This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Greek Junior Gov't Partner Rejects Labor Reforms

NICHOLAS PAPHITIS

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 ⿬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."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs