World Bulletin / News Desk
Greece is in a "Great Depression" similar to the American one in the 1930s, the country's Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday.
Samaras's comments come two days before a team of Greece's international lenders arrive in Athens to push for further austerity measures if the debt-laden country wants to qualify for further rescue payments and avoid a chaotic default.
Athens wants to soften the terms of a 130-billion euro bailout agreed last March with the European Union and the International Monetary Fund, to soften their impact on an economy going through its worst post-war recession.
By the end of this year Greek GDP is expected to have shrunk by about a fifth in five consecutive years of recession since 2008, hammered by tax hikes, spending cuts and wage reductions required by two EU/IMF bailouts. Unemployment climbed to a record 22.6 percent in the first quarter.
"You had the Great Depression in the United States," Samaras told Clinton, who was visiting Greece as part of a delegation of Greek-American businessmen. "This is exactly what we're going through in Greece - it's our version of the Great Depression."
Athens must reduce its budget deficit below 3 percent of GDP by the end of 2014, from 9.3 percent of GDP in 2011 - requiring almost another 12 billion euros in cuts and higher taxes on top of the 17 billion successive governments have cut from the budget shortfall.
Greece wants its lenders to give it two more years to achieve the budget goal to avoid an even deeper economic slump but its lenders have opposed the idea because it would imply an even bigger financial aid to the country.
Highlighting growing frustration with Athens, German magazine "Der Spiegel" reported on Sunday, without citing sources, that the IMF may not take part in any additional financing for Greece.
The German and Greek finance ministries declined to comment on the report, which suggested additional support required for Athens could range from 10-50 billion euros.
Officials have already indicated there would be a shortfall on the current bailout. How much is likely to depend on the extent by much Greece misses its fiscal targets and the extent of support needed to keep its major banks afloat.
The inspection team of the international "troika" of the EU, the IMF and the ECB will focus on the 11.7 billion euros of spending cuts Athens needs to take in 2013 and 2014.
Clinton criticized Greece's lenders for focusing excessively on austerity, saying Athens will be more likely to repay its debt if its manages economic recovery first.
"(It) is self-defeating... if every day people are saying this may or may not work to give us back a 100 cents on the dollar, so give us more austerity today," he told Samaras.
"People need something to look forward to when they get up in the morning -- young Greeks need something to believe in so they can stake their future out here," Clinton said.
The Slovak pipeline operator Eustream estimated it would ship 22.4 million cubic metres through the pipeline while the Slovak economy minister said the link was ready to run at full capacity.
China has also said it would like to continue to develop "friendly cooperation" with Ukraine and that it respects the ex-Soviet state's independence, sovereignty and territorial integrity.
Selling a fleet of subs would mark the first time since at least the end of World War Two that Japan had sold a complete weapons platform overseas.
The head of Iran's atomic agency says the agreement will be signed next month
A little more than a month ahead of general elections, new figures shows the Brazilian economy contracted by 0.6 percent in the second quarter of 2014
Russia cut off the gas flow in mid-June after the two sides failed to agree on pricing and debts owed for previous gas supplies.
Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014
Venezuela's Petroleum minister, Rafael Ramirez, said earlier this year that PDVSA could import crude as a "last resort" to find diluents for its heavy crudes
Air France, the French network of Air France-KLM said on Wednesday it has suspended its flights to Sierra Leone following advice from the French government
Ukrainian Prime Minister Arseny Yatseniuk said that Kiev knew of plans by Russia to halt gas flows this winter to Europe
The inquiry into tycoon Bernard Tapie has embroiled several of former president Nicolas Sarkozy's cabinet members including Lagarde.
The riot broke out in the southern industrial hub of Johor state on Tuesday at a factory run by JCY International , a Malaysian firm that makes parts for electronic giants including Samsung, Hitachi and Western Digital.
Hawaii and U.S. territories have strong dependency on petroleum imports, because of their physical isolation and lack of fossil fuel resources, while their residential electricity prices have been three to five times the average residential prices of the mainland U.S.
Buyers of Kurdish crude could face lawsuits from Baghdad if the oil moves close to U.S. soil and would also require the seller to provide costly indemnities against potential lawsuits
Deep job losses, route cuts and a change of leadership are expected to feature in a restructuring plan being prepared by Malaysia's government
New company will create the third largest global fast-food chain with annual sales of US$23 billion.