merkel made clear she still favored a decision on Greek reforms timetable only after the troika's review.

Support for encouraging Greece to leave the eurozone has grown across Europe. However, analysts said, that popular backing for Greece's exit is now more of a headache than headway for Merkel and Hollande, who know only too well that no Greek departure will be neat and tidy. The political fallout of such a "failure" for their own constituencies will also be considerable and dent their own political standing, even if a Greek exit won passing endorsement from the public.


Related Links
The Economy

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Hong Kong apartment fetches record $61 million
Hong Kong (AFP) Aug 24, 2012
A luxury apartment in Hong Kong has sold for a record HK$470 million ($61 million), making it the priciest condominium in the Chinese city and possibly in Asia, reports said Friday. An unidentified buyer paid the HK$75,806 ($9,773) per-square-foot price for the 6,200-square-feet (576-square-metre) unit at Opus Hong Kong in the upmarket Peak residential area, Hong Kong Economic Journal and Si ... read more

China bridge collapse kills three

Haiti demolishes quake-ruined presidential palace

Record radiation in fish off Japan nuclear plant

Raytheon mobile app allows first responders to use PCs, tablets and smartphones as "virtual radios"

New catalyst could improve production of glass alternatives

China to expand rare earths reserves: report

Elusive metal discovered

Northwestern scientists create chemical brain

Sea life 'facing major shock'

U OF A expert pinpoints nutrient behind fresh water algae blooms

Marine species at risk unless drastic protection policies put in place

Women could play key role in correcting crisis in clean drinking water and sanitation crisis

Greenpeace raids Russian Arctic oil platform

Google online maps embark on Arctic adventure

Man partly to blame for Antarctic ice shelf collapse: study

Arctic cap on course for record melt: US scientists

Soybeans Susceptible to Man-Made Materials in Soil

Chinese buyer of Burgundy wine chateau identified

Local irrigation systems provide better food security: study

Russia to 'considerably' cut grain exports amid drought

Typhoon Tembin pounds Taiwan, injuring 5

N. Korea agrees to receive S. Korean flood aid

Heavy rain, floods kill 26 in Pakistan: officials

N. Korea to talk to S. Korean NGOs about flood aid

U.S. AFRICOM wants more guard partnerships

South Sudan's military chief Paulino Matip dies

Kenyan, Ugandan troops battle al-Shabaab

S.Africa police say mine killings were self-defence; 34 dead

More sophisticated wiring, not just bigger brain, helped humans evolve beyond chimps

Once again with feeling: Australian science tugs heart-strings

Common parasite may trigger suicide attempts

Brain scans don't lie about age

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement