How the world sees Greece
Greece's prime minister started a new round of negotiations today with representatives of the country's bailout creditors, who are demanding a fresh set of controversial austerity cuts to release the next batch of rescue loans the country desperately needs to stay afloat.
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Greek police on Friday broke up a nine-month strike at one of the country's main steel plants, arresting six workers manning a front gate roadblock, the state-run Athens News Agency said.
Following a court order, police intervened before dawn to open the gates of the Hellenic Halyvourgia plant in the area of Aspropyrgos, west of Athens, but met resistance from the small group of strikers.
There was also tension between the strikers and a group of workers who want to resume work and tried to enter the plant.
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 Greek Reporter | Greek Civil Servants Face More Cuts in Pensions, Union Says Bloomberg By Marcus Bensasson - 2012-07-20T10:13:09Z. The Greek government plans to cut lump-sums paid to civil servants on retirement by more than a fifth, according to the civil servants' union, which said it will resist the measure. The one-time pension ... Civil Servants Face More Cuts In Pensions, Union Says Greece to Slash Benefits Paid to Retired Civil Servants:Union Group |
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 euronews | Greece: Hotel workers strike over pay and conditions euronews world news - Hotel and restaurant staff in Greece have taken to the streets in a 24-hour strike to protest at their plight amid the country's economic crisis. Crisis: Greece; hotel and restaurant workers on strike |
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 Globe and Mail | Greece coalition seeks to extend austerity deadlines by two years Globe and Mail The policy statement issued by the three-party coalition said the 'general aim' of bailout renegotiations is to curb cuts to salaries and pensions. |
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 Voice of America | New Greek Government to Seek Bailout Relief Voice of America Socialist leader says that Greece will seek terms allowing country to 'move to positive growth', cut high unemployment rate. |
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Below are the main points which Greece's new government will want to renegotiate with the so-called 'troika'
Greece is on track to get a new coalition government composed of the two parties that broadly back its bailout from European partners and the IMF.
The conservative New Democracy, which will lead the coalition, and its expected minority partner, the Socialist Pasok party, have both said they want to renegotiate the bailout deal to soften its impact on the country's severe recession.
Below are the main points which Greece's new government will want to renegotiate with the so-called "troika" of the European Union, the International Monetary Fund and the European Central Bank.
Greece wants more time to implement fiscal cuts of €11.7bn (£9.43bn) for 2013 and 2014, to soften their impact on a rapidly sinking economy.
New Democracy leader Antonis Samaras has said they should be spread out over four years through 2016. Socialist leader Evangelos Venizelos has said the country may be able to get until 2017 to implement them. Under the current bailout deal, Greece must push through the cuts to narrow its budget deficit to 2.1% of GDP in 2014 from 9.3% in 2011.
Samaras said he plans a €650m spending package to bring the lowest pensions back to their 2009 levels and give benefits to farmers, law enforcement officials and families with multiple children hurt by cuts. Samaras has said he has identified new cuts worth that amount to offset that spending.
Samaras also wants to extend unemployment benefits to two years from one, possibly with the help of European Union funds. He also wants unemployment benefits to apply to the self-employed and shopowners forced to shut down their businesses.
New Democracy wants corporate taxes to be lowered next year to 15% from 20% at present. The party also wants a gradual reduction of the main value-added tax (VAT) rate to 19% from 23% over the next three years.
It wants to lower the top tax rate for individuals gradually to 32% from 45% and put a cap on households' total tax obligations as a percentage of income. The tax-free threshold for individuals would be gradually raised again in two years, to €10,000 from €5,000 at present.
The party hopes that speeding up economic growth would help make up revenue from lower tax rates.
Both New Democracy and Pasok want to strengthen collective labour agreements and bring back more protection for workers in a rapidly shrinking job market. The socialists want EU labour law standards to apply to Greece. The conservatives want no further private sector wage cuts following those already enacted under the bailout agreement.
Both New Democracy and Pasok want to compensate Greek retail bondholders who had invested savings in Greek bonds and saw their value slashed by about 75% as part of the country's debt restructuring this year. Greece's lenders have warned against offering special treatment to a select group of bondholders.
Under its bailout plan, Greece must reduce its public sector payroll by 150,000 people by 2015, mainly by hiring just one new employee for every 10 that retire. At least 15,000 civil servants are due to be fired after spending a year in a so-called "labour reserve" where they receive a basic, no-frills salary.
New Democracy wants civil servants in the reserve to receive a basic salary and social contribution payments for three years instead of one as foreseen in the plan.
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