Euro Bailout Greece Olli Rehn


The part that makes the TT laugh is the Finnish EU hack bureaucrat, the unelected EU finance commissioner, Olli Rehn, expected a ready consensus on the issue of the new loans to Greece. This A-hole, yep that’s what he is, was ready to sign away your hard earned tax Euros to the Greeks without any of the more tough conditions, though he knows fully well that Greece is not complying with any of the measure they’ve demanded already. KGS

EU to Greece: New austerity package or no cash

20.06.2011 @ 12:28 CET

EUOBSERVER / LUXEMBOURG – EU finance minsters warned Greece on Tuesday that it must achieve “national unity” on its new austerity package and push through the measures or the latest tranche of bail-out cash would not be handed over.

The economy chiefs said that the sum ,€12 billion, will be disbursed mid-July pending the latest EU-IMF-ECB assessment of the country’s compliance with already agreed austerity and structural adjustment and “the passing of key laws on the fiscal strategy and privatisation by the Greek parliament.”

Heading into the meeting, ministers had expected an outline agreement to be achieved, and EU economics commissioner Olli Rehn last week had said he expected consensus on the matter. Instead ministers insisted that Greece deliver the goods before they could endorse a release of the cash.

“Ministers call on all political parties in Greece to support the programme’s main objectives and key policy measures to ensure a rigorous and expeditious implementation,” they said.

“Given the length, magnitude and nature of required reforms in Greece, national unity is prerequisite for success.”

According to an EU source, it was the IMF that held those in the room back. The international institution needs “insurance” that Greece can finance itself for the next 12 months.

Neither the IMF nor other eurozone ministers were happy with what Greece had so far delivered. The first privatisation measures were supposed to have kicked off in the first quarter of the year, “but we’re still waiting on this,” he said.

More here.

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