Greece Faces Financial Aid Blockade, Seeks Alternatives

Brussels, Jun 21 (Prensa Latina) Greek Prime Minister Yorgos Papandreu is looking for alternatives to solve the country”s financial crisis after a fifth tranche of aid to his country was postponed by EU authorities until July.

Papandreu will meet on Monday with the leaders of the European Council, Herman Van Rompuy, and the European Commission (EC), Jose Manuel Durao Barroso to find a solution.

The Prime Minister urgently travelled to this capital, headquarters of the main institutions of the EU, as the pressure mounted in Greece just a few hours after eurozone finance ministers decided to block a fifth tranche of bailout money Greece.

The leaders said Greece must first implement new austerity measures and a 50 billion euro privatization plan.

At a meeting in Luxemburg, EU finance ministers said they need a clear decision by the Greek parliament on a bill to privatize companies and other public institutions.

That was one of the commitments pledged by Athens in exchange for a 110 billion-euro bailout package granted in May 2010 by the EU and the International Monetary Fund (IMF).

The Eurozone is also demanding an agreement between the different political forces in the country on economic reforms demanded by these agencies in exchange for the money.

It is amid this scenario and after negotiations failed with the opposition to form a national unity government that Papandreu faces a parliamentary vote of confidence on Tuesday.

The Greek crisis will be on the agenda of an EU summit meeting on Friday in Brussels.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s