Greek Junior Gov't Partner Rejects Labor Reforms
ATHENS, Greece (AP) â¿¿ The head of a small center-left partner in Greece's governing coalition on Tuesday ruled out new reforms demanded by bailout creditors, which he said would "crush" labor rights in the debt-crippled country.
But although the government insisted that the issue can be resolved within days, the announcement by Fotis Kouvelis of the Democratic Left party is another snag in the country's ongoing efforts to agree on a massive package of cuts and reforms.
Parliament must approve the measures within the next few weeks so that Greece can keep receiving bailout money it desperately needs to stay solvent.Kouvelis spoke after a meeting of the heads of the three parties in the four-month-old, conservative-led coalition. The apparent new setback follows a month and a half of tortuous but so far inconclusive talks with the country's creditors â¿¿ and among the three party leaders. Since losing access to money markets in 2010, Greece has survived on international rescue loans, granted on condition of harsh spending cuts to reduce its inflated budget deficits. Unless Athens manages to reach an agreement with austerity inspectors from the European Union, International Monetary Fund and European Central Bank on the â¿¬13.5 billion ($17.6 billion) worth of spending cuts demanded for 2013-14, it will not receive the next vital loan installment. That would force the country to default on its debts â¿¿ it will run out of cash in mid-November â¿¿ and possibly leave the 17-member eurozone. Finance Minister Yiannis Stournaras, who was meeting late Tuesday with officials from the so-called troika of the EU, IMF and ECB, warned earlier that Greece would "suffocate to death" unless it gets the next cash injection. "There are some unresolved issues which we expect to settle within coming days," he said after the meeting. "I am convinced that (the troika officials) are doing the best they can to find solutions to the tough problems that truly exist."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV