This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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!

Greece's Debt Inspectors Back Amid Austerity Anger

By DEREK GATOPOULOS

ATHENS, Greece (AP) a¿¿ Inspectors from Greece's bailout creditors have restarted talks on spending reforms that the government is resisting, with Greek officials ruling out any further blanket wage and pension cuts, and accusing the negotiators of adopting a "punitive approach."

The officials from the "troika" of the European Commission, the European Central Bank, and the International Monetary Fund will, start high-level meetings Tuesday. The sides are at odds over the size of a 2014 budget gap and whether a plan to cover it will require more austerity measures.

EU Commission spokesman Simon O'Connor said the troika's schedule was finalized after Greece sent 2014 budget data to the EU late Friday.

"This was information largely related to fiscal issues, to the closure of the fiscal gap for 2014, but also to other elements of the (bailout) program conditionality," he told reporters in Brussels.

Greek officials insist no additional austerity measures can be implemented, arguing they would be unproductive in an economy that is contracting for a sixth year and with unemployment near 28 percent.

Unions are planning a general strike Wednesday, with ferries to halt for 24 hours and flights grounded for three hours on that day.

Conservative Prime Minister Antonis Samaras late Monday said Greece was fulfilling its bailout commitments and would cover budget gaps without new blanket pay cuts for wage earners and pensioners.

"There will be no budgetary gap, in our view, and the numbers will bear this out," Samaras told private Mega television.

Development Minister Costis Hadzidakis said eurozone nations needed to express their solidarity toward Greece instead of exerting more pressure.

"This constant sense of doubt is very negative for the economy and a punitive approach never helps the situation. What we need now is for our European partners to explicitly express their trust in Greece's prospects," Hadzidakis told a business conference.

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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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