Greece vows to implement exit plan from debt crisis on time

14:28, July 03, 2011      

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The Greek government said on Saturday that Greece is now ready to fully implement the exit plan from the debt crisis on time.

Greek Deputy Prime Minister and Finance Minister Evangelos Venizelos gave the determination on Saturday evening, shortly after the end of a crucial Eurogroup's teleconference which approved the release of the next tranche of EU aid to the debt-ridden country this July.

The 8.7 billion euros (around 12.6 billion U.S dollars ) aid payment of the Eruopean Union (EU) and IMF package for Greece, initially granted last year to avoid default, will be released on July 15, according to an aggreement reached by the finance ministers of eurozone member countries.

The IMF is due to approve its 3.3 billion euros share on July 8, while a new program should be finalized by mid-September this year to secure the sixth tranche of aid.

Saturday's decision follows a crucial positive parliamentary vote on a fresh austerity program by the Greek parliament earlier this week which was a key demand of foreign lenders.

"This development strenghthened our country's credibility. What is crucial now is the effective implementation of the parliament's decisions on time, so that we will gradually be able to overcome the crisis to the benefit of Greek economy and Greek people," said Venizelos.

As the government negotiates the tough terms to secure further foreign support over the next months and years and manage to slash deficits and return to growth by 2014, political analysts express doubts whether the unpopular austerity and reform package will be implemented in full.

Opposition parties, labor unions and thousands of protesters vow to continue mobilizations to block the measures.

Source: Xinhua
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