What’s Up in Greece on Feb 15/12? tagged: , , , , , , ,

What’s Up in Greece on Feb 15/12?

Posted by in Very Mix

I think, I should have better written “What’s Down in Greece on Feb 15/12?” The crucial Eurogroup meeting scheduled for today afternoon in Brussels has been replaced with a teleconference at 6 pm Greek time. Eurogroup head J-C Juncker made it clear that the Greek government is late in sending written pledges and finding ways to fill fiscal gaps. The green light for the second bailout is currently off and the time is running out. There is no sign for the release of the aid tranche from the first bailout. Will Greece be able to redeem Greek bonds worth €14.4 billion that expire on March 20? 

However some good news comes from the European Central Bank. ECB policymakers said they have no wish to book a profit on Greek sovereign bonds the ECB holds and gave a green light on Wednesday for euro zone member states to pass on the funds to Greece.

Coalition government partner Antonis Samaras has apparently wrote down his pledge and is due to send his letter to Greece’s lenders.

Seeking to fill the hole of 325 million euro, the cabinet meeting decided on Tuesday to cut by -20% main pensions over 1,200 euro for those who have worked at state-run enterprises (DEKO) and state banks. Total saving 200 million euro.

I repeat my proposal that MPs would work pro bono…

PM Lucas Papademos announced that he will keep Makis Voridis (LAOS) as a Minister. Voridis resigned last Friday but he was later expelled from LAOS as the party leader had asked his MPs not to vote in favor of the new loan agreement. LAOS  is not coalition partner anymore. Its leader said this morning that he would not accept to be blackmailed by Angela Merkel.

PASOK-Nea Dimokratia hold together some 192 seats in the Parliament.

Papademos will not replace the other deputy ministers who had resigned over the weekend. No government reshuffle, as the country will head towards elections in April.

Apart from the political developments, the fiscal difficulties and the pressure by Greece’s lenders, Greeks do not miss the opportunity to protest the harsh austerity.

In Samos, students demonstrated this morning because the bus owners who were assigned to transport them to schools stopped to do so. Bus owners said there are not be paid and are unable to carry the transportation costs.

The Interior Ministry will pay 2 million euro to municipalities for the photocopies of text books in schools.

The deans elections scheduled to take place today have been cancelled in four Greek universities after strong protests by students and the academic community. In Thessaloniki, students interrupted a meeting of the elections committee. The Education Ministry threatens to cut funds to those universities that will not comply with the new elections guidelines.

Businessmen in Athens still count their wounds after the damages and arson of last Sunday’s riots.

In Grevena, North-Western Greece, and s37 villages settlements are in a state of emergency due to heavy snow falls. The snow that reached even 2.5 meters caused problems in electricity, water and telephone lines.

Developing Story:  A man and a woman are threatening to  jump from the building of OEK (Institution of Labour Homing). The parents of a disabled child are desperate because the OEK will close down, living employees without job and income.

Athens Stock Exchange started with a plunge. At 12:32 pm the General Index shows a -1.92 percent.

 PS I don’t understand why my uncle swears every time some politician from the two big parties speaks on TV. He told me he feels his blood pressure skyrocketing every time he hears the sentence “Collective sacrifices to save the country”. Go figure…