The meeting was also attended by Finance Minister Gikas Hardouvelis, Labour Minister Yiannis Vroutsis, Administration and eGovernance Minister Kyriakos Mitsotakis and Deputy Finance Minister George Mavraganis, AMNA reports.

Exiting the Maximos Mansion Hardouvelis said he briefed the two political leaders on the negotiations in Paris. “It went well. We had progress. We did not close the issues. We continue,” he said, while regarding the possible extension of the current programme he said: “there could be one for a very short period of time for technical reasons.”

The government appears certain that there will be an agreement with the troika by the end of the year. A source close to the Prime Minister stated that “those who invest in catastrophe will be disappointed as there was no wreck or destruction in Paris.”

Negotiations with the troika will continue via teleconference calls in the coming days.

Most of the haggling has been over a projected fiscal gap in the 2015 budget, protothema.gr notes. Failure to strike a deal by the December 8 deadline means that the Greek government won’t be able to keep its pledge of quitting its bailout programme by the end of 2014.

The main issues of discontent are:

- A Finance ministry official pinpointed the “number one” issue being the fiscal gap for 2015. A Greek official said that “the timetable is very tight.” Meanwhile, a European source said that the troika would like to see the new law for debt settlement in 100 installments to be scrapped altogether.

- The troika is not satisfied with structural changes in social security thus far and is seeking to see pensions immediately reduced. They also want the pension age to be lifted but believe that this should be done gradually over a five-year period.

- Troika wants businesses to be excluded from the recent law that allows for debt settlement in up to 100 installments.

- Troika believes that there should be a common salary chart for the public sector or, at the very least, a reduction of “extra” bonuses and overtime.

- International creditors are seeking to have VAT rates increase and for VAT exemptions on some islands to no longer apply. They want the reduced 6.5% and 14% VAT rates for items that are considered basic needs to be lifted.

- The troika would like to see Greek labour law to include mass dismissals and changes to the way decisions for strike action are structured as well as changes to the law on unions.

Sources said that discussions with the troika had not resulted in a date being set for the return of troika’s representatives to Athens for a review prior to the Eurogroup meeting on December 8. Nonetheless, the extension of the bailout has yet to be discussed.

The markets have been negative concerning Greece’s early exit from the program with Greek government bonds having slumped and Greece’s 10-year bond close to 8%.

The Global Corporate Sustainability Report 2013, released by the UN Global Compact, found that many companies are defining goals and setting policies but still have much work to do in terms of implementing these policies. For example, 65 per cent of the companies who too part in the report develop sustainability policies at the Chief Executive Officer (CEO) level, while only 35 per cent train managers to integrate sustainability into strategies and operations.

The report surveyed nearly 2,000 companies across 113 countries, and provides a snapshot of the actions taken by businesses to embed responsible practices into their strategies, operations and culture.

The report also stresses that commitment to sustainability principles such as the protection of human rights, transparency and accountability, environmental stewardship and social inclusion affect companies’ performance.

“Corporate sustainability is serious business. It influences long-term financial success. What used to be external to the company is now internal,” the Executive Director of the UN Global Compact, Georg Kell, told reporters in New York.

“Social issues such as poverty are also business issues and businesses can take on them proactively and be part of the solution or continue to ignore them at their own risk.”

The report also found that while small and large companies are committing to the UN Global Compact in equal numbers, larger companies are significantly more likely to move beyond commitment to action across all issue areas. However, the survey also notes that smaller companies are increasingly taking steps to catch up to their larger peers.

Supply chains are a major obstacle to implement sustainability policies, the report states. Even though the majority of companies have established sustainability expectations for their suppliers, they have the challenge of tracking their compliance and help suppliers reach their goals in this matter.

Mr. Kell added that despite challenges, more companies are recognizing the importance of sustainable practices and are joining the Global Compact to align their core business strategies with UN principles and global development priorities.

Launched in 2000, the UN Global Compact is the world’s largest corporate responsibility initiative, with more than 8,000 companies in some 144 countries. It seeks

The report will provide the backdrop for the UN Global Compact Leaders Summit 2013: Architects of a Better World on 19-20 September in New York. The Summit will bring together 1,000 chief executives and leaders from civil society, government and the UN.

Full report here.

Asmussen said there are already results that show the Greek economy has stabilised, while the Greek banking system is now recapitalised. He spoke of a painful effort and expressed his respect for the efforts of the Greek people.

He also said that the reforms must be continued and he placed emphasis on efforts to fight unemployment, particularly among young people, and to achieve growth rates.

Asked about a possible new “haircut” for the Greek debt, as well as the possibility of a new fiscal programme for Greece, he referred to the decision taken by the Eurogroup last November, which stated explicitly that if a primary surplus is achieved, measures would be examined for further debt reduction. He added that whatever discussions would not begin before the spring of 2014, when the data on the Greek economy for 2013 comes in.

According to Kathimerini, the government is reportedly planning to use European Union structural funds to cover part of any fiscal shortfall and new financing of EUR 4 billion for the 2015-16 period in a bid to avoid the adoption of new revenue-collecting measures.

The troika is due to conduct an important assessment of Greece’s progress in September. So far, it has been agreed that the EU will provide 95% of investment subsidies for the National Strategic Reference Framework (NSRF) for the 2007-13 period, and official announcements are expected in the next few days. The Finance Ministry is proposing that this rate be maintained in the new NSRF for the 2014-20 period. In this way, the government will be able to meet any financing shortfalls thanks to its lower contributions to NSRF investments. Sources told the paper that the response of EU departments so far has not been negative.

The report, launched last week in Rabat at an event organized with the Islamic Educational, Scientific and Cultural Organization (ISESCO), underlines that greater investment in a knowledge-economy model will be needed to meet the job creation challenge common to the region.

“We hope this report can help countries of the Arab world imagine a new kind of development strategy with a knowledge and innovation-driven model at its very heart,” said Inger Andersen, Vice President for the Middle East and North Africa at the World Bank. “The report lays out helpfully how this approach can help Arab countries diversify their economies and innovate, creating new enterprises and jobs.”

The new report suggests that the extent of change will depend in good part on how well the knowledge economy takes hold throughout the region. Creating jobs entails more investment in knowledge-related sectors and new emphasis on how to develop competitive, productive, and sustainable economies.

Many Arab countries have made progress over the last decade in terms of rolling out education access and information and communication technologies (ICT), gradually improving the institutional environment for private-sector led growth.

Morocco and Tunisia have worked to support innovation, especially through the creation of technoparks and industrial zones that have attracted foreign direct investment and advanced manufacturing operations.Jordan has embarked on a major effort to transform the education system at the early childhood, basic, and secondary levels to produce graduates with the skills needed for the knowledge economy. The Kingdom of Saudi Arabia has launched a host of education reforms and has invested in the development of new universities, especially to boost science and technology.

The report describes how engaging in a knowledge-economy model involves the implementation of a number of key cross-sectoral reforms that can create an incentivizing environment for innovation and growth. This would require the adoption of a combination of policies, including developing more open and entrepreneurial economies, preparing a more skilled labor force, improving innovation and research capabilities, and expanding information and communication technologies (ICT) and their applications.

Knowledge transfer is another important piece of the knowledge-economy model, essential in organizing, creating and disseminating knowledge, especially through foreign direct investments and international trade in goods and services. Managing knowledge, the report argues, is a critical driver for enhancing productivity that in turn offers higher and sustainable economic growth. The study also shows that regional integration can be a positive asset to develop a stronger knowledge-economy development model in MENA, helping to expand trade and develop more efficient labor markets.

In addition to structural reforms, the report recommends that governments in the region should establish appropriate conditions for the development of specific promising sectors and sites that can generate new activities and jobs. The development of dynamic “growth spots” would help to create trust and confidence in the new economic model and therefore attract investments, economic activities and enhance knowledge sharing and innovation.

Anuja Utz, CMI Task Team Leader and main contributor to the report said its approach reflects the rich differences in challenges and opportunities across the MENA region. “Given the diversity of the Arab world, the study does not provide a cookie-cutter approach.” she said. “It offers examples of good practice from countries around the world and policy recommendations to help guide efforts, which should be customized to the specific circumstances of each country.”

The report: Transforming Arab Economies: Traveling the Knowledge and Innovation Road was launched at a high-level international conference at the headquarters of ISESCO in Rabat on June 4-5, 2013. Participants from governments, the private sector and the civil society will discuss concrete actions to move forward to a knowledge economy in their national contexts as well as within the Arab world and the Mediterranean.

The team will stay in Greece for about two weeks during which it will monitor the country’s finances. During the standard media briefing in Washington, Rice said that currently the IMF is focusing on the third evaluation of the Greek programme and the country’s commitment on its prerequisites, Reuters informs.

He reiterated the need to reduce the Greek debt by saying that a new reduction is required to keep the program from derailing. “Our estimates show that it will take a further easing of the Greek debt to achieve the objectives of the programme,” Rice said.

However, he added that he does not expect any further discussions on the participation of the official sector “at this stage” and denied that the IMF will accept a haircut on the loans it has given to Greece.

“The Greek economy is entering a new phase. The programme is on the right track. The recovery is expected to begin next year with positive indicators from quarter to quarter,” Finance Minister Yannis Stournaras said inter alia at the conference organized by the Bank of Greece entitled “The crisis in the Euro-Area,” presenting the 10 economic policy points implemented by Greece.

According to tovima.gr, Stournaras also said that so far the country has carried out two thirds of the required fiscal adjustment for the period 2010 – 2016, it has achieved the required adjustment on competitiveness, but the whole procedure will take patience and dedication.

“Doomsday prophets have been dashed. Greece remains in the Eurozone, while confidence in the country is rapidly restored. The main objective now is to achieve a primary surplus in order to invoke the clause agreed at the Eurogroup in November for a drastic reduction of the state debt. This will strengthen the positive climate and accelerate our exit from the crisis.”

He added that the completion of the recapitalization of banks is necessary to restore the flow of credit.

“Greece is making progress in overcoming deep-seated problems in the midst of a very serious and socially painful recession. The adjustment challenges facing Greece in 2010 were daunting,” the IMF said.

“However, insufficient structural reforms have meant that the adjustment has been achieved primarily through recessionary channels, with unequal distribution of the burden of adjustment. Three problems stand out:

- Very little progress has been made in tackling Greece’s notorious tax evasion. The rich and self-employed are simply not paying their fair share, which has forced an excessive reliance on across the- board expenditure cuts and higher taxes on those earning a salary or a pension.

- While labour market reforms are causing a notable decline in nominal wages, this has only to a very limited degree been reflected in lower prices, because of failure to liberalize closed professions and more generally open up to competition. This is another reason for why too much of the burden has so far fallen on those earning wages and pensions.

- While the rebalancing of the economy has been associated with a surge in unemployment in the private sector, not least among the young, the over-staffed public sector has been spared, because of a taboo against dismissals,” IMF added.

Parliament passed last week the omnibus bill of measures agreed with troika inspectors by 168 votes to 123, opening the door for the first wave of public sector layoffs and settlement of €8.8bn of bailout funds.

About 2,000 civil servants will be laid off by the end of May, with another 2,000 following by the end of the year and a further 11,500 by end-2014, for a total of 15,500.

The troika has already approved the payment of €2.8bn in rescue loans. The Eurogroup of eurozone finance ministers will then meet on May 13 to release a further €6bn.

“We have implemented two-thirds of the fiscal adjustment programme and three quarters of the adjustment of economic competitiveness. It takes patience and sobriety. We disappointed the doomsday prophets.”

“The big goal is to achieve a primary surplus in 2013 to demand the implementation of the clause in the Eurogroup decision which provides for a drastic reduction of public debt. Those who promise to get us out of the memorandum but we will keep us in the euro are lying,” Stournaras added.

IMF’s Paul Thomsen confirmed the government-troika agreement describing the event as “good news” at the beginning of his speech at the conference. “This will open up paths for further steps. Greece has come a long way… Greece is achieving its fiscal targets and will soon succeed in having a primary surplus.”

“Greece’s fiscal adjustment programme is on track… achieving primary surpluses is a priority… Greece could attain its targets without new measures affecting salaries and pensions, provided the targets in relation to taxes were met.”

In a statement on the conclusion of the review mission to Greece, troika said: “Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have concluded their review mission to Greece. The mission has reached staff-level agreement with the authorities on the economic and financial policies needed to ensure the programme remains on track to achieve its objectives.

The mission and the authorities agreed that the economic outlook is largely unchanged from the previous review, with continued prospects for a gradual return to growth in 2014, supported by inflation well below the euro area average and improved wage flexibility, which are helping to restore the competitiveness of the Greek economy.

Fiscal performance is on track to meet the program targets, and the government is committed to fully implement all agreed fiscal measures for 2013-14 that are not yet in place, including adoption of legislation to extend collection of the real estate tax through 2013 via the Public Power Company. It remains important to respond promptly to any slippages that may emerge. The authorities have made important progress on measures to improve tax and debt collection, through reforms of the revenue administration to provide it with significantly more autonomy, powers and resources, and adoption of more effective and enforceable installment schemes. This was a major focus of the mission, given the importance of improving tax collection and reducing the scope for evasion and corruption in order to ensure a more balanced and fair distribution of adjustment and to support the achievement of fiscal targets and minimize the need for further adjustment measures.

Actions to fully recapitalize the banking sector as envisioned under the program are nearing completion, and the authorities have undertaken to develop a comprehensive strategy for the banking sector following recapitalization. Most of the EUR 50 billion available under the program for recapitalization has already been disbursed to Greece and injected into each of the four core banks by the HFSF as advances to cover their capital needs. The mission’s assessment is that this will provide adequate capital, even under a significantly adverse scenario. These capital buffers will thus ensure the safety and soundness of the banking system and of its deposits.

Other main areas covered during the review included (i) administrative reform to improve the quality of the public service and strengthen accountability by streamlining its structures, removing positions, and reallocating staff, and through dismissals that are targeted at disciplinary cases and cases of demonstrated incapacity, absenteeism, and poor performance, or that result from closure or mergers of government entities not subject to the mobility scheme; (ii) liberalization of product and service markets including transport and retail trade; (iii) privatization of state-owned assets; and (iv) electricity sector reforms to ensure financial sustainability and avoid the build-up of debt. The mission also discussed with the authorities progress in strengthening the social safety net, including through targeted employment and training programs supported by the EU, pilot programs to extend unemployment benefits and provide minimum income support, a program to provide access to primary health care for the uninsured, and a scheme to reduce the financial burden on indebted low-income households which have been severely affected by the crisis.

The recent steps taken by the authorities suggest that the March milestones are likely to be achieved in the near future and hence the disbursement of the related EUR 2.8bn from the EFSF tranche remaining from the previous Review could be agreed soon by the Euro area Member States.

The mission’s view is that debt sustainability remains on track. Continued full program implementation, together with commitments by Euro Area Member States to consider future initiatives and assistance, if necessary, for achieving a further and credible reduction of the Greek debt-to-GDP ratio when Greece reaches an annual primary surplus, in order to keep debt to the programmed path, should help to ensure the long-term sustainability of Greece’s public debt.

The Eurogroup and the IMF’s Executive Board are expected to consider approval of the Review in May.”

“Ultimately, the women of the Sahel will be instrumental in putting the region on a path to stability,” the Secretary-General’s Special Envoy for the Sahel, Romano Prodi, told the Conference on Women’s Leadership in Sahel in Brussels on 9 April.

“I want to tap into the potential of women to accelerate progress in the Sahel. The discussions that took place today and the recommendations by the participants will help us in seeking sustainable solutions for the Sahel.”

The participating group included some 40 women from Algeria, Burkina Faso, Chad, Mali, Mauritania, Niger, Senegal, as well as representatives from the African Union and the Economic Community of West African States (ECOWAS).

They presented their recommendations to Mr. Prodi, as well as the Acting Head of UN Women Lakshmi Puri, and Catherine Ashton, High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission.

Today’s discussions helped shape a common vision on how to empower women to help political stability and economic prosperity in the Sahel ahead of the High-Level Donor’s Conference on Development in Mali to be held on 15 May in Brussels, speakers said.

“It is well established that for peace to be sustainable – a peace that extends beyond the simple act of signing a peace agreement – it needs to be rooted in justice and inclusion,” said Acting Head of UN Women and Assistant Secretary-General Lakshmi Puri.

“There can be no comprehensive strategy to address the sustained and systemic crisis without women’s full participation,” Ms. Puri reiterated, noting that numerous UN resolutions and the international community have stressed this idea.

“We hope this Conference will usher in concrete efforts to increase the participation of women and gender experts in conflict resolution and in the transition to peace, economic recovery, democracy and stability,” she added.

The Sahel region – which stretches from the Atlantic Ocean to the Red Sea – suffers from extreme poverty, with human development levels among the lowest in the world, porous borders that present security challenges, as well as significant human rights problems.

The recommendations of the Conference include ensuring that at least 30 per cent of participants in decision-making and politics are women, including through the adoption of pro-active measures.

Participants also agreed on the need for national governments, regional organizations and the international community to support an increased participation of women in conflict-resolution initiatives and to strengthen their entrepreneurial skills and access to services, according to UN Women. The participants also called for sustained and predictable financing for initiatives dedicated to gender equality.

On the same tune, Hellenic Federation of Enterprises chief Dimitris Daskalopoulos last week once again confirmed his critical stance towards the ND-led government; he argued that it was about time Greece to start negotiating “in a smarter, more strategic and more long-term manner, instead of wasting our time on petty bargaining over procedural adjustments.” The next day, Kathimerini editorial comment reprimanded SEV’s chief, noting that the head of Greek entrepreneurs’ union falls dramatically below expectations. “The public of this crisis-hit country expects the business community to seize the initiative and point the way toward a new manner of doing business that is not dependent on state subsidies and handouts, and that will lead to real growth, which is key to Greece’s recovery. What it is getting instead from representatives of the private sector, is a lot of complaining and never-ending political chatter,” the paper noted.

Well, Greece definitely needs both, namely smarter ways for the government to strategise and negotiate with the troika representatives, as well as sharp entrepreneurship that would invest on local advantages by moving forward, away from the obsolete local paradigm.

Under a positive prism, Greece has a unique opportunity to restructure its political and economic norms and draw a line with its futile recent past. It has a chance to start over and make a difference across the EU, adopting contemporary social responsibility concerns and ground breaking multi-facet corporate practices in key fields of the economy and business such as quality tourism, education, health services, transports, energy, to name a few.

Either reconfiguring its local presence or expanding to Libya, Egypt or elsewhere, Greek entrepreneurship has to seize the opportunity of the crisis and come up with a new way of doing business by designing a new economic paradigm.

Labour statistics describe a shift in the corporate field; more recruits than layoffs in the private sector suggest a little less pessimism amongst companies in Greece. A steady increase in economic sentiment also points forward, not back. The unemployment rate, on the other hand –the highest amongst EU members- hinders any attempt to node with certainty towards growth. INEE-GSEE, the top union think tank predicts unemployment to reach a devastating 30%, whilst IOBE’s head recently talked about high Greek unemployment being unsustainable. This means that long term unemployed people are distancing themselves from the market with few possibilities for a return.

In the Greek crisis, structural unemployment is part of change, albeit of dramatic nature. Fifty-year-old blue and white collars, kicked out due to the crisis from jobs that ceased to exist, will probably never find the same job again, unless the sector manages a quick come back. Although this cannot be ruled out, primarily due to the volatility of change itself, the wise thing to do is those people to capitalize on their experience, by forming teams of diverse specialties that could invest on new small-medium entrepreneurship; they could even attract generous funding, depending on their business plan.

Quite recently Qatar and Greece started talking about a joint venture capital that would invest on SMEs. The Qataris know that innovation and added value business ideas will emerge from small teams of people who will combine their efforts towards a common goal. The faster the coalition government decides to allow these efforts to flourish -by drastically cutting red tape, opening up protected professions and digitizing state services- the sooner Greeks will start producing new money.

What analysts still refuse to put in the equation is politicians’ ability to inspire people and trigger change. Cannot blame them for thinking less of political actors who have failed to protect their voters from clientelism and petty interests. However, for the time being, politicians in Greece are the only group of people that have the power to turn things around, protecting what’s left from their credibility. To manage that, they should rule like there is no tomorrow – for them, not the country.

Dr. Demetris Kamaras is the Editor of Alyunaniya.com

According to AMNA, Samaras said that the year 2013 is a turning point that will lead to growth, given that the results of the measures taken by the government will begin to be clearly visible in the next quarter and become tangible on the market by the end of the year.

The Premier made a specific reference to the fact that in February a positive balance between hirings and layoffs was posted for the first time in many years, which he said was a significant sign of recovery.

In the same event, EU Commissioner for Regional Policy Johannes Hahn said Greece must focus on innovation and entrepreneurship using EU funds.

EU Commissioner said: “The issue is not just how to give money to address an urgent problem, but to emphasize on innovation and entrepreneurship”.

Hahn said investments must be channeled to modern technologies of waste management and investments, in energy and tourism, and on culture. “The sun and sea are not enough,” he noted, adding that a framework for managing Community funds for the 2014-2020 period would be completed by June. “Money should be given to projects that will change Greece.”

Addressing the same conference, Development Minister Costis Hatzidakis said the planning focused more on entrepreneurship, exporting activity, innovation, social cohesion, vocational training, combating unemployment, new technologies and protection of the environment, and less on infrastructure projects.

He noted that environmental programmes included waste management and green economy.

Hatzidakis also said the government was drafting a programme to modernize public services and a wider development plan for “the day after” the memorandum in Greece. He noted that each region would have its own development programme.

Meanwhile, after his first meeting with the troika representatives, Finance Minister Yannis Stournaras yesterday told reporters that “nothing will be finalised until everything is finalised… there is still work to do.”

A finance ministry source told journalists that the full range of economic issues – from public finances to banks and structural reforms – was discussed during the meeting a and that arrangements were made for the meetings and negotiations that will take place during the troika’s visit.

According to media reports, the government hopes that the talks will be wrapped up by April 15, so that disbursement of the next tranche of bailout loans can be approved by the Eurogroup at the end of the month.