Do As They Say Or Accept Default ?

Juncker's ultimatum: Comply or default Jean-Claude Juncker, the head of the Eurogroup, warned Greece through an interview to a German magazine that it will either comply with its creditors’ requirements or default, as it should not expect any additional support from its peers. Speaking to Der Spiegel magazine, Juncker issued an ultimatum to Athens for full compliance to the terms that the European Central Bank, the European Commission and the International Monetary Fund are setting for a 130-billion-euro bailout package that will steer the country clear of default. “If we are to determine that everything is going wrong in Greece, then there would not be a new program, and that would mean that in March a declaration of bankruptcy would occur,” he told in an interview pre-released on Saturday. He went on to insist on the significance on public firm privatizations, a term on which Deputy Prime Minister Evangelos Venizelos said on Saturday evening that Athens has reached an agreement with its creditors. Earlier, the head of the ruling coalition’s third partner, Giorgos Karatzaferis, stated in Thessaloniki that he would not tolerate any ultimatums. "We need to examine whether the creditors' demands are in favor of growth for the sake of the Greek people, otherwise we will not get the support package. I am not going to sign up to that,» said the leader of Popular Orthodox Rally (LAOS). and..... Troika insists on changing private labor terms Greece’s official creditors will not give in on their demand for changes and wage cuts to the labor status in the private sector, Skai radio said on Saturday afternoon citing an unnamed government official, as talks about the new loan contract continue in Athens. It followed a broad meeting of ministers who hold key posts in the government, under Deputy Prime Minister and Finance Minister Evangelos Venizelos after his lengthy talks with the mission from the International Monetary Fund, the European Central Bank and the European Commission, known collectively as the troika. The ministerial meeting heard that there will be no further staff cuts in the health sector, but there will be cuts in expenditure amounting to 1.1 billion euros, out of which 1 billion will concern pharmaceutical spending. The defense sector is set for cuts amounting to 400 million euros in the next two years. According to the same source the government insists on not including military personnel in the single salary system of the public sector or in the staff cuts.