14 Jul, 2015
7111 Times Read.
RSS Feed for this Article
In an important development, Euro zone leaders clinched a deal with Greece to negotiate a third bailout at an emergency summit held in Brussels on 13 July 2015. This deal seeks to keep the near-bankrupt country in the euro zone, thus avoiding the possible event that was given the name “Grexit” by the media. This became possible after Greek Prime Minister Alexis Tsipras accepted almost all the tough conditions proposed by the contingent of European leaders led by German Chancellor Angela Merkel. However the tough conditions imposed by international lenders led by Germany could bring down Tsipras’ leftist government and cause an outcry in Greece. Tsipras will now have to rush swathes of legislation through parliament in coming days to convince his 18 partners to release bridging funds to avert a state bankruptcy and just to begin negotiations on a three-year loan.
Following are the main points of the agreement of Greece with Euro Zone leaders –
– Greece to pass by 15 July 2015 measures including simplifying VAT rates and applying tax more widely, cutting back on pensions and making the national statistics agency independent.
– Greece to pass by 22 July 2015 measures overhauling its civil justice system and implementing EU bank bail-in rules.
– Greece to request continued IMF support from March 2016
Greece to set clear timetable for following measures:
– Ambitious pension reform
– Bring in market reform including on Sunday trading, pharmacy ownership, milk and bakeries
– Privatise electricity transmission network in the country
– Review collective bargaining, industrial action and collective dismissals
– Strengthen financial sector, including action on non-performing loans and eliminate political interference
Greece will also take the following actions:
– Privatisation, involving transfer of assets to independent fund in Greece designed to raise 50 billion euros, three-quarters of which would be used to recapitalise banks and to decrease debt
– Cut costs of public administration and reduce political influence over it. First proposal to be provided by 20 July 2015
– Ensure creditor approval for key legislation before submitting to public consultation or parliament
The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities.
The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.
Know, who is Vijay Kelkar and what is PPP !
Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.
Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !
Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.
Know about Sepp Blatter!
Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.
Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.