Athens News Agency: News in English, 12-02-11

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] PM: Those that don't support bailout deal can't be in gov't

[01] PM: Those that don't support bailout deal can't be in gov't

"The economic programme and the agreement that accompanies this are absolutely essential in order to complete the effort that began two years ago," Papademos added, noting that the government's stamina was being tested and that this was a time of responsibility for all. amna

"Bankruptcy is not a choice," he underlined.

The premier noted that the parties which support his coalition government "are now two" adding that the ministers who cannot or do not want to vote for the new programme cannot remain in the government, whose "endurances are now being tested".amna

The new economic programme, Papademos underlined, is the product of "an intensive and very hard negotiation with the troika and depicts the country's extreme conditions of need."amna

The prime minister enumerated three axes regarding the targets and the means of the new programme:

First, in order to restore the country's competitiveness, promote growth and increase employment, the programme foresees structural reforms in the labour, goods and services market.

Secondly, in order to restore fiscal stability and the public's and markets' confidence, the programme stipulates a further decrease of the public deficit through restricting public expenditures by 1.5% of GDP in 2012, the implementantation of a series of strucrtural measures as well as a new, more just, tax system.amna

Third, in order to secure fiscal stability, the programme foresees the implementation of a comprehensive strategy regarding the banking sector which will reinforce the banks' capital position and strength, as well as the economy's liquidity in a manner that promotes public interest while respecting the banks' entrepreneurial autonomy.

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