End of a tragedy? Greeks clinch austerity deal, but lenders sceptical | business | Hindustan Times
Today in New Delhi, India
Jul 21, 2017-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

End of a tragedy? Greeks clinch austerity deal, but lenders sceptical

Greek political leaders clinched a long-delayed deal on Thursday on harsh austerity measures and reforms required to secure a second international bailout in two years but the country's financial backers reacted sceptically.

business Updated: Feb 10, 2012 22:12 IST

Greek political leaders clinched a long-delayed deal on Thursday on harsh austerity measures and reforms required to secure a second international bailout in two years but the country's financial backers reacted sceptically.


Finance ministers of the 17-nation euro zone arriving for talks in Brussels, however, warned there would be no immediate green light for the rescue package and said Athens must prove itself first.

"It's up to the Greek government to provide concrete actions through legislation and other actions to convince its European partners that a second programme can be made to work," said Olli Rehn, economic and monetary affairs commissioner, EU. http://www.hindustantimes.com/Images/HTEditImages/Images/11-02-buss03.jpg

German Finance Minister Wolfgang Schaeuble, whose country is Europe's biggest paymaster, said: "You don't need to wait around because there will be no decision (tonight)."

A €300-million gap was bridged in talks with the troika of European Commission, European Central Bank and the IMF, and endorsed by party leaders.

European Commission President Jose Manuel Barroso expressed confidence that a second bailout package for Greece would be finalised next week, but said Athens needed to implement structural reforms to restore confidence in its economy.