“Tomorrow is the moment of truth for all political parties.” Greece’s Finance Minister Evangelos Venizelos made this dramatic statement at the dawn of Saturday after a marathon meeting with Troika representatives that lasted 12 hours. “We have resolved several issues but several critical issues remain open, issues that concern the future of the country and the Greek people” Venizelos added about the content of the negotiations.
Venizelos statement:
“After twelve hours of continuous and hard bargaining with the troika for the new program, I can tell you that we have solved several issues. But there are critical issues concerning the future of the country and the Greek people.
Meanwhile, we will hold telephone conversations with the finance ministers of the euro zone in order to complete the approval process of the Greek program. Furthermore, we have to finalize the process for the PSI, but I would say that this is now the easiest part.
I know that we are doing our best for the Greek people. We try that the sacrifices are minimal and with the maximum benefit, especially for young people, the unemployed, for those on low and middle incomes, for those who are in need.
We must save the country and be united in a single front and fight for this. Tomorrow is the moment of truth for all political parties, for the political leadership.”
Venizelos said further that a Eurogroup teleconference will take place at 2:30 pm on Saturday, while the finance ministers of the euro zone will gather on upcoming Wednesday.
Daily To Vima reported further that the Troika demands expenditure cuts of 1 billion euro for each ministry of Defence, Health, Interior and Labour.
With IIF’s Charles Dallara in Athens to resume talks in PSI over the weekend, the Troika to be adamant on its demands and the coalition partners to table ‘red lines’ to PM Papademos, the country experience the most critical hours of its existence. Greece’ lenders threaten to stop the next aid tranche shouldn’t the PSI and the loan agreement for the second bailout be signed as soon as possible. Without the aid tranche of 80 billion euro, due in February, the country will not be able to redeem bonds worth 14,4 billion euro that expire on March 20, 2012.
PM Papademos will meet the political leaders of the three parties forming his coalition government on Sunday, at 1:00 p.m. The meeting has already be postponed several times.
The cohesion of Papademos government is under threat. The fate of the Greeks is under threat. The economic situation is desolate.
PS If Greece is to go bankrupt on March 20, why didn’t they let it go bankrupt in May 2010? This could have stopped the financial bleeding of the Greek households that has deprived thousands of Greeks from their jobs and their incomes. That has replaced their dreams with permanent nightmares.
Bancruptcy? Are you kidding? Greece has still 111 to of gold.
oh, I was just quoting Greece’s lenders and Greek and international media.
At that time there was blind panic by governments around Europe. Strangely enough was that THE opportunity for the Greek government to make demands. But they rolled over and were petrified too.
And now the firewall around Greece is complete. Governments, banks, pension funds and industry are prepared. So…
OK. I’m glad that Greeks could save the euro zone. Rumors have it that a statue of the “Unknown Greek” will be installed in front of … well they have decided yet. EU Brussels? ECB? some rating agency? Merkel’s home?
Even Juncker thinks Greece will go bust now… So, let’s make a nice contest on KTG: who designs the most befitting memorial for the “Unknown Greek”…
I will