ATHENS: Greek Prime Minister Alexis Tsipras on Friday said the country was “turning a page” after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy.
The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
“Yesterday we reached a historic agreement on Greece’s debt with the Eurogroup,” Tsipras told the country’s president, Prokopis Pavlopoulos.
“We are turning a page,” he said, adding that Greece had to remain on the path of reform.
Following the eurozone ministers’ hard-fought agreement declared earlier Friday, Greece is slated to leave its third financial rescue since 2010 on August 20.
“The Greek crisis ends here tonight,” said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.
The deal was expected to be an easy one, but last-minute resistance by Germany — Greece’s long bailout nemesis and biggest creditor — dragged the talks on for six hours.
The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached close to double the country’s annual economic output.
They also agreed to disburse €15 billion ($17.5 billion) to ease Greece’s exit from the rescue program.
This would leave Greece with a hefty €24 billion safety cushion, officials said.
“The agreed debt relief is bigger than we had expected,” Citi European Economics said in a note.
“In particular, the 10-year extension of the EFSF loans’ maturity and most importantly the grace period on interest payments is a significant development,” they added.
“The Greek government is happy with the agreement,” Greek Finance Minister Euclid Tsakalotos said after the talks.
But “to make this worthwhile we have to make sure that the Greek people must quickly see concrete results... they need to feel the change in their own pockets,” he added.
The eight-year crisis toppled four governments and shrank the economy by 25 percent. Unemployment soared and still hovers over 20 percent, sending thousands of young educated Greeks abroad.
Optimism is tempered by Greece’s remaining fiscal obligations, which will demand serious discipline, observers say.
“This is a very tight program. A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all,” Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.
“We’ll have to see if the pledges will be kept, especially as they depend on international developments as well,” he said.
Under pressure from its creditors, Greece has already agreed to slash pensions again in 2019, and reduce the tax-free income threshold for millions of people in 2020.
Further cuts will be made to maintain the 3.5-percent surplus, if necessary.
“It would be a terrible mistake to cultivate illusions that the end of the bailout means a return to normality,” said pro-opposition daily Ta Nea.
“What follows is tough oversight which no other country has experienced in a post-bailout period,” the daily said.
The European Commission has already specified that Greece will remain under fiscal supervision until it repays 75 percent of its loans.
Athens has received €273.7 billion in assistance since 2010, enabling it to avoid punishing borrowing rates on debt markets.
The International Monetary Fund, led by the tough-talking Christine Lagarde, welcomed the debt relief, but cited reservations about Greece’s obligations over the long term.
“In the medium term analysis there is no doubt in our minds that Greece will be able to reaccess the markets,” Lagarde said after the talks.
“As far as the longer term is concerned we have concerns,” she added.
The reform-pushing IMF played an active role in the two first Greek bailouts, but took only an observer role in the third in the belief that Greece’s debt pile was unsustainable in the long term.
Greece ‘turning a page’ as eurozone declares crisis over
Greece ‘turning a page’ as eurozone declares crisis over
- The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
- EU Economic Affairs Commissioner Pierre Moscovici: “The Greek crisis ends here tonight.”
India press watchdog demands journalist murder probe
- Freelance journalist Mukesh Chandrakar, 28, had reported widely on corruption and a decades-old Maoist insurgency in Chhattisgarh
- Chandrakar’s body was found on January 3 after police tracked his mobile phone records following his family reporting him missing
NEW DELHI: India’s media watchdog has demanded a thorough investigation after a journalist’s battered body was found stuffed in a septic tank covered with concrete.
Freelance journalist Mukesh Chandrakar, 28, had reported widely on corruption and a decades-old Maoist insurgency in India’s central Chhattisgarh state, and ran a popular YouTube channel “Bastar Junction.”
The Press Council of India expressed “concern” over the suspected murder of Chandrakar, calling for a report on the “facts of the case” in a statement late Saturday.
Chandrakar’s body was found on January 3 after police tracked his mobile phone records following his family reporting him missing.
Three people have been arrested.
More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels, who say they are fighting for the rights of marginalized indigenous people in India’s resource-rich central regions.
Vishnu Deo Sai, chief minister of Chhattisgarh from the ruling Bharatiya Janata Party (BJP), called Chandrakar’s death “heartbreaking” and promised the “harshest punishment” for those found responsible.
India was ranked 159 last year on the World Press Freedom Index, run by Reporters Without Borders.
Indian forces clash with Maoist rebels, five dead
- Over 10,000 people have died in the insurgency by Naxalite rebels who say they are fighting for rights of marginalized people
- Government forces stepped up efforts last year to crush the long-running armed conflict, with some 287 rebels killed in 2024
NEW DELHI: Indian security forces on Sunday battled with Maoist rebels in their forested heartland, police said, with at least four guerillas and one policeman killed.
More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels, who say they are fighting for the rights of marginalized indigenous people in India’s resource-rich central regions.
Government forces stepped up efforts last year to crush the long-running armed conflict, with some 287 rebels killed in 2024, according to government figures.
Clashes broke out late Saturday in Abujhmarh district of Chhattisgarh state, a key battleground in the insurgency.
“Four bodies of Maoists, who were in their battle uniform, have been recovered after an encounter with police forces,” police inspector general P. Sunderraj told AFP, adding one police constable had also been killed.
“Action is still on,” he said.
Around 1,000 suspected Naxalites were arrested and 837 surrendered during 2024.
Amit Shah, India’s interior minister, warned the Maoist rebels in September to surrender or face an “all-out” assault, saying the government expected to quash the insurgency by early 2026.
The insurgency has been drastically restricted in area in recent years.
The Naxalites, named after the district where their armed campaign began in 1967, were inspired by the Chinese revolutionary leader Mao Zedong.
They demanded land, jobs and a share of the region’s immense natural resources for local residents, and made inroads in a number of remote communities across India’s east and south.
The movement gained in strength and numbers until the early 2000s when New Delhi deployed tens of thousands of security personnel against the rebels in a stretch of territory known as the “Red Corridor.”
Authorities have since invested millions of dollars in local infrastructure and social projects to combat the Naxalite appeal.
France’s ex-president Sarkozy on trial over alleged Qaddafi pact
- The career of Nicolas Sarkozy has been shadowed by legal troubles since he lost the 2012 presidential election
- Latest trial is the result of a decade of investigations into accusations that Sarkozy accepted illegal campaign financing
PARIS: Former French president Nicolas Sarkozy, already convicted twice in separate cases since leaving office, on Monday goes on trial charged with accepting illegal campaign financing in an alleged pact with the late Libyan dictator Muammar Qaddafi.
The career of Sarkozy has been shadowed by legal troubles since he lost the 2012 presidential election. But he remains an influential figure for many on the right and is also known to regularly meet President Emmanuel Macron.
The fiercely ambitious and energetic politician, 69, who is married to the model and singer Carla Bruni and while in power from 2007-2012 liked to be known as the “hyper-president,” has been convicted in two cases, charged in another and is being investigated in connection with two more.
Sarkozy will be in the dock at the Paris court barely half a month after France’s top appeals court on December 18 rejected his appeal against a one year prison sentence for influence peddling, which he is to serve by wearing an electronic bracelet rather than in jail.
The latest trial is the result of a decade of investigations into accusations that Sarkozy accepted illegal campaign financing — reportedly amounting to some 50 million euros — from Qaddafi to help his victorious 2007 election campaign.
In exchange, it is alleged, Sarkozy and senior figures pledged to help Qaddafi rehabilitate his international image after Tripoli was blamed for bombing attacks on Pan Am Flight 103 in 1988 over Lockerbie in Scotland and UTA Flight 772 in 1989 that killed hundreds of passengers.
Sarkozy has denounced the accusations as part of a conspiracy against him, insisting that he never received any financing for the campaign from Qaddafi and that there is no evidence of any such transfer.
At a time when many Western countries were courting Qaddafi for energy deals as the maverick dictator sought to emerge from decades of international isolation, the Libyan leader in December 2007 visited Paris, famously installing his tent in the center of the city.
But France then backed the UN-sanctioned military action that helped in 2011 oust Qaddafi, who was then killed by rebels. Sarkozy has said allegations from former members of Qaddafi’s inner circle over the alleged campaign financing are motivated by revenge.
If convicted, Sarkozy faces up to 10 years in prison under the charges of concealing embezzlement of public funds and illegal campaign financing. The trial is due to last until April 10.
Sarkozy “is awaiting these four months of hearings with determination. He will fight the artificial construction dreamed up by the prosecution. There was no Libyan financing of the campaign,” said his lawyer Christophe Ingrain.
Among 12 others facing trial over the alleged Libyan financing are heavyweights such as Sarkozy’s former right-hand man, Claude Gueant, his then-head of campaign financing, Eric Woerth, and former minister Brice Hortefeux.
“Claude Gueant will demonstrate that after more than ten years of investigation, none of the offenses he is accused of have been proven,” said his lawyer Philippe Bouchez El Ghozi, denouncing the cases as amounting to “assertions, hypotheses and other approximations.”
For the prosecution, the pact started in 2005 when Qaddafi and Sarkozy, then interior minister, met in Tripoli for a meeting ostensibly devoted to fighting illegal migration. But Sarkozy’s defense counters that no trace of the illegal financing was ever found in the campaign coffers.
The scandal erupted in April 2012, while Sarkozy was in the throes of his re-election campaign, when the Mediapart website published a bombshell article based on a document purportedly from December 2006 it said showed a former Libyan official evoking an agreement over the campaign financing.
Sarkozy has long contended that the document is not genuine.
An embittered Sarkozy would later narrowly lose the second round of the election to Socialist Francois Hollande.
Franco-Lebanese businessman Ziad Takieddine, a key figure in the case, had claimed several times that he helped deliver up to five million euros ($5.4 million at current rates) in cash from Qaddafi to Sarkozy and his chief of staff in 2006 and 2007.
But in 2020, Takieddine suddenly retracted his incriminating statement, raising suspicions that Sarkozy and close allies may have paid the witness to change his mind.
In a further twist, Sarkozy was charged in October 2023 with illegal witness tampering while Carla Bruni was last year charged with hiding evidence in the same case.
Sarkozy’s second conviction, in another campaign financing case, was confirmed last year by a Paris appeals court which ruled he should serve six months in prison, with another six months suspended. This verdict can still go to a higher domestic appeals court.
Indian forces clash with Maoist rebels, five dead
- More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels
- Rebels demand land, jobs and share of central India’s natural resources for local residents
New Delhi: Indian security forces on Sunday battled with Maoist rebels in their forested heartland, police said, with at least four guerillas and one policeman killed.
More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels, who say they are fighting for the rights of marginalized indigenous people in India’s resource-rich central regions.
Government forces stepped up efforts last year to crush the long-running armed conflict, with some 287 rebels killed in 2024, according to government figures.
Clashes broke out late Saturday in Abujhmarh district of Chhattisgarh state, a key battleground in the insurgency.
“Four bodies of Maoists, who were in their battle uniform, have been recovered after an encounter with police forces,” police inspector general P. Sunderraj told AFP, adding one police constable had also been killed.
“Action is still on,” he said.
Around 1,000 suspected Naxalites were arrested and 837 surrendered during 2024.
Amit Shah, India’s interior minister, warned the Maoist rebels in September to surrender or face an “all-out” assault, saying the government expected to quash the insurgency by early 2026.
The insurgency has been drastically restricted in area in recent years.
The Naxalites, named after the district where their armed campaign began in 1967, were inspired by the Chinese revolutionary leader Mao Zedong.
They demanded land, jobs and a share of the region’s immense natural resources for local residents, and made inroads in a number of remote communities across India’s east and south.
The movement gained in strength and numbers until the early 2000s when New Delhi deployed tens of thousands of security personnel against the rebels in a stretch of territory known as the “Red Corridor.”
Authorities have since invested millions of dollars in local infrastructure and social projects to combat the Naxalite appeal.
Indian forces clash with Maoist rebels, five dead
- More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels
- Government forces stepped up efforts last year to crush the long-running armed conflict
NEW DELHI: Indian security forces on Sunday battled with Maoist rebels in their forested heartland, police said, with at least four guerillas and one policeman killed.
More than 10,000 people have died in the decades-long insurgency waged by Naxalite rebels, who say they are fighting for the rights of marginalized indigenous people in India’s resource-rich central regions.
Government forces stepped up efforts last year to crush the long-running armed conflict, with some 287 rebels killed in 2024, according to government figures.
Clashes broke out late Saturday in Abujhmarh district of Chhattisgarh state, a key battleground in the insurgency.
“Four bodies of Maoists, who were in their battle uniform, have been recovered after an encounter with police forces,” police inspector general P. Sunderraj said, adding one police constable had also been killed.
“Action is still on,” he said.
Around 1,000 suspected Naxalites were arrested and 837 surrendered during 2024.
Amit Shah, India’s interior minister, warned the Maoist rebels in September to surrender or face an “all-out” assault, saying the government expected to quash the insurgency by early 2026.
The insurgency has been drastically restricted in area in recent years.
The Naxalites, named after the district where their armed campaign began in 1967, were inspired by the Chinese revolutionary leader Mao Zedong.
They demanded land, jobs and a share of the region’s immense natural resources for local residents, and made inroads in a number of remote communities across India’s east and south.
The movement gained in strength and numbers until the early 2000s when New Delhi deployed tens of thousands of security personnel against the rebels in a stretch of territory known as the “Red Corridor.”
Authorities have since invested millions of dollars in local infrastructure and social projects to combat the Naxalite appeal.
