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Greece expects reform deal next week

Wednesday, April 01, 2015 - 01:28

Greece expects to reach a deal with its euro zone partners and the IMF next week on a package of reforms. But as Ciara Lee reports, there's growing frustration in Greece over a failure to reach an agreement.

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Frustration in Greece... again. This time it's the pensioners. Thousands took to the streets demanding their pensions be protected and brought back to pre-austerity levels. Many fear the new government, under pressure by lenders to reform the system, may further cut their income. Last week Athens presented a list of reforms to its creditors in a bid to show it is committed to living up to pledges of financial discipline. It desperately needs more aid, as it scrambles to meet loan repayments amid a cash crunch. A deal with euro zone partners is expected to be reached next week, which would help unlock remaining bailout funds. Failure to do so could put the rest of the region at risk too. Seven Investment Management's Justin Urquhart Stewart. (SOUNDBITE) (English) (SOUNDBITE) (English) JUSTIN URQUHART STEWART, SEVEN INVESTMENT MANAGEMENT, SAYING: "One, the knock on effect of some of the other political elements in terms of the extreme parties in Spain and in Portugal. And even in Britain as well, and we are not even in the euro zone. But also the impact it is going to have in terms of the knock on effect for other economic relationships. Is Greece going to become the next Lehmans if it fell out? And the answer is we really don't know at the moment." The list of proposed reforms Athens has presented to the Brussels Group includes revenues of 1.5 billion euros from privatisations this year. The deal would involve the long-term lease of 14 regional airports and the sale of its largest port Piraeus.

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Greece expects reform deal next week

Wednesday, April 01, 2015 - 01:28