Asmussen urges " regime change " , what does that really mean in the context of Greece , what is he suggesting in the context of the upcoming elections ?

ECB's Asmussen urges policy 'regime change'

28 Mar 2012

European Central Bank boardmember says that without "regime-change in policy implementation", the bailout programme could be derailed There is a high risk that the country's adjustment programme derails without a "regime change" in policy implementation and a broader political consensus in favour of painful reforms, European Central Bank board member Joerg Asmussen said on Tuesday. "It is no secret that the programme is subject to exceptionally high implementation risks," Asmussen told the European Parliament committee on economic and monetary affairs. "Without a regime-change in policy implementation and a much broader political consensus in favour of painful, but necessary reforms, there is a high risk that the programme derails," the German economist added. "Therefore, political courage is more needed than ever." His comments came as May 6 emerged as the most likely date for the planned general election. Asmussen said there was a clear aim to keep Greece in the eurozone and no intention to repeat the experience of private sector involvement (PSI) in debt restructuring seen in Greece. Greece must devalue internally, he said. "Yes, the medicine is bitter but the patient can and will recover if he follows the prescription," he said. "Looking at successful past experiences of fiscal adjustment in other European countries shows that this is not a lost battle." (Reuters) and.... News bites @ 9 by Damian Mac Con Uladh 28 Mar 2012 A customer (L) is reflected in a mirror inside an antique shop in Athens, 27 March 2012 (John Kolesidis, Reuters) 1. SAVE THE DATE May 6 is becoming the most likely date for the general election, officials from Pasok and New Democracy indicated on Tuesday. "The elections will be held May 6," a Pasok party official quoted party leader Evangelos Venizelos as saying during a party meeting. Other officials confirmed this was emerging as the favourite date but said it was not set in stone. "No decision has been taken yet but May 6 is a very probable date for the elections," a government official told Reuters.   2. PREPARATIONS The country's parties are stepping up their preparation for the forthcoming election campaign. In welcome news, Pasok has said it intends on keeping spending to a minimal on fliers, posters and other election-related material. Following on from a decision made by New Democracy earlier, it says it also refrain from renting campaign offices in constituencies around the country. In what will surely lead to some interesting exchanges, Pasok has said that it will seek out personal contact with individual citizens in order to hear first-hand their anger and frustration.   3. METRO STOPPAGE Staff at the Athens metro, tram and ilektrikos (Isap Green line) will hold a four-hour work stoppage on Wednesday, from 11am to 3pm, in a protest over their collective wage agreement. Please note that services will begin to be withdrawn up to an hour before the start of the stoppage. Likewise, it will take an hour for full services to resume after the end of the action. On Thursday, all public hospitals, health centres, welfare services and the ambulance service will operate with skeleton staff. 4. UNIVERSITIES FACE CLOSURE Six of the country's universities are facing immediate closure after the recent bondswap reduced their assets to zero. An emergency meeting of university rectors on Tuesday heard that only 33m euros remained of 120m euro that 17 Greek universities had deposited with the Bank of Greece for their operating expenses, while six university accounts were now completely empty and would soon be unable to stay open.   5. PROPERTY SECTOR WOES The sales of large apartments in high-end areas have fallen by more than 70 percent, of second-hand homes by more than 50 percent and of holiday homes by 80 percent since 2009, according to the Hellenic Proporty Federation (Pomida). The organisation's head, Stratos Paradias, said on Tuesday that up to 120,000 newly built homes remain unsold – an all-time record number – and urged the government to take action to avoid a massive wave of foreclosures.   6. GREEN ECONOMY The country's small and medium-sized businesses are part of a European shift toward a green economy, the findings of a Eurobarometer poll released on Tuesday has suggested. According to the survey, 31 percent of SMEs in Greece offer green products and services, as opposed to 26 percent average in the EU, and 18 percent are considering making their business greener in the future, compared with 8 percent in the EU. Green products and services are defined as those whose main function is to reduce environmental hazard, minimise pollution and save resources.   7. POLICY REGIME CHANGE The country needs a "regime change" as regards how it implements policy, a board member of the European Central Bank said on Tuesday. "Without a regime-change in policy implementation and a much broader political consensus in favour of painful, but necessary reforms, there is a high risk that the programme derails," Joerg Asmussen told a European Parliament committee. "Therefore, political courage is more needed than ever."   8. FOOTBALL Karim Benzema and Kaka scored late goals to give Real Madrid an emphatic 3-0 win at APOEL Nicosia in the Champions League quarter-final first leg on Tuesday. The nine-times European champions dominated the match but APOEL, the first Cypriot side to reach the last 16 of Europe's premier club competition, defended solidly to frustrate their Spanish opponents until the last 15 minutes. APOEL chairman Phivos Erotocritou said APOEL were proud of their achievements. "We have our head held high. It has been really special, we are very proud that we got to this point. It is certainly not a result to be ashamed of, we are very very proud we got to this point."   9. INTERVIEW WITH IRAQI AMBASSADOR Ahead of the start of an historic summit of the Arab League in Iraq on Thursday – the first in the country in a generation – Iraq's ambassador to Greece says he feels the days of the Syrian regime are numbered. In a March 26 interview with the Athens News, Burhan Jaf said that Iraq's experience of civil war shows that problems are best solved by talks. Syria should learn from Iraq's experience and make a deal, adding that "The process of democracy is a start and the rule of one party doesn't work." Here's a video highlight of the interview, which will be published in the Athens News on Friday.