Money af­ter ap­proval of tough mea­sures

Kathimerini English - - Focus -

Re­cently ap­pointed Greek Fi­nance Min­is­ter Evan­ge­los Venize­los said yes­ter­day that the coun­try must ap­prove the five-year midterm fis­cal plan by the end of the month in or­der to se­cure a fifth loan pay­ment un­der the Euro­pean Union-led bailout.

“There is an im­me­di­ate and ur­gent need to re­gain the coun­try’s cred­i­bil­ity, [re­gard­ing] the im­ple­men­ta­tion of the pro­gram,” said Venize­los, who took over the Fi- nance Min­istry last week from Gior­gos Pa­pa­con­stanti­nou in a cabi­net reshuf­fle.

“The medium-term fis­cal strat­egy and the im­ple­men­ta­tion law must be voted on by Par­lia­ment by the end of June,” he added in a state­ment.

Lawmakers are likely to vote on the midterm plan on June 28, ac­cord­ing to some sources.

Venize­los said Greece’s EU part­ners agreed the pri­vate sec­tor should also be in­volved in any fu­ture fi­nanc­ing plan for the coun­try with a “com­pletely vol­un­tary par­tic­i­pa­tion” that would take the form of re­ten­tion of ex­ist­ing bonds which are about to ex­pire in or­der to re­duce Greece’s bor­row­ing needs in the fol­low­ing years.

A new tech­ni­cal mis­sion will travel to Athens to­day to ver­ify Greece’s im­ple­men­ta­tion of the terms of a bailout agree­ment with the Euro­pean Union and In­terna- tional Mon­e­tary Fund, EU Eco­nomic and Mon­e­tary Af­fairs Com­mis­sioner Olli Rehn said.

“The aim is to ver­ify that the Greek gov­ern­ment is im­ple­ment­ing the agreed re­vised mem­o­ran­dum and that we have the same un­der­stand­ing by the EU-IMF troika and the Greek gov­ern­ment,” Rehn told re­porters in Lux­em­bourg to­day af­ter euro-area fi­nance chiefs met to dis­cuss Greece.

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