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Posted on: October 22nd, 2012 by AlYunaniya Staff No Comments

FinMin: Greece has covered “90 percent” of the ground to secure aid tranche


photo: FinMin flickr

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In an interview with Imerisia financial newspaper, Finance Minister Yannis Stournaras said Greece has covered “90 percent” of the ground it needs to in order to secure the disbursement of its next bailout tranche, worth EUR 31.5 billion.

Several fiscal and structural matters remain to be settled with the troika, however, the aim is to have the deal wrapped up by Thursday when the Euro Working Group meets. Eurozone technical officials will prepare an assessment on the Greek package that will be passed to finance ministers when they hold talks, possibly via teleconference, on October 29.

Negotiations over the next few days are likely to focus on the details of structural reforms demanded by Greece’s lenders. Sources told Sunday’s Kathimerini that the government is close to an agreement that would see employees who have been with the same employer for a minimum of 16 years maintain their right for

compensation equal to 12 months pay. Athens has yet to agree with the troika on whether compensation should be capped beyond that. A decision over the automatic pay increases is also pending.

In terms of public sector dismissals, the government has proposed that 11,000 civil servants who have committed offenses or have been deemed unproductive be fired. However, it may have to agree to another 3,000 bureaucrats losing their jobs after the merging or closure of public bodies.

According to Kathimerini, the government will then strive to submit the measures to Parliament and vote on them by November 12, when the Eurogroup will hold its regular meeting. The government aims to give Parliament eight to nine days to debate the measures at a committee and plenary session level. This means the bills would have to be submitted to the House by November 3, so they could be voted on by midnight on November 11 at the latest.



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