Greece agrees with EU and IMF new package of austerity and privatizations

Best Growth Stock – The Greek Government stated that he has received the approval of the EU and the IMF to the new measures of austerity and privatizations that seek to reduce the deficit and unlock the arrival of new aid.

“You have successfully completed negotiations with the representatives of the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF)”, reported the Greek Ministry of finance. “The relevant documents shall be concluded in the coming days and will be submitted to Parliament after the debate and adoption by the Council of Ministers,” the Ministry said in a statement.

In recent weeks the international inspectors have studied Greek plans to determine if Athens had worked long enough to receive the next tranche of the international credit of 110,000 euros in June. Without that money, in particular 12 billion euros in June, the Greek Government already said that he would be forced to suspend payments.

The new plan aims to reduce State spending and increase revenues at approximately 78,000 euros million until 2015, between cuts and privatisation. The aim is to bring the current, of 10.5 per cent of GDP, deficit to 3 percent within three years.

Just know the agreement, the Athens Stock Exchange rose to 4.42%, while the Bank values by 8%.

The positive response of the inspectors is not only the release of the 12 billion for a new section of the already agreed credit, they can open the door to another bonus of € 60 billion financing.

This money is intended to cover costs of Greece for the period 2012-2013, that the country may not go to the markets to refinance due to prohibitive interest requiring the country. Papandréu is in Luxembourg with the President of the Eurogroup, Jean-Claude Juncker, which will present the details of the new measures, Government sources said.

The Agency Moody’s downgraded Wednesday three steps the rating of the Greek debt over the increase in the risk of non-payment, and the main unions have called a new general strike for June 15 and a strike on day 9 in all the companies with State participation.