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June 20th, 2012 
FAKE NEWS for the Zionist agenda
“In those two days in Brussels we will carry out a major battle for revision
of the loan and negotiate a framework that will boost the recovery and the
fight against unemployment,” Venizelos said.
New Democracy won a narrow victory on Sunday against the radical leftist
anti-austerity Syriza party which has refused to support the coalition and
is bitterly opposed to the terms of the bailout.
Democratic Left leader Fotis Kouvelis said he expected the cabinet to “release
the country from the painful terms” of the multi-billion bailout.
National Bank of Greece chairman Vassilis Rapanos, a former professor of
economics who served in the government when Greece joined the euro in 2001,
is widely tipped to be the new finance minister, Greek media reported.
After two months of political deadlock, the struggling eurozone member is
under intense international pressure to get back on track with reforms
promised for a bailout that has kept the economy on life support for the
past two years.
The International Monetary Fund is already pressing to send a team of experts
to Greece as soon as possible to examine “shortfalls” over the past two
months.
New Democracy took 129 of the 300 parliamentary seats including an extra 50
seats given to the winner and Syriza took 71 seats after garnering more than
a quarter of the vote in a country struggling with its fifth year of
recession.
Pasok took 33 seats and Democratic Left won 17 seats, which would give the
expected new government a majority of 29 seats to pass controversial reforms.
The government’s first priority will be to restore contact with international
auditors and resume the flow of loans that was suspended ahead of the
election.
Foreign creditors like Germany have stressed that they are only willing to
give Greece more time to meet a deficit reduction target currently set at
2014 but will not change the actual substance of the bailout deal agreed in
February.
The 61-year-old Samaras, a US-educated former foreign minister, is under
pressure to go further, however, and promised in his campaign that he would
cut property and sales taxes and freeze reductions in public salaries and
pensions.
“There can be no discussions about changing the substance of the agreements
but as I indicated three or four weeks ago we can by all means talk about
extensions,” Eurogroup chief Jean-Claude Juncker told Austrian radio on
Tuesday.
But ahead of talks among euro finance ministers on Thursday, a senior European
Union official appeared more open to possible concessions, saying it would
be “delusional” and “stupid” to keep the loan agreement intact.
“We would be signing off on an illusion,” the source said.
This “will not be done in two weeks’ time,” the official said, but likely “in
the course of the summer.”
Under the current conditions, Greece has to cut 11.5 billion euros – the
equivalent of five percent of its gross domestic product – by 2014, although
Greek parties have called for this deadline to be put off to 2016.
Greece has been forced to seek bailouts twice after initially hiding its debt
woes, first for 110 billion euros in 2010 and then for 130 billion euros
earlier this year. It has also had a 107-billion-euro private debt write-off.
Greece has stepped up short-term debt auctions to restock its depleted
treasury, as officials cited in the Greek press warned before the elections
there were only enough cash reserves to pay salaries and pensions until July
20.
Its banks are also in pretty poor shape despite a recapitalisation effort.
The eurozone is hoping the result can draw a line under a lengthy period of
uncertainty that has unsettled markets in a country where the European
sovereign debt crisis kicked off in 2009 before spreading across the
continent.
Source: AFP
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