KATHIMERINI

Searching for a solution for unserviced business loans

A meeting at the Prime Ministerial mansion with bankers over business debts and market liquidity

The management of the ‘red’ loans and bank funding of healthy businesses in order to promote economic activity was the subject of a meeting which took place yesterday in the prime ministerial mansion chaired by Antonis Samaras and in which the heads of Piraeus Banks, Alpha Bank, the National Bank of Greece and Eurobank took part.

The government and the banks will search for a framework for the handling of outstanding loans with the aim of supporting sustainable businesses and in order for social problems to be avoided.

The Economic Development Minister Nikos Dendias stressed that the new framework will soon be ready. The president of Piraeus Bank noted that the problem of unserviced loans is serious but under control and manageable, and will be gradually handled. He also underlined the fact that the banks will not need further recapitalisation. According to sources, the Development Ministry is preparing a plan which would provide for ‘ala carte’ refinancing of the debts of healthy businesses, not only towards the banks but towards the state and social security funds.

EFIMERIDA TON SYNTAKTON

A dangerous games with institutions

The desperate attempt of the government to avoid a parliamentary debate about the referendum for the privatisation of the ‘small PPC’


The bill for th privatisation of 30% of the Public Power Corporation was passed yesterday evening by the summer session of parliament. However today the relationship of Samaras with [parliamentary speaker Evangelos] Meimarakis is being put to the test. The government appears willing to play dangerous games even with the President of the Republic, while the opposition parties submit requests for a referendum.

'You are not only afraid of a referendum but of a plenary session of parliament,' Alexis Tsipras said.

Eight 'reserve' MPs were recruited in order to reach 51 yes votes. [The summer session of parliament has 100 MPs compared to the 300 of the plenary]

ELEFTHEROTYPIA

13 red lines from the troika

  • A change in law governing unions
  • Reform of the social security system
  • New reductions in labour costs
  • Liberalisation of mass layoffs
  • Sustainability of social security funds
  • Pensions reductions
  • ‘Red’ business loans
  • Public sector layoffs
  • Privatisations
  • Market liberalisation
  • The 2015 fiscal gap
  • Special pay scales
  • The implementation of prior agreements


A new return to the markets, new demands from the lenders

Despite the assurances of the government that an easing of the bailout programme is imminent, the troika is returning with an aggressive disposition, putting on the table all of the outstanding issues of the memorandum. The ‘mini evaluation, which begins today, is considered a prelude to the critical assessment in September, when decisions are expected to be taken for the easing of restrictions on mass layoffs, the reform of social security funds, reductions in pensions, the fiscal gap and new economic measures. In this explosive climate Greece sought to return to the markets with a three-year bond offering in order to preempt a new clash with the troika. 

 

IMERISIA

New pressures from the IMF over mass layoffs

Prices remain high despite wage cuts

The representative of the IMF, speaking at a conference organised by the Economist in Athens stressed the need for fiscal adjustment to continue with further interventions in the labour market. 

AGGELIOFOROS

50,000 businesses shuttered in three years

Approximately 50,000 businesses were removed from the register of the 18 chambers of commerce of Macedonia and Thrace between 2011-2013. At the same time 35,456 new businesses registered with the chambers, but it will be very difficult for them to counterbalance the loss of those that were ‘removed from the game’.

Those which shut included a high proportion of productive businesses and each one employed between 1 and 50 people. On the other hand those which opened are mainly businesses in the food and drink sector which employ between one and two workers.