AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

Greek Prime Minister Lucas Papademos said Sunday there was "total convergence" among political allies on new austerity measures needed for a second bailout and debt cuts to avert default.
"This will allow us to negotiate in the best conditions," Papademos said after talks with his Socialist predecessor George Papandreou, Antonis Samaras, head of the centre-right New Democracy party, and far-right leader George Karatzaferis.
He said negotiations with creditors "are not easy ... the partners want additional engagements and conditions," and stressed that if the talks failed, Athens "faced the spectre of default."
"We will together put up a hard fight to guarantee the country's place in Europe and the eurozone ... united we can succeed," he said on the eve of a European Union summit on the debt crisis to be held in Brussels.
Papademos sought agreement on the broad outlines of an accord with private creditors to erase 100 billion euros ($130 billion) of Greece's debt, and the new recovery plan put forward by the European Union and the International Monetary Fund.
The eurozone and the IMF are demanding this commitment, even asking for it in writing, for the second time since November, so that Greece will stay on the straight and narrow through early elections to be held in the spring.
Samaras, a long-time proponent of EU-IMF remedies, is tipped to win the polls.
Meanwhile German Economy Minister Philipp Roesler backed beefed-up EU monitoring of Greece in an interview to be published Monday, after Athens dismissed calls for it to give up control over its budget. Roesler told the daily Bild that the European Union should step in to ensure that Greece toes the line of budget austerity.
"We need more leadership and monitoring in implementing the course of reform (in Greece)," he was quoted as saying. "If the Greeks fail to do this themselves, the leadership and monitoring must come in a stronger way from outside, for example via the EU."
The idea that Greece might cede control over its budget to the EU was contained in a German submission to its eurozone partners revealed late Friday by the Financial Times and confirmed by European sources.
Under the radical plan, a commissioner appointed by finance ministers from the other 16 eurozone states would be able to veto budget decisions made by Athens.
On Sunday, Greek Finance Minister Evangelos Venizelos said: "Whoever hands people a dilemma between financial aid and national dignity is ignoring basic historical teaching."
In a statement released as he left for Brussels, Venizelos added: "Our partners know that European unification is founded on the institutional equality of member states and respect for national identity."
Greece is trying to wrap up a so-called Private Sector Involvement deal with private creditors for them to accept a halving of the 200 billion euros in debt they hold, with talks previously snagged on the amount of interest to be paid on the remainder.
Venizelos told reporters on Saturday that he was hopeful of a deal within days.
An international troika made up of the European Commission, the European Central Bank and the International Monetary Fund is trying to make Greece's debt mountain sustainable by 2020.

Copyright Agence France-Presse, 2012

Comments

Comments are closed.