Greece wins more time from its int’l creditors

ATHENS - Agence France-Presse

Greek Minister Stournaras says he has shaken hands with creditors. EPA Photo

Greek Finance Minister Yannis Stournaras said yesterday he has agreed to a new multi-billion euro austerity package with the nation’s international creditors and secured a long-sought extension to meet its fiscal targets.

Stournaras told parliament the extra time was agreed in return for the 13.5 billion euro austerity deal that is necessary to unlock vital international loans, but which still has to win the backing of coalition partners.

“We have obtained the extension,” Stournaras said, shortly after telling reporters that he had finalized the cutbacks agreement in talks with auditors from the European Union, the International Monetary Fund and the European Central Bank.

He said he will present two draft laws related to the package to parliament next week. But the new measures, to be voted by Nov. 12, still have to be approved by Greece’s three-party coalition government, with key allies still split over the painful reforms.