Bureau Chief, Greece & Cyprus
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Oct 1, 2012

Greek 2013 budget sees 6th year of recession

ATHENS, Oct 1 (Reuters) – Greece will bring forward painful
budget cuts to end a decade of primary deficits while grappling
with a sixth year of recession, according to a 2013 budget draft
aimed at satisfying international lenders.

The government unveiled a tough austerity budget after
Finance Minister Yannis Stournaras met the so-called “troika” of
International Monetary Fund, European Commission and European
Central Bank inspectors, whose approval is vital to unlock the
next slice of aid, urgently needed to avoid bankruptcy.

Oct 1, 2012

Greek 2013 budget sees 6th year of recession-source

ATHENS, Oct 1 (Reuters) – Greece will bring forward painful
budget cuts to end a decade of primary deficits while grappling
with a sixth year of recession, according to a 2013 budget draft
aimed at satisfying international lenders.

The government will unveil a tough austerity budget later on
Monday, after Finance Minister Yannis Stournaras concludes a
meeting with the so-called “troika” of International Monetary
Fund, European Commission and European Central Bank inspectors
for any last-minute tweaks.

Sep 19, 2012

Greek islands not for sale, red tape must go: minister

ATHENS (Reuters) – Greece needs to cut bureaucracy and push through languishing investment projects, not sell its islands to attract funds crucial for its struggling economy to return to growth, a Deputy Development Minister told Reuters on Wednesday.

Seven major investment projects, ranging from tourism to energy and worth half a billion euros in total, have been stuck for months awaiting parliamentary approval instead of drawing cash into an economy stuck in its fifth year of recession.

Sep 7, 2012

Greece may pass new troika test but bailout seen on the rocks

ATHENS, Sept 7 (Reuters) – Greece hopes a major state
sell-off this autumn will persuade international inspectors
arriving on Friday to keep the country’s aid lifeline open
despite scant progress on reforms promised in return for the
cash.

The so-called troika of the International Monetary Fund,
European Commission and European Central Bank will assess
Greece’s progress towards targets set under its bailout before
deciding next month whether to pay out a 31 billion euro loan.

Aug 1, 2012

Greek leaders agree budget cuts

ATHENS (Reuters) – Greek political leaders agreed to 11.5 billion euros ($14.14 billion) of austerity cuts demanded under its bailout terms, opening the way for a deal with foreign lenders within the month, Greek officials said on Wednesday.

The junior partners in the conservative-led coalition government of Prime Minister Antonis Samaras set aside demands for an immediate renegotiation of the terms of the deal to ease talks with the troika of IMF and EU lenders.

Jul 30, 2012

Greek PM’s allies seek more time for austerity cuts-sources

ATHENS, July 30 (Reuters) – Greek Prime Minister Antonis
Samaras’s allies are pushing for two more years to implement
unpopular austerity cuts before they sign off on them, sources
close to the parties said on Monday, potentially delaying a deal
on the savings demanded by lenders.

The three parties in Samaras’s coalition have agreed on the
bulk of the nearly 12 billion euros ($14.7 billion) in cuts that
Greece must produce to satisfy inspectors from the European
Union and International Monetary Fund bailing out the nation.

Jul 24, 2012

Special Report: In Greek crisis, lessons in a shrimp farm’s travails

ATHENS (Reuters) – Just over a decade ago, Napoleon Tsanis set out from Sydney with 11 million euros and a dream to build a shrimp farm in his ancestral homeland.

What he got was years of wrestling Greek bureaucracy and a court battle with a civil servant. Tsanis eventually opened his shrimp farm, but even now the Greek-Australian has managed to invest just 2 million euros ($2.5 million), and that thanks to sheer stubbornness and a strong Australian dollar that has kept his venture profitable despite the delays.

Jul 23, 2012

Troika inspectors back on make-or-break Greek visit

ATHENS (Reuters) – Inspectors from the international lenders keeping Greece afloat return to Athens on Tuesday to relaunch its stalled economic plan and decide whether to keep the nation hooked up to a 130-billion-euro lifeline or let it go bust.

The euro zone member has fallen behind targets agreed as conditions of its bailout deal, mainly due to three months of political limbo as it struggled to form a government after two inconclusive elections but also because of resistance to reforms from unions and special interests.

Jul 19, 2012

Insight: Exasperated lenders get blunt with Greece

ATHENS (Reuters) – The International Monetary Fund’s mission chief for Greece, Poul Thomsen, walked grim-faced into his first meeting with newly elected Prime Minister Antonis Samaras on July 5 wearing a black tie looking as if he was going to a funeral.

Whether he was making a point or not, the first meet-and-greet visit by Greece’s exasperated international lenders with the new government was blunt, both sides told Reuters.

Jul 19, 2012

Exasperated lenders get blunt with Greece

ATHENS, July 19 (Reuters) – The International Monetary
Fund’s mission chief for Greece, Poul Thomsen, walked grim-faced
into his first meeting with newly elected Prime Minister Antonis
Samaras on July 5 wearing a black tie looking as if he was going
to a funeral.

Whether he was making a point or not, the first
meet-and-greet visit by Greece’s exasperated international
lenders with the new government was blunt, both sides told
Reuters.

    • About Dina

      "Based in Athens, in charge of text, pictures and TV teams covering Greece and Cyprus since 2005. Previously based in Bucharest, in charge of Romania and Bulgaria."
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