The Hellenic Radio (ERA): News in English, 10-11-10

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Katselis : "The Target is to Maintain Jobs"

Employment Minister, Louka Katselis, in her speech at a conference entitled "The Big HR Debate" organized by the Business Administration Hellenic Company (EEDE), cited the need for private-sector -Employment Ministry cooperation for the better management of human resources. Mrs. Katselis expounded the policy package promoted by the Employment Ministry and centered on OAED program which have attracted special interest, resulting in submission of applications for the protection of at least 150.000 job positions.

Regulatory Frame for Contract at Final Stage

Mrs. Katselis stressed that regulatory framework regarding Contracts will be ready in the next weeks. It will enable businesses and particularly small businesses to deal with problems arising from the financial crisis but it will also avert deregulation of the labour market.

She also referred to flexible forms of labour and explained that the draft-bill to be tabled provides for more flexibility in the management of work hours.

Other issues included in her speech were:

Need to improve health and safety standards at work .

Electronic link of social security funds and sectors of Employment Ministry to improve cooperation between them as well as services to reduce time and cost for submission of declarations.

Promotion of SEPE draft-bill to regain its conciliatory role between businesses and employees .

Submission of revised OMED so employers and employees can have equal recourse in the organization.

Combat of contributions evasion and payment of debts to funds to avert problems in the payment of pensions.She expressed satisfaction at the course of the program "Regulate and Gain".

Finally she referred to the Employment Ministry new policy for employees' training . She said that direct subsidy of KEK will stop and will be replaced by the "voucher" policy , which would allow employees to select the training center.

Sources: ��� 105.8-�NA/�PA

News item: 46664

[02] Confidence Vote to Greek Banks

Interbank market has given a confidence vote to Greek Banks. The National Bank has raised 4.7 billion euros from international banks with state guaranteed bonds. Eurobank has also secured liquidity mounting to 4 billion euros. These are considered significant steps within the frame of Greek banks' efforts to gradually regain access to world money markets to the benefit of Greece's economy as it creates the preconditions to increase loans to households and businesses.

Steps to Regain Market Confidence

After its successful recapitalization rising 1.8 billion euros, the National Bank announced that it has secured 4.7 billion euros liquidity under state bonds guarantee from international banks.

The rate of the 12-month repos is particularly competitive under the current market circumstances. This is a significant step within the frame of Greek bank system efforts to gradually regain access to international markets.

Interbank market had almost frozen in the last months due to the fiscal crisis and along with outflow of accounts caused liquidity problem to the domestic bank system.

Eurobank announced it has secured 4 billion euros liquidity, underlining that its subsidiary banks abroad borrow from the interbank market without guarantees but for a short period. It has also started financing a small but steadily increasing part of Greek state bonds.

Source: ��� - �NA - �PA

News item: 46635

[03] Stability Message for Greece's Economy

From London, Finance Minister George Papakonstantinou sent a message of stability in Greece's economy. He ruled out new taxes and further cuts in salaries and pensions, stressing that the government will center its actions on cutting expenses and increasing state revenues. Talks between Greek officials and members of Troika delegation arriving next week will center on materialization of memorandum and continuation of reforms. Amid general concern, however, Greece raised 390 million euros with the issue of 6-month state bonds at slightly higher interest rate compared to the last time. Also inflation dropped to 5.2% IN October from 5.6% in September.

Papakonstantinou Interview with CNN

Finance Minister George Papakonstantinou, in interviews with foreign mass media in London, announced fresh cuts in state expenses and ruled out imposition of new taxes and cuts in salaries and pensions after negotiations with Troika officials next week.

The Finance Minister admitted that the situation in Greece is difficult and leads to closing down of businesses and rise in unemployment. But predicted higher pace growth in 2011 although recession will be about 2.6% of GNP from 4% of GNP this year.

Government spokesman George Petalotis also ruled out additional measures and taxes and stressed that the government was determined to adhere to its target and cut state expenses and waste.

The ND party expressed fears the government would announced new painful measures soon, particularly after the statements of Eurogroup president Zan Claude Yunker.

In the meantime, a Troika junior delegation arrived in Athens on Monday to draw a report on the implementation of fiscal targets and reforms provided by the memorandum.

Troika head arrives in Athens at the beginning of next week in view of submission of state budget on Thursday, November, 18. Eurostat revised data for 2006-2008 are expected to be released on Monday or Tuesday.

Sources: ��� - ��� 105.8 - �NA/�PA

Related News:Papakonstantinou: �Greece is Changing�, Troika Delegation in Athens

News item: 46454

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