Greek Prime Minister George Papandreou will soon try to push through parliament legislation needed to secure international funding by mid-July, when the country would otherwise default on its debt.
Here are key challenges and deadlines that Greece will need to meet in coming weeks:
WEDNESDAY, JUNE 29
Parliament votes on a 28 billion euro ($40 billion), five-year austerity package of tax hikes and spending cuts agreed with the European Union and the International Monetary Fund. The session starts at 10 a.m. Athens time (0700 GMT) and will conclude sometime in the afternoon with a vote.
THURSDAY, JUNE 30
Parliament votes on a separate implementation law spelling out the fiscal measures in more detail -- potentially more difficult as the laws will cover individual privatisations, tax steps and spending cuts.
SUNDAY, JULY 3
Deadline set by the EU for the Greek parliament to pass the austerity laws. Euro zone finance ministers hold an extraordinary meeting on this date and have said the laws must be passed by then for Greece to obtain its next, 12 billion euro tranche of bailout loans. Greece has said it will be unable to pay its debts by mid-July if it does not get the tranche.
EARLY JULY
Euro zone finance ministers have said they will define by early July "the main parameters" of a new international bailout plan for Greece, which will supplement the 110 billion euro bailout launched in May last year. The new package will include additional official loans and a voluntary rollover of Greek debt by private investors.
FRIDAY, JULY 15
Six-month Greek Treasury bills worth 2.4 billion euros mature.
FRIDAY, JULY 22
Three-month Greek Treasury bills worth 2 billion euros mature.
SATURDAY, AUGUST 20
A 5.9 billion euro, five-year Greek government bond matures.
Source: www.moneycontrol.com
Ravi Jhawar
Summer Intern-Technical Analyst
DENIP Consultants Pvt. Ltd.
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