大跌的消息已经出来了（还是希腊）二月中# Stock
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(Reuters) - Greece's government struggled on Friday to agree tough labor
reforms that would appease both wary political leaders and irate lenders
faced with a rising bill to save the country from bankruptcy.
Athens is under pressure to wrap up talks on a bond swap and a 130 billion
euro bailout to avert a chaotic default, but hopes of an imminent deal faded
after euro zone finance ministers put off a meeting expected on Monday to
finalize the rescue.
The ministers instead may meet later next week, Eurogroup chief Jean-Claude
Juncker said.
Athens has repeatedly said the talks are in their final stage but has failed
to secure either deal after weeks of wrangling, largely over concern that
the rescue plan will not do enough to bring Greece's debt burden under
control.
Euro zone governments may now have to cough up an extra 15 billion euros in
addition to the 130 billion euros agreed in October because of funds needed
to recapitalize tottering Greek banks, European Union sources said.
Finance Minister Evangelos Venizelos met officials from the so-called troika
of foreign lenders on Friday in a bid to agree details on wage cuts and
bank recapitalization before they are presented to political leaders for
approval on Saturday.
"We are having difficult negotiations and have difficult decisions to take,"
said Greek government spokesman Pantelis Kapsis. "We have to deal with
political issues which are open and difficult."
Without a deal on the bond swap and bailout, Athens risks default when 14.5
billion euros of bonds fall due in March. Investors fear this could in turn
sow panic across financial markets and push the global economy back into
recession.
A bond swap, under which banks and insurers take real losses of about 70
percent on Greek debt they hold, is largely in place but yet to be sealed
over concerns that public creditors like the European Central Bank will have
also have to chip in.
Representatives for the banks and insurers will be back in Athens to
continue talks over the weekend, said the Institute of International Finance
, which negotiates on their behalf.
Greece's foreign lenders, on the other hand, have yet to sign off on the
entire bailout on doubts over Athens' commitment to reforming the Greek
economy to make it more competitive.
ALTERNATIVE SOLUTIONS
Once Athens nails down details on reforms with lenders, Papademos faces the
tricky task of convincing the three party chiefs in his coalition to back
the unpopular reforms just a few months before the country heads to the
polls.
A senior Greek government official dismissed reports that Papademos is
considering resigning if he fails to convince them, saying: "There is no
such thing. No such issue has come up."
Papademos is expected to convene a meeting of the socialist, conservative
and far-right leaders in his coalition on Saturday to persuade them that
Athens will have no choice but to default if they fail to approve the
reforms.
Kapsis, the government spokesman, suggested Papademos would try to offer
alternative proposals to the party chiefs in a bid to win their backing,
though he warned each one would entail pain for Greeks reeling from wave
after wave of austerity.
"It's not all black and white. There are packages of solutions with
alternatives," said Kapsis.
"No matter what decision we take it will have a cost."
To reduce labor costs, the troika of European Central Bank, European Union
and International Monetary Fund lenders want Greece to make holiday bonuses
in the private sector optional and cut the minimum monthly wage, set now at
about 750 euros.
Stepping up the pressure, the Dutch finance minister said Athens would not
get money until it offered proof of its commitment to reform.
"The IMF rightly demands a reduction in the minimum wage and a substantial
reduction in the number of civil servants," Jan-Kees de Jager said on his
blog after meeting counterparts from other AAA-rated euro zone nations
Germany, Finland and Luxembourg.
"We will not agree to a second bailout until Greece has made serious efforts
to do this."
In a sign that implementing the reforms will be difficult even with
political approval, Greek employers and unions said further salary cuts were
non-negotiable and instead proposed reducing taxes and social contributions.
The main private sector union GSEE also rejected employers' proposal for a
wage freeze in 2012 and 2013.
"Competitiveness on a national level is affected more by factors like
bureaucracy - which is fed by complex regulation, state intervention, the
tax system, corruption and anti-business mentality rather than wage costs,"
the employers and unions said in the joint le
reforms that would appease both wary political leaders and irate lenders
faced with a rising bill to save the country from bankruptcy.
Athens is under pressure to wrap up talks on a bond swap and a 130 billion
euro bailout to avert a chaotic default, but hopes of an imminent deal faded
after euro zone finance ministers put off a meeting expected on Monday to
finalize the rescue.
The ministers instead may meet later next week, Eurogroup chief Jean-Claude
Juncker said.
Athens has repeatedly said the talks are in their final stage but has failed
to secure either deal after weeks of wrangling, largely over concern that
the rescue plan will not do enough to bring Greece's debt burden under
control.
Euro zone governments may now have to cough up an extra 15 billion euros in
addition to the 130 billion euros agreed in October because of funds needed
to recapitalize tottering Greek banks, European Union sources said.
Finance Minister Evangelos Venizelos met officials from the so-called troika
of foreign lenders on Friday in a bid to agree details on wage cuts and
bank recapitalization before they are presented to political leaders for
approval on Saturday.
"We are having difficult negotiations and have difficult decisions to take,"
said Greek government spokesman Pantelis Kapsis. "We have to deal with
political issues which are open and difficult."
Without a deal on the bond swap and bailout, Athens risks default when 14.5
billion euros of bonds fall due in March. Investors fear this could in turn
sow panic across financial markets and push the global economy back into
recession.
A bond swap, under which banks and insurers take real losses of about 70
percent on Greek debt they hold, is largely in place but yet to be sealed
over concerns that public creditors like the European Central Bank will have
also have to chip in.
Representatives for the banks and insurers will be back in Athens to
continue talks over the weekend, said the Institute of International Finance
, which negotiates on their behalf.
Greece's foreign lenders, on the other hand, have yet to sign off on the
entire bailout on doubts over Athens' commitment to reforming the Greek
economy to make it more competitive.
ALTERNATIVE SOLUTIONS
Once Athens nails down details on reforms with lenders, Papademos faces the
tricky task of convincing the three party chiefs in his coalition to back
the unpopular reforms just a few months before the country heads to the
polls.
A senior Greek government official dismissed reports that Papademos is
considering resigning if he fails to convince them, saying: "There is no
such thing. No such issue has come up."
Papademos is expected to convene a meeting of the socialist, conservative
and far-right leaders in his coalition on Saturday to persuade them that
Athens will have no choice but to default if they fail to approve the
reforms.
Kapsis, the government spokesman, suggested Papademos would try to offer
alternative proposals to the party chiefs in a bid to win their backing,
though he warned each one would entail pain for Greeks reeling from wave
after wave of austerity.
"It's not all black and white. There are packages of solutions with
alternatives," said Kapsis.
"No matter what decision we take it will have a cost."
To reduce labor costs, the troika of European Central Bank, European Union
and International Monetary Fund lenders want Greece to make holiday bonuses
in the private sector optional and cut the minimum monthly wage, set now at
about 750 euros.
Stepping up the pressure, the Dutch finance minister said Athens would not
get money until it offered proof of its commitment to reform.
"The IMF rightly demands a reduction in the minimum wage and a substantial
reduction in the number of civil servants," Jan-Kees de Jager said on his
blog after meeting counterparts from other AAA-rated euro zone nations
Germany, Finland and Luxembourg.
"We will not agree to a second bailout until Greece has made serious efforts
to do this."
In a sign that implementing the reforms will be difficult even with
political approval, Greek employers and unions said further salary cuts were
non-negotiable and instead proposed reducing taxes and social contributions.
The main private sector union GSEE also rejected employers' proposal for a
wage freeze in 2012 and 2013.
"Competitiveness on a national level is affected more by factors like
bureaucracy - which is fed by complex regulation, state intervention, the
tax system, corruption and anti-business mentality rather than wage costs,"
the employers and unions said in the joint le
