EU Bailouts Come with Precondition: More Privatization

[marmar]

via CommonDreams:




Published on Monday, May 16, 2011 by Deutsche Welle (Germany)
EU Moves Gingerly Toward More Aid for Greece

Eurozone countries have signaled an apparent willingness to move toward a second bailout for Greece with a possible debt restructuring plan, if Athens commits to more economic reforms.


European Union finance ministers, meeting in Brussels on Monday, grudgingly appeared ready to provide additional aid to Greece to avoid a default, while approving a fresh bailout for Portugal.

Despite receiving a 110-billion-euro ($155 billion) EU-IMF bailout last year, finance experts have said that Greece needs more help. Spanish Finance Minister Elena Salgado confirmed that an extension of loan repayments for Greece was "on the cards."

Earlier on Monday, the European Commission said, however, that a debt restructuring was not "on the cards," warning that such a move could have "devastating consequences."

.....(snip).....

Dutch Finance Minister Jan Kees de Jager criticized Greece for not being on the "right track" and suggested that rather than a debt restructuring, "the only way forward (was) more reforms, more budget cuts and privatization." .............(more)

The complete piece is at: http://www.commondreams.org/headline/2011/05/16-5

[KoKo]

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