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The Hellenic Radio (ERA): News in English, 08-11-13

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <>


  • [01] Paulson's Plan Rejected
  • [02] High Pitched Dispute over Economy
  • [03] Hatzidakis Optimistic over O.A.

  • [01] Paulson's Plan Rejected

    The international crisis has taken new dimensions following the rejection of Henry Paulson's plan for the exit from the global financial crisis. International markets have been tumbling and unemployment galloping in the sides of the Atlantic. On the eve of the G20 meeting in Washington, the eurozone has sustained a blow after Germany confirmed that it had entered an economic recession. The strongest eurozone economy has confirmed the worst scenario. In Germany, the development rate has fallen below 0.2% and exports under 8%. Recession has hit the British telecommunications and 10,000 employees of British Telecom lost their jobs.

    However, Spain holds the unemployment record with 11,7%, while the sacking of employees has increased by 37%. Recession has also hit Ireland with unemployment reaching 6.7%, the highest recorded in a decade.

    On the contrary, France has announced a victory in the battle against inflation, attributing it to the drop of oil prices. Oil prices in London and Asian markets have not exceeded US$55 per barrel.

    On the eve of the G20 Summit Meeting, the OSCE has issued a warning as per which Japan, the US and Europe will welcome 2009 with 0.3% drop in development, something which equals to recession.

    The changes Paulson outlined in his scheduled update on the progress of the TARP initiative would have the Treasury completely abandon the original strategy of the bailout initiative: buying the troubled assets of financial institutions. Judging by the way markets have reacted, that's clearly distressed some investors, who were hoping the Treasury would use the second half of the bailout funds to execute the original objective - getting crummy assets off the balance sheets of banks and other financials. At the same time, the biggest American car industries insist that they have a priority on being receiving state aid.

    News item: 15502

    [02] High Pitched Dispute over Economy

    The current global financial crisis has sparked strong confrontation between the government and the opposition. Commenting on PASOK proposals, the government has blamed it for dangerous ignorance while the large opposition party criticizes the government's handling in dealing with the financial crisis. The government spokesman, Evangelos Antonaros has used tough expressions against PASOK and SYRIZA in the new high pitched dispute.

    "The government's legislative regulation tabled to the Parliament provides for guarantees so banks can borrow under more favourable terms and then infuse the money into the domestic market" said the government spokesman, adding that PASOK's proposal to issue a regulation determining interest rate indicates dangerous ignorance and has never been implemented anywhere in the world. The government spokesman stressed that PASOK president can not convince anyone and underlined that the government has taken initiatives from the very beginning and specific measures to the benefit of citizens, society and the economy. Mr. Antonaros strongly criticized the president of SYRIZA Parliamentary Group, Alekos Alavanos speaking of "groundless arguments and big lie" in response to his claims that the government grants 28 billion to the banks.The government spokesman also blamed banks for their decision to continue claiming abusive terms and reminded that the government has made the necessary moves to lift them. "Anyone has the right to have recourse wherever one believes he should, however, no one has the right to disregard the social sensitivity expected by the society". In response to former Prime-minister, Kostas Simitis accusations that the government left the country defenseless before the financial crisis, Mr. Antonaros said that Mr. Simitis, who handed over the economy with the known deficits and high unemployment rate, is the last one who can exercise such criticism.

    PASOK: Data on Financial Crisis PASOK deputy, Mihalis Hrisohoidis, competent on development issues released data on the financial crisis impact on the real economy. Specifically, from April -September 2008 demand dropped down by 15.5% in Retail Market while bounced checks went up by 52.56% in the same period and 38.42% from September 2007 to September 2008.He repeated PASOK party position for legislative regulation of interest rates underlining that the country's economic course could not be left to the good willingness of some banks, which on the one hand facilitate some weak social groups and on the other hand send threatening letters to their customers-middle size businessmen and consumers- that their loans will go up in the next period.Under the pressure of the government, the opposition and the Bank of Greece, the National Bank announced on Wednesday, 1% drop in credit cards' interest rate as of December, 1, 10.000 loan with privileged 10% interest and 24 interest-free monthly installments for debts of unemployed , eligible for OAED loans. Development Minister, Hristos Folias hailed the National Bank's move, stressing that "any other bank following suit would do it to the benefit of balance and the economy as well as consumers".

    SYRIZA & LAOS Reactions

    In his statements during a protest demonstration outside National Bank branch in Komotini, SYN party president, Alexis Tsipras said that his party has not opted to meet with bankers being certain of their bottomless audacity. Alekos Alabanos, president of SYRIZA parliamentary group demanded nationalization of the National Bank. LAOS president, George Karatzaferis asked for participation of a representative of the Bank Employers Federation in the Supervision Council inspecting management of the 28 billion package to inject liquidity and halting of bank employers lay offs for a year.

    Consumers & Merchants Express Pessimism

    News item: 15505

    [03] Hatzidakis Optimistic over O.A.

    After his meeting with Prime Minister Kostas Karamanlis on Thursday morning, Transport Minister Kostis Hatzidakis appeared optimistic of the Olympic Airlines issue. He reported that the competent Commissioner believes that the solution on Olympic Airlines will constitute a model solution for other problematic companies such as Alitalia. Mr Hatzidakis also stressed that the government proceeds to a new European institutional framework on commercial and road transport in order to modernize the specific sector.

    Investments at the Ministries' Initiatives

    The Transport minister also stated that due to the global financial crisis, the Transport Ministry's initiatives for investments in Greece will proceed, without the tax payers having to pay from their own pocket.

    He also referred to the programme for the developing of regional airports, adding that Civil Aviation specialist will seek private investors for the specific plan.

    The second issue concerns the new generation of optical fibres, a two-billion euro investment, in which as he said the public will be participating with 30%.He also said that Greece would be divided in three regions and then an international bid will be proclaimed to allow the people's everyday life to change.

    Moreover, he said the government had decided to proceed with another reform concerning commercial transport on the road axis, that is, a new framework for trucks and fuel trucks. That reform he said would give a boost to the economy.

    Sources: 105.8, NA-PA

    News item: 15501

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