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Stournaras Says Troika Delay No Problem

Greek Finance Minister Yannis Stournaras isn't worried about the Troika
Greek Finance Minister Yannis Stournaras isn’t worried about the Troika

The ever-optimistic Greek Finance Minister Yannis Stournaras said a delay in the return of envoys of international lenders to resume negotiations over long-delayed reforms and how to close a budget hole in the 2014 budget of as much as 1.4 billion euros isn’t anything to worry about. Prime Minister Antonis Samaras earlier said he wanted the talks wrapped up as soon as possible so as not to distract from Greece’s role holding the symbolic European Union Presidency until June 30.
The Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) is concerned about slow progress in a number of areas, such as privatization. Stournaras said the delay helps Greece because it will allow him to present the Troika’s men with economic information for December that he said will show that a recovery can begin this year.
Greece has been surviving since 2010 on two bailouts of $325 billion that will run out this year. “I am not concerned at all, in fact we ourselves were seeking a slight delay, as we want the final data from December, which appears to be better than what we and the Troika expected,” Stournaras told journalists outside the Maximos Mansion after talks with Samaras.
The minister said he and the premier discussed economic developments in general, the execution of the budget and plans for the implementation of reforms over the coming weeks.
Troika envoys are not expected back in Athens until after a Eurogroup summit scheduled for Jan. 27 so the government is aiming to clinch an agreement with envoys in time for the next summit on Feb. 17.
Samaras, who said he will never ever again impose more austerity measures that he has put on people on Troika orders, is reading a counter-proposal to the lenders demands to close the hole with more austerity if needed Also on the table are are mass layoffs of public workers which is far behind schedule, reforms to legislation governing mass layoffs in the private sector; the reduction of employers’ social security contributions; and the gradual abolition of taxes for third parties. The government wants a done deal so it can get the next installment of Troika monies through May when there will elections for municipalities and the European Parliament.
The major opposition Coalition of the Radical Left (SYRIZA) party leader Alexis Tsipras said those will repudiate Samaras’ New Democracy Conservatives and his partner the PASOK Socialists and bring the rivals to power.
SYRIZA wants the Troika money but doesn’t want to repay it, although that would likely lock Greece out of private markets as well. Tsipras said he would restore all pay and benefits, cut taxes, rehire everyone that’s been fired and keep spending at the same pace that brought Greece to ruin, but hasn’t explained how he would do it.

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