The Hellenic Radio (ERA): News in English, 10-03-26

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Papandreou: "Landmark Decision for Greece & Europe"

From Brussels, Prime-minister G. Papandreou expressed satisfaction at the final agreement text and mechanism for support of euro region member states fiscal and borrowing problems . Mr. Papandreou, in a press interview, described the outcome of the summit as a great success for both Greece and Europe adding that it would safeguard stability in the euro region. The Greek Prime-minister expressed conviction that there would not be need for activation of the rescue mechanism provided by the agreement. Referring to the domestic front, he called all political forces to support changes promoted by the government aimed at social justice and development.

Sources:ÍÅÔ 105.8-ÁNA/ÌPA News item: 34790

[02] ND Concerned- Opposition Reactions

ND party leader, Antonis Samaras expressed serious concern at the main part of agreement in Brussels. He stressed that" it was time for deep thinking and not celebrations". Mr. Samaras raised three crucial questions and added that Greece had better overcome the crisis alone. Left political parties expressed reactions to the agreement while LAOS expressed satisfaction.

Samaras Concerned

Mr. Samaras expressed high concern and unfavourable predictions over both the content and materialization procedures of the main part of the agreement.

He stressed, in his statement, that it was time for deep thinking and not celebrations but described as positive the ECB decision on bonds as it "averts suffocation in Greek market from lack of credit". The main opposition leader said that rescue package for Greece would be activated as a last resort without defining which is this point.

To borrow at 6%, 8% interest rate? be unable to borrow? In other words they ask Greece to inch bankruptcy to rescue it? underlining Greece asked for support to avoid reaching this point.

He also said terms for the rescue of Greece's economy provide unanimous agreement by each euro-zone member state in the final decision which could mean new measures and "therefore it is an extremely painful procedure".

Mr. Samaras added that IMF involvement "depicts additional unfavourable measures for Greece and undermines European institutions as it passes inspection of an EU member state economy to a non European organization".

Concluding, ND leader underlined that Greece is able and must overcome the crisis itself as this most serves its interest. "This is what the country's dignity and recovery of its credibility demand. We are able to avoid the worst and we will do it with our forces only", he strssed.

Tsipras Objects to IMF Involvement

Alexis Tsipras, president of SYRIZA parliamentary Group, expressed his objection to IMF involvement, stressing that the government's handlings as well as unfavourable correlations at EU level have brought the international organization to our country from the back door and along with it new more painful and anti popular measures.

Mr. Tsipras said that change of policy was the only way for the country's disengagement from the crisis, adding that recall of recession and anti-popular measures, investment in growth and support of employment is a one-way road.

Sources:ÍÅÔ 105.8-ÍÅÔ-ÁNA/ÌPA

News item: 34781

[03] Positive Impact in Markets

Bank shares rise in a positive reaction to ECB decision to accept Greek state bonds after 2010. Analysts speak of "relief rally" and "improved psychology" while spread basis points for 10-year bond range about 307. ECB decision reduces risk for lack of liquidity in Greece says Moody's Investors' Service. On her part, Angela Merkel expressed satisfaction at European agreement regarding rescue mechanism which as she said would contribute to euro currency stability. "France-Germany compromise" is front page article in international press.

The agreement text-with both Merkel and Sarkozy consent- was accepted by euro region member states without any changes. Its basic terms provide for coordinated bilateral loans on a voluntary grounds with the involvement of IMF and on condition that a member state is unable to borrow. The decision underlines that the Greek government had not submitted request for financial support.

Merkel Satisfied

"I believe Europe indicated ability to act in favour of euro currency stability and showed solidarity to a country that faces problems", told reporters German Chancellor in the second and last day of the EU Summit in Brussels. Jean Claude Juncker, head of the eurozone Finance Ministers, underrated risk of Greece's crisis spreading to other euro zone member states, adding that no other euro zone state is in a state that could be compared to Greece.

Moody's: ECB Decision Enhance Financial Stability for Greece &Euro

The announcement by the European Central Bank Thursday that it would maintain its minimum credit rating threshold for collateral at Baa3 reduces liquidity risk, most immediately for Greece, but also potentially for other countries in the Eurozone, Moody' Investors Service said Friday. Still, the rating agency says that the ECB's decision has little impact on the rating or outlook for Greece, as the outcome had been anticipated in the current rating. Still, the rating agency says that the ECB's decision has little impact on the rating or outlook for Greece, as the outcome had been anticipated in the current rating.

Source: NET, NET 105.8, ANA-ÌPA

News item: 34783

[04] Church Hierarchy Meeting on New Taxation Measures

Greek Orthodox Church Hierarchy is holding closed doors extraordinary meeting on Friday. Archbishop Hieronymos is briefing Metropolitan Bishops on the provisions of the new taxation draft-bill concerning Church revenues as well as on the feverish negotiations with the economic staff during the last two days.

Archbishop Hieronymos had asked taxation of the Church net profits, however, some Metropolitan Bishops object maintaining that it would have a negative impact on the charity mission of the Church.

Source: ÍÅÔ - ÍÅÔ 105.8 News item: 34757

[05] Light Tremors in Patra

Light quakes were recorded in Patra and nearby regions from late Thursday till early Friday. Tremors and babbling roar sparked fear among residents. Many decided to leave their houses and spend the night outside. According to the Geodynamic Institute the magnitude of quakes was under 4 degrees on the Richter scale but the epicenter was near the surface.

Source: ÁNA - ÌPA News item: 34756

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