Archive for September, 2011

Prime Minister’s, George A. Papandreou, statement after the meeting with Nicolas Sarkozy, President of the French Republic, in Paris.

Paris, 30.09.2011

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Sep 30, 2011, 17:24 GMT

Papandreou held talks with Sarkozy in Paris after earlier meeting Van Rompuy on the margins of the EU’s Eastern Partnership summit in Warsaw.

Sarkozy said that the Greek premier had assured him of his ‘total determination’ to implement the cost-cutting measures demanded of Greece in return for international loans to keep its economy afloat.

France is the second-biggest contributor, after Germany, to the eurozone bailout fund that is propping up the Greek economy.

Papandreou repeated the assurances he gave in Germany on Tuesday, saying that Greeks were making ‘necessary sacrifices’ and that the government was committed to making Greece more competitive.

His visit came as international auditors were scrutinizing whether the efforts made by Athens so far deserved a 8-billion-euro (11-billion-dollar) loan installment from the EU and the International Monetary Fund (IMF).

Sarkozy warned the ‘failure of Greece would be the failure of all Europe’ and announced he would travel to Germany in the coming days for talks with Chancellor Angela Merkel on accelerating the implementation of a July eurozone rescue plan.

EU leaders on July 21 agreed to a second 109-billion-euro bailout package for Greece, eased conditions on outstanding loans and urged banks to accept a 21-per-cent loss on Greek bonds – in a bid to help the country conquer its debt mountain.

They also pledged to overhaul their 440-billion-euro rescue fund, allowing it to buy sovereign bonds on the markets, help governments before they need a full-blown bailout and fund tottering banks.

After the German parliament Thursday Austria’s parliament on Friday voted in favour of the plan, leaving only the parliaments of Malta, the Netherlands and Slovakia to vote on the deal.

While the reforms still has to be implemented there is speculation that more ambitious plans are afoot to contain Greece’s problems and prevent them from spreading across the euro area.

‘Although the latest master plan from 21 July is not yet done and dusted, eurozone policymakers are already considering new measures behind closed doors,’ a research note from ING bank said.

‘There is increasing evidence that eurozone policymakers are considering a further debt restructuring for Greece,’ it warned, calculating that private lenders would need to swallow at least a 50-per-cent loss to bring Greek debt under control.

Such a loss would be most keenly felt in France.

French bank are the most exposed of European banks to Greek sovereign debt.

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Paris/Brussels – Greek Prime Minister George Papandreou met with French President Nicolas Sarkozy and European Council President Herman Van Rompuy Friday as part of an ongoing diplomatic blitz to convince the EU to sign off on another tranche of vital bailout loans.

Papandreou held talks with Sarkozy in Paris after earlier meeting Van Rompuy on the margins of the EU’s Eastern Partnership summit in Warsaw.

Sarkozy said that the Greek premier had assured him of his ‘total determination’ to implement the cost-cutting measures demanded of Greece in return for international loans to keep its economy afloat.

France is the second-biggest contributor, after Germany, to the eurozone bailout fund that is propping up the Greek economy.

Papandreou repeated the assurances he gave in Germany on Tuesday, saying that Greeks were making ‘necessary sacrifices’ and that the government was committed to making Greece more competitive.

His visit came as international auditors were scrutinizing whether the efforts made by Athens so far deserved a 8-billion-euro (11-billion-dollar) loan installment from the EU and the International Monetary Fund (IMF).

Sarkozy warned the ‘failure of Greece would be the failure of all Europe’ and announced he would travel to Germany in the coming days for talks with Chancellor Angela Merkel on accelerating the implementation of a July eurozone rescue plan.

EU leaders on July 21 agreed to a second 109-billion-euro bailout package for Greece, eased conditions on outstanding loans and urged banks to accept a 21-per-cent loss on Greek bonds – in a bid to help the country conquer its debt mountain.

They also pledged to overhaul their 440-billion-euro rescue fund, allowing it to buy sovereign bonds on the markets, help governments before they need a full-blown bailout and fund tottering banks.

After the German parliament Thursday Austria’s parliament on Friday voted in favour of the plan, leaving only the parliaments of Malta, the Netherlands and Slovakia to vote on the deal.

While the reforms still has to be implemented there is speculation that more ambitious plans are afoot to contain Greece’s problems and prevent them from spreading across the euro area.

‘Although the latest master plan from 21 July is not yet done and dusted, eurozone policymakers are already considering new measures behind closed doors,’ a research note from ING bank said.

‘There is increasing evidence that eurozone policymakers are considering a further debt restructuring for Greece,’ it warned, calculating that private lenders would need to swallow at least a 50-per-cent loss to bring Greek debt under control.

Such a loss would be most keenly felt in France.

French bank are the most exposed of European banks to Greek sovereign debt.

Article source: http://www.monstersandcritics.com/news/business/news/article_1666140.php/Papandreou-urges-EU-leaders-to-release-bailout-tranche

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Sep
30

Markets down amid recession fears

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Fresh fears of global recession dragged world markets downwards after worrying data from China added to uncertainty about the eurozone debt crisis.

The FTSE 100 Index fell 88.7 points to 5107 after a monthly survey by banking giant HSBC showed China’s manufacturing remained stagnant in September due to sluggish demand both at home and abroad.

Elsewhere, meetings between Greece and debt inspectors in Athens to determine whether the debt stricken country is making enough progress with its austerity measures to receive the next slice of its 8 billion euro (£7 billion) bailout money were delayed by strikers.

The obstruction added to nervousness among investors amid fears the country will default if it does not receive the next slice of money.

Meanwhile, Greek Prime Minister George Papandreou will hold further talks with European leaders including French President Nicolas Sarkozy about the country’s debt crisis.

The weak start in London followed a poor session in Asia where Hong Kong’s Hang Seng was more than 2% down and the Nikkei in Japan was flat. The DAX and the CAC 40 were both down more than 2%.

The uncertainty in Europe continued to hit the banking sector with Barclays down nearly 4% or 7p at 162p, HSBC down 19.5p at 493.3p and Lloyds off 1p at 35.4p. Burberry was among the biggest fallers, down more than 5%, or 62p at 1139p as continued fears over the health of the Chinese economy hit luxury stocks across the globe.

Elsewhere, pharmaceutical giant AstraZeneca saw its shares decline despite agreeing a settlement with a rival firm over selling a form of its Seroquel anti-psychotic drug in the US. Shares were down 17.5p at 2857p.

Outside the top flight, defence firm Qinetiq said US military sales had driven a better-than-expected performance in the first half of the year. The Hampshire-based company said sales of bomb-disposal robots and a hi-tech netting designed to protect armoured vehicles from rocket attacks had boosted its global products division. Shares rose 2%, or 2.5p to 116p.

Retailer Jacques Vert saw its shares slump 5% after the owner of the Windsmoor ladies coat and fashion brand revealed sales had slowed to a halt. The group, which also owns the Jacques Vert, Planet and Precis labels, said like-for-like sales were up 0.2% in the 22 weeks since the start of May, after rising by 1.7% in the first nine weeks of the period. Shares were down 0.8p to 15p.

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Article source: http://www.google.com/hostednews/ukpress/article/ALeqM5h8I5OrdmjFApYXymo8H9wEXZzucw?docId=N0676561317369501900A

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ΓΙΩΡΓΟΣ ΠΑΠΑΝΔΡΕΟΥ ΠΑΣΟΚ ΠΑΠΑΝΔΡΕΟΥ PASOK GIORGOS PAPANDREOU PAPANDREOU ΓΑΠ