Greece today 4 feb 2012

A strong wind from the South and a relentless stern attack from the North are up in Greece today with prime minister Lucas Papademos in the middle trying to ‘save the country’. His crucial meeting with the three political leaders of his coalition government , scheduled for today 2.30 pm, has been postponed for Sunday 1 pm. Papademos seeks to receive the support of his partners for the second bailout package, that will give Greece the huge amount of at least 130 billion euro and prevent the bankruptcy of the debt-ridden country. However there are quite a few sticking points among the coalition partners with the major one being Troika’s demands to dramatic changes in labour rights, wages cuts in the private sector and massive lay-offs in the public one. This issue threatens the cohesion of the country and the society.

Intensive talks with the Troika are taking place and Finance Minister EvangelosVenizelos had a marathon meeting with Greece’s lenders’ representatives that lasted 12 hours. In the early morning hours of Saturday, Venizelos said that “there are still critical issues that remain open, issues that directly affect the future of the country and the Greek people.” He did not elaborate. Further he said that there will be a Eurogroup meeting today via teleconference that will replace the cancelled meeting of Feb 6, and a Eurogroup meeting with …physical presence on Wednesday.

Head of IIF Charles Dallara is in Athens today to resume talks on the Greek bond swap (PSI).

The Finance Ministry proceeds to some important amendments concerning the emergency property tax that triggered a national outcry and hundreds of appeals by civic organizations. The ministry gives a ‘mercy’ time of 6 months before it will give orders to cut off the power to those who haven’t paid the tax. Even if the amendments come with great delay, it’s better late than never.

The American embassy in Athens issued a warning to US-citizens to avoid the tourist area of Monastiraki on Saturday because of a demonstration by anarchists and anti-authoritarians at 12:00 noon and a march to the Greek Parliament at Syntagma Square.

Potato farmers from Nevrokopi started to distribute 12 tons of potatoes to residents of Thessalonikifree of charge. Saturday morning at the premises of Agrotica fair.

The weather is expected to be rainy and locally stormy with rising temperatures. The cold weather front will return on Tuesday. In some parts of Northern Greece, snow chains are needed.

PS Ypou might be interesting to read this article about the Troika’s demands “IMF wants to blow up Greek economy”.

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