German Econ Minister: Greek Decisions Need Implementation

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The FINANCIAL — Germany's economics minister Monday kept up the pressure on Greece to implement budget reforms after Athens passed a controversial austerity bill in parliament Sunday evening.

 

According to London Stock Exchange, Germany's parliament will only vote on a second Greek bailout package after its official lenders–the European Union, the International Monetary Fund and the European Central Bank, known as the troika–have presented its report on Greece's debt sustainability, Roesler added.

The Greek Parliament, under heavy guard from riot police, Sunday approved a deeply unpopular package of spending and wage cuts, defying tens of thousands of people massed in the streets of the capital to protest a further round of austerity demanded by the government's international creditors.

The package passed by a 199-74 vote, despite defections from the government ranks in the days leading up to vote. The two largest Greek parties–the socialist Pasok and conservative New Democracy–backed the measures which include cuts in the budget, pensions and the minimum wage. Lawmakers, 27 of whom didn't vote, largely heeded the calls of their leaders and Greek Prime Minister Lucas Papademos.

Euro-zone finance ministers are slated to discuss a second EUR130 billion aid deal for Greece in Brussels on Wednesday.

Roesler also said Monday that Germany's electricity supply, under pressure due to high demand as a result of the region's particularly low temperatures, is tense but mangageable. Electricity generation reserve capacities have only been switched on once during this winter, Roesler said.

 

 

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