Greece and its creditor countries must run obstacle course before deal is

by David McHugh, The Associated Press Posted Jul 13, 2015 11:08 am MDT Last Updated Jul 13, 2015 at 11:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Greece and its creditor countries must run obstacle course before deal is sealed FRANKFURT – Greece’s bailout deal isn’t a deal — yet.It only becomes one if Greece meets tough conditions, like quickly passing a slew of far-reaching economic reforms, cuts and privatizations.After the Greek government dismayed creditors by repealing some economic measures and dragging its feet in negotiations, key lender states led by Germany took a hard line: Reforms first. Money afterward.Whether the deal will then steer the Greek economy back to health and help it lower its debt remains uncertain.“Doubts and concerns in our view outweigh optimism and euphoria,” wrote Carsten Brzeski, chief economist at ING-DiBa in Frankfurt. “It starts with the fact that there actually is no deal, yet. It’s a declaration of intent.”He recommended “that the champagne bottles should still remain in the fridge for a while.”Here’s a look at Greece’s situation.___WHAT’S THE NEXT STEP FOR GREECE?Under the deal struck with creditors during an all-night meeting in Brussels, the Greek parliament must approve by Wednesday key reforms. They include VAT tax increases and pension cuts, and safeguarding the full independence of Greece’s statistics service, which at the start of the crisis in 2009 was found to have woefully misstated the country’s finances for years.More reforms have to be passed by July 20, including a new civil code that should streamline legal proceedings and lower business costs.___WILL THAT HELP GREEK BANKS REOPEN?That’s the intent.Greece’s banks have been closed since the European Central Bank refused two weeks ago to allow them to draw more emergency credit. Once the legislation passes and Greece gets closer to financial rescue, the ECB may decide to permit more credit. It could do that anytime it can say a bailout deal is in the offing, but may wait until Thursday’s meeting of its governing council — the day after the first Greek vote.An increase in credit could enable the Greek banks to reopen and perhaps increase their withdrawal limit of 60 euros per day.But analysts say some kind of limit on cash withdrawals and transfers will likely stay in place for months.The closed banks have made normal commerce impossible and worsened the recession. Getting them open again is a top priority if the Greece economy is to recover.___AFTER THAT, WILL GREECE GET ITS BAILOUT?Not yet. Germany’s parliament must also approve the start of negotiations, which officials said could happen Friday. Austria and France will also hold votes on the preliminary agreement.___WHAT HAPPENS WHEN NEGOTIATIONS START?Once Greece passes the reform laws, the institutions monitoring its finances — the European Union’s executive Commission, the International Monetary Fund and the European Central Bank — will get a mandate to start talks. The Greeks will have to make more reforms, such as opening up closed professions, easing worker protections in labour law, and privatizing the national electricity grid.They will also have to transfer government-owned businesses and assets into an independent privatization fund that will sell them off.And the eurozone says that’s just to get the talks started. At the end of the process, national parliaments have to sign off in Germany, Estonia, the Netherland, Finland, Austria and Slovakia. Only then can Greece tap the money from the bailout fund, the European Stability Mechanism.___HOW FAST CAN GREECE GET THE MONEY?The creditors acknowledge that time is short and that a full bailout deal worth between 82 billion euros and 86 billion euros over three years must be struck quickly.Greece needs 7 billion euros by July 20 to cover its bills and debt repayments, and an additional 5 billion euros by mid-August. It’s already in arrears on a 1.5 billion euro payment to another important creditor, the IMF, and needs to clear that before it can get more IMF loan money.Eurozone countries were discussing whether to help Greece meet these obligations with a short-term bridge loan.___WILL THAT STABILIZE GREECE?Even after it gets any loans, the country faces more uncertainty as its economy will be in bad shape. Whether the reforms will help get the economy going, and how fast, is not clear. Some economists think Greece’s debts are too big to repay.Meanwhile, the tough reforms attached to the loans could force the current left-wing Greek government from office.The bailout deal will face opposition in the ranks of deputies belonging to Prime Minister Alexis Tspiras’ Syriza group. Tsipras will likely have to resort to opposition votes to get the painful spending cuts and economic changes through. That could cost him his government majority in Greece’s parliamentary system, and a new coalition and prime minister could soon be in place, analysts say.The country’s labour minister said Monday that the country could see new elections by the end of the year.So hold on. It’s not a deal until it’s a deal. read more

WCH 2017 mistery Opening match with 30000 fans at football stadium

Handball 2017handball at stadiumHandball Francelille handballworld championship 2017 handball French Handball Federation has to announce the venues and the cities in which World Championship 2017 will be held, writes handnews.fr. The decision has to be publish on Tuesday, but still is unknown, which cities will join Paris, where famous Paris Bercy, after renovation, with 17.000 seats will host the final weekend of the tournament. Some cities as Montpellier or Nantes are the favorites because of the halls with the capacity of 9.000 seats, but it is almost unbeliavable lack of sports hall with capacities over than 10.000 seats in one of the biggest European countries.FFHB announced last year that the goal will be to reach 500.000 fans during WCh 2017. The only way to to that is to be helped by fantastic football infrastructure. There are some intentions that opening match could be organised on magnificent stadium “Pierre Mauroy de Lille” with 30.000 seats capacity and retractable roof. That would be a new world record on big events organised EHF and IHF… ← Previous Story “DANKE CONNY”: Konrad Wilczynski gets standing ovation in Vienna Next Story → THW Kiel sign Danish goalkeeper – Kim Sonne read more