World Bulletin/News Desk
Greece's new finance minister on Saturday pledged to carry out reforms and privatisations demanded under its latest financial rescue in an attempt to regain credibility with international partners stumping up money to keep the country afloat.
In his first policy speech since taking office, respected economist Yannis Stournaras reiterated the government's plan to ask lenders for an additional two years to implement deficit cutting measures, citing a deeper-than-expected recession.
But he also warned of a tough road ahead in convincing the so-called troika of European Union, International Monetary Fund and European Central Bank lenders to give Greece more time and money.
"The negotiations will not be quick - they will be long and arduous," he told parliament during a debate ahead of a confidence vote on the government on Sunday.
"Additional time is required because the recession was bigger than expected. The extension means someone will have to give us more money and this is not simple."
He warned the near-bankrupt country risked a great deal if it failed to hit the targets it had signed up to.
"Greece must carry out the measures that it has already voted on as part of its 2012 budget so that it moves towards the targets it has committed to and to avoid losing more of its credibility and risk the next aid tranche," he said.
Faced with public anger and an emboldened opposition, Greece's new conservative-led government has promised to push for changes to a deeply unpopular 130 billion euro ($162.6 billion) bailout deal keeping the country away from bankruptcy.
But that has set it on course for a showdown with its increasingly impatient lenders, whose inspectors this week began their first visit to Athens since the government took office.
Athens, due to run out of cash in weeks without further aid, has already conceded that it has fallen behind agreed targets and euro zone officials have warned the country will get no further aid until it gets back on track with reforms.
Seeking to soothe some of those concerns, Stournaras said Greece was committed to carrying out an ambitious privatisation plan, albeit with a delay due the elections, as well as structural reforms including cutting red tape, liberalising the economy and improving efficiency in the justice system.
The privatisation agency will accept Greek government bonds as payment in a bid to encourage investment, he said.
"Privatisations are the main pillar of structural reforms and a central lever of growth for the economy through investments, and hence a top priority for the government."
He also pledged to turn around the economy through use of EU funds and efforts to boost competitiveness. He also noted some initial signs of hope for Greece's tottering banking system, confirming a "significant" return of deposits since the June 17 election.
Greeks had withdrawn billions of euros in the run-up to the vote on fears that a leftist victory would push the country of the euro zone.
Far right in parliament
Earlier on Saturday, Socialist leader Evangelos Venizelos also pressed the government's case for additional time to implement austerity cuts at a meeting with the troika officials visiting Athens.
Venizelos, whose PASOK party is one of three in Greece's coalition government, negotiated the bailout when he was finance minister in an earlier government, but has since called for three more years to implement cuts included in the rescue plan.
Inspectors from the troika are due to leave Athens in the coming days after holding meetings with ministers in the new government, and are expected to return later in the month for discussions on Greece's progress in meeting its targets.
On Friday, in his first policy speech since taking office, Prime Minister Antonis Samaras said his aim was not to demand a change of the goals set in the bailout deal, but in the austerity policies imposed to meet them.
A Metron Analysis opinion poll published by weekly newspaper Ependytis on Saturday showed Greeks are equally split on whether the country should stick to the bailout terms or ditch them.
The poll showed 48 percent were in favour of sticking with the bailout and efforts to improve it, while another 48 percent felt it should be renounced for having failed.
Saturday's parliamentary debate also saw the leader of the far-right Golden Dawn address parliament for the first time, prompting Communist and radical leftist Syriza lawmakers to leave the chamber in protest.
The party, which denies it is neo-Nazi but whose members are known to give Nazi-style salutes, kept up its fiery rhetoric against immigrants, politicians and the bailout programme.
"Golden Dawn is against the bailout because it is against ceding national sovereignty," Golden Dawn leader Nikolaos Mihaloliakos said. "Privatising strategic sectors of the economy is unacceptable; we must not sell even one metre of national land to foreigners."
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.