The Greek Prime Minister Alexis Tsipras
The Greek Prime Minister Alexis Tsipras refused again categorically shortly before a meeting of euro zone finance ministers, the demand for further pension cuts. The pensions have been reduced by up to 50 percent of 2010 to 2014, “what further interventions in this sensitive area makes impossible,” he wrote in an article for the “Tagesspiegel” on Thursday.
The problem lies not on the expenditure, but on the revenue side. “Who says German taxpayers eligible for the wages, pensions of the Greeks on, lying,” he explained and criticized false and incomplete representations to the public. “My word message is the rectification of a popular myth.”
The fact that the share of pension and retirement spending on economic performance in recent years, so has risen sharply – to 16.2 percent in 2013 – stems from the fact that the gross domestic product had shrunk in that time, and not to higher payments, argued Tsipras. The average pension entrance age lies in his country with 64.4 years for women and 64.5 years for men at a similar level as in Germany.
pensions are a major point of contention
The requested from donors savings in the pension system are a major point of contention in the negotiations, which should pave the way for the release of billions of aid under the current aid program. But the program expires at the end of the month. Even the meeting of euro zone finance ministers on Thursday in Luxembourg, most participants expect no solution to the conflict.
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The government in Athens has denied even rumors that so-called capital controls in Greece should be imposed in the near future. “In no case there will be capital controls. The cash deposits are insured and the banking system is strong, “the Greek government spokesman Gabriel Sakellaridis said on Thursday the Greek TV station Mega.
On the day before the central bank of Greece had announced that citizens and companies in the country have raised € 29.4 billion from their accounts in the first five months of the year. In order for the cash deposits in Greece fell to around 128 billion euros. With capital controls the outflow of funds to be restricted.
Greeks get their money from the accounts
Most of the raised funds – some 20 billion – remained in the country and are probably hidden in safes and chests, reported the Greek press. The trend continues: Alone on Wednesday estimated 950 million euros have been lifted, reported Greek radio station, citing banking circles
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The German economy expects Meanwhile, in the case of a Euro-farewell with a heavy slump in demand from Greece. “German exports to Greece would then probably come to a halt – at least temporarily,” a spokesman for the industry association BGA said on Thursday told Reuters. “The drachma would initially depreciate sharply, which would greatly increase the cost of imports from Germany.” But the damage is total holding in check. “The direct impact on German exporters would be manageable for Germany,” said the Federation of German Wholesale, Foreign Trade and Services (BGA). “Because the volume of trade with Greece is not very big.”
The companies have also experience in dealing with difficult markets and crises. They would work to get the business. The big risk is that major trading partners such as France and Italy could be infected by the turmoil. “No one knows what dominoes falling in an uncontrolled state bankruptcy,” said the BGA spokesman.
Because of the severe economic crisis, German exports had fallen to Greece for five consecutive years before 2014 for the first time rebounded, rising by 4.7 percent to almost five billion euros. But these are still almost two billion less than in 2008. With a share of around 0.5 percent of total exports Greece is ranked 38 of the most important customers – just behind Luxembourg, Hong Kong and Ireland, but ahead of Malaysia, Slovenia and Israel. Among the best sellers in Greece include food, feed and pharmaceutical and chemical products.
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