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tommy271

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Greek PM Under Pressure to Reshuffle Cabinet - Sources





-- Greek PM under pressure to reshuffle cabinet - sources
-- Former ECB VP Papademos may be next finance minister - sources
-- Cabinet reshuffle possible after late-June vote - sources

By Costas Paris
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)-Greek Prime Minister George Papandreou faces growing pressure from his Socialist Party to reshuffle his cabinet in an attempt to defuse public anger over another round of spending cuts.
Two senior officials--a senior Socialist Party leader and a cabinet minister--said the government's survival could depend on reseating top cabinet posts after the parliament votes through the new austerity measures at the end of June.
Public protests over deep government spending cuts has been growing as Greece struggles through the worst economic crisis in the country's recent history. Government insiders worry about eroding public support for reforms.
In a nationwide poll published Sunday by the Kathimerini newspaper, Papandreou's Socialist PASOK Party trails the conservative opposition New Democracy party for the first time since the 2009 elections.
Pressure to replace Finance Minister George Papaconstantinou is particularly strong, these officials said. If the cabinet were reshuffled, Papaconstantinou would probably receive another cabinet post or leave government. They said Lucas Papademos, a former European Central Bank vice president, has been raised as a possible replacement to take on one of the toughest jobs in Europe.
Papaconstantinou holds the full confidence of the prime minister, these officials said. But the finance minister has been the chief object of public anger in his role as chief knife-wielder to deliver budget cuts demanded by the European Union and the International Monetary Fund after Greece's EUR110 billion bailout last year.
"There are increasing calls by the party and some members of the cabinet for a major reshuffle and Papaconstantinou tops the list of those that must be replaced," a senior party official said.
Most Socialist parliamentary deputies pushing for a cabinet change have done so privately. The most outspoken has been Socialist deputy Dinitris Litzeris, who called for "resignations and a change of policy by the economic team."
A spokesman for the prime minister's office didn't return calls seeking comment Tuesday.
Papaconstantinou couldn't be reached for comment. A finance ministry spokeswoman said a reshuffle can only be decided by Papandreou, without elaborating.
A cabinet minister who asked not to be named noted talk among insiders that Papandreou may ask Papademos to replace Papaconstantinou.
"He is widely respected in Greece, the ECB and within the euro zone," the minister said.
Papademos declined to comment when reached by Dow Jones Newswires.
Labor unions have called for a nationwide general strike on Wednesday. On Sunday, tens of thousands of angry Greeks demonstrated in central Athens against a new wave of austerity measures that the country has promised to its international creditors to avoid default.
Protesters call for popular resistance to the new measures, which include cuts in salaries and pensions and a series of new taxes, privatizations and spending cuts.
Since May last year, when Greece got a EUR110 billion loan, the Socialist government has been under special EU, IMF and European Central Bank supervision as it struggles fix its public finances and reform the economy.
The government has failed to fulfill many of its promises of reforms and deficit reduction, prompting the EU and the IMF to discuss ways to come up with a second loan this month to keep Greece from going bankrupt.
In return, Greece now has agreed to implement a deeply unpopular EUR28.4 billion austerity package that aims to cut the budget deficit below 1% of gross domestic product by 2015, from 10.5% of GDP last year.
 

tommy271

Forumer storico
DRAGHI: LAMBERTS, LEI E' IL CATTOLICO PIU' ORTODOSSO CHE CONOSCO


(ASCA) - Roma, 14 giu - Simpatico siparietto al Parlamento europeo durante l'audizione di Mario Draghi, governatore della Banca di Italia e candidato designato alla presidenza della Bce. Il parlamentare belga Phillippe Lamberts, del gruppo dei verdi, dopo aver ricevuto da Draghi la consueta risposta sulla contrarieta' della Bce alla ristrutturazione del debito della Grecia, si e' rivolto al prossimo presidente della Bce dicendogli '' signor Draghi, lei' e' il cattolico piu' ortodosso che abbia mai incontrato''.
 

tommy271

Forumer storico
Ireland's Noonan: Don't Think Greece Is Going To Default



LONDON (Dow Jones)--Ireland's Finance Minister said he doesn't think Greece is going to default on its debt payments, but indicated that he saw "some arrangement" for that country's debt terms.
"We see a situation now emerging where there will be some arrangement for Greek debt, because...they can't afford to meet the repayment dates and the amounts that are scheduled for repayment," Noonan said in an interview with CNBC television, adding that he expects a satisfactory resolution in Europe for Greece's sovereign debt problems.
He said that one of the strengths in the Irish economy was being able to attract foreign investment, especially from the U.S., and he defended the country's 12.5% corporate tax rate, saying that it "is not negotiable."
"What we are being asked to do is to change it [tax rate] for the sake of a lower interest rate [on its EU-IMF bailout], but we would rather pay the higher interest rate and we'd continue to pay it if the quid-pro-quo is any change in our corporate tax rate."
 

discipline

Forumer storico
Ireland's Noonan: Don't Think Greece Is Going To Default



LONDON (Dow Jones)--Ireland's Finance Minister said he doesn't think Greece is going to default on its debt payments, but indicated that he saw "some arrangement" for that country's debt terms.
"We see a situation now emerging where there will be some arrangement for Greek debt, because...they can't afford to meet the repayment dates and the amounts that are scheduled for repayment," Noonan said in an interview with CNBC television, adding that he expects a satisfactory resolution in Europe for Greece's sovereign debt problems.
He said that one of the strengths in the Irish economy was being able to attract foreign investment, especially from the U.S., and he defended the country's 12.5% corporate tax rate, saying that it "is not negotiable."
"What we are being asked to do is to change it [tax rate] for the sake of a lower interest rate [on its EU-IMF bailout], but we would rather pay the higher interest rate and we'd continue to pay it if the quid-pro-quo is any change in our corporate tax rate."
E se lo dice uno come Noonan.. sarebbe meglio tenere uno come questo alla larga almeno dalla Grecia...
 

Baro

Umile contadino
Del resto come diceva Einaudi - dove son troppi a comandare nasce la confusione-
Goldman Sachs acqua passata.....:lol:
Come diceva Enrico Mattei se il veicolo è buono usalo e sfruttalo, quando non va più abbandonalo, quindi se Draghi può far bene alla causa nostra avanti Draghi sei il migliore!!:lol:
Oggi sono proprio in vena di aforismi....
 

tommy271

Forumer storico
German Fin Min: No Plans To Make Greece Decision Tuesday




BRUSSELS -(Dow Jones) - Eurozone finance ministers won't reach a decision on further help for debt-stricken peer Greece Tuesday, German finance minister Wolfgang Schaeuble said.
"We're not planning to reach a decision today, we're getting ready for further meetings," Schaeuble said. "Naturally, a part of this future additional program would be a private sector contribution, the nature of which we will discuss and has to be finalized."
Schaeuble added that the German government would be ready to give additional help, but didn't say what this would consist of.
Euro-zone finance ministers meet again next Monday in Luxembourg. Officials have said a decision on Greece must be made by then.
 
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