ISSN 2330-717X

EU Says Greece Bailout Depends On Implementation Of Austerity Measures

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The European Union’s top economics official Tuesday stressed that the second bailout of EUR 130 billion to save Greece from default will be approved once Greece has agreed to all the conditions set by its creditors.

“It is important to hold the (Eurogroup) meeting tomorrow in order to finalise the second package for Greece once all the conditions have been met by the Greek government and parliament,” EU Commissioner for economic and monetary affairs Olli Rehen, told a press conference in the European Parliament.

Greece’s three main creditors, the European Commission, the International Monetary Fund and the European Central Bank, have put three main conditions as the price for releasing the next bailout.

These include the approval by the Greek parliament of more and severe austerity measures, proof of EUR 325 million cuts in this year’s budget and a written commitment by the political parties to implement the measures.

The Greek parliament on Sunday approved more wage and pension cuts amid rising anger and social discontent in the country.

The leader of the conservative New Democracy party in Greece, Antonis Samaras, has suggested that he may try to renegotiate the conditions following elections in April raising concerns in Brussels.

Rehn said it is important that “there is a broad ownership by Greek political forces” of the austerity programme.

He warned that a “disorderly default” of Greece will have negative ramifications for all European economies.

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KUNA

KUNA is the Kuwait News Agency

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