PSI Debt Swap Target Date - Now March 8th Through March 11th

Greece targets debt swap from March 8: government

18 Feb 2012

Greece's cabinet agreed on Saturday to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11, a government official said.   The swap is to accompany a $130 billion rescue package that Athens hopes to agree with its eurozone partners on Monday and will mean that creditors take a 70 percent cut in the real value of their holdings. (Reuters)

and expect Greece to implement a  retroactive Collective Action Clause Law to attempt to ram the PSI through in just three days........

No commissioner issue, says Papademos

18 Feb 2012

(file photo) Prime Minister Lucas Papademos, addressing a cabinet meeting on Saturday, stressed that "on the issue of pensions, an extensive and intense discussion was held with the troika. The reduction could not be avoided. The repercussions, however, are milder than what they have appeared. For someone receiving a pension of 1.500 euros, his pension will be reduced by 12 percent for the amount exceeding 1,300 euros.   Meaning, it is beind reduced by 24 euros. As regards the issue of a commissioner or commissioners at each ministry, this will not be discussed. Permanent monitoring apparatuses are already anticipated and function for the implementation of the programme, that will be strengthened. There is no question of a commissioner."   Papademos also briefed the cabinet meeting that during the discussions he had over the past three days with leaders of EU countries, as well as with heads of institutional partners, he underlined the need for the immediate taking of measures to support economic activity, a "proposal that was received positively" and added that he expects "that in the next two weeks there shall be a specific and substantive response to this request".   The taking of decisions in light of the Eurogroup meeting on Monday, the promotion of the necessary actions that must be completed in the next three weeks in the framework of the implementation of the new programme and in light of the conclusion of the loan contract and the approval of the draft law of the Environment, Energy and Climatic Change ministry on issues of particular importance for the growth of the economy are the three urgent issues for which the prime minister convened a cabinet meeting.   According to what Papademos said, last week the Finance and Labour and Social Security ministries examined a series of additional measures amounting to 125 million euros so that the package on curbing expenditures by 325 million euros can be completed and added that the measures were based on certain criteria and among them a "substantive criterion is for them to have a steadfast and not a temporary character, meaning that they affect expenditures in a permanent way and therefore lead to a substantive and permanent reduction of the fiscal deficit." As regards the Environment ministry's draft law, Papademos said that with it "the arrangement of important issues is pursued that concern, among other things, the development and utilisation of the Elliniko coastal site and of Aghios Kosmas, as well as the utilisation of the country's energy potential with the enactment and implementation of the "ILIOS" programme.   Lastly, Papademos underlined that the immediate support of economic activity constitutes a priority of the government's economic policy. (AMNA)