Austerity inspectors press Greek PM to implement cost-cutting reformsJuly 27, 2012 - 17:14 AMT PanARMENIAN.Net - International austerity inspectors pressed Greece's Prime Minister on Friday, July 27 to implement new harsh cost-cutting reforms as the country faces the alternative of losing the rescue loans that are keeping the country afloat, the Associated Press reported. Antonis Samaras, whose conservative-led coalition came to power just over a month ago, is under intense pressure to stick to his predecessors' austerity commitments - and find new areas to make cuts. European Union, International Monetary Fund and European Central Bank officials - known as the troika - started a new scrutiny of Greece's austerity program this week. If their report, expected in September, is damning, Athens could stop receiving its vital rescue loans and face a disorderly bankruptcy and exit from the euro. The debt-crippled country has been surviving on international bailouts since May 2010. To secure them, it imposed deeply resented spending cuts, slashing incomes and salaries while hiking taxes. Government spokesman Simos Kedikoglou said the inspectors, who represent Greece's bailout creditors, briefed Samaras on "the initiatives that must be taken to ensure that the national program is brought back on track." The hour-long meeting in Athens came a day after EU Commission President Jose Manuel Barroso exhorted Samaras to "deliver, deliver, deliver" on past Greek promises. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |