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Historic decisions for Greece and the Eurozone

Following a marathon negotiating session of European Council on the 26th of October in Brussels, Heads of State and Government of the Eurozone member states agreed on a comprehensive set of measures which reflect their unwavering determinationto overcome together the current difficulties and to take all the necessary steps towards a deeper economic union commensurate with their monetary union.
In particular on Greece, there was an agreement that should secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. It also includes a voluntary contribution by private creditors, amounting to a nominal discount of 50% on notional Greek debt. Additionally, a new EU-IMF multiannual programme financing up to € 100 billion will be put in place by the end of the year, accompanied by a strengthening of the mechanisms for the monitoring of reforms implementation.
“The debt is absolutely sustainable now,” Papandreou told a press conference, earlier today, after the meeting of euro zone leaders.
“Greece can now settle its accounts with the past, once and for all. […] We can claim that a new day has come for Greece, and not only for Greece but also for Europe,” the premier added.
Primeminister.gr: Papandreou press conference after the euro summit (in Greek); European Council President: Remarks by Herman Van Rompuy following the meeting of the Euro Summit & Statement by President Barroso
(GREEK NEWS AGENDA)

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Local Elections Run-off

Following the second round of local elections yesterday, the ruling PASOK party won the majority of regional governorships (8 to 5).
In municipal elections and -despite a high abstention rate- there was a change of leadership in the three major cities.
In Athens, Giorgos Kaminis, the former Ombudsman, won the mayorship, with the support of Pasok, after defeating the incumbent New Democracy (ND) mayor, Nikitas Kaklamanis.
In Thessaloniki, Greece’s second largest city, the independent Yiannis Boutaris, supported by Pasok, defeated ND-backed candidate Costas Gioulekas, while in Pireus, Vassilis Michaloliakos, supported by ND defeated Pasok candidate Yiannis Michas.
Commenting on the results, Prime Minister George Papandreou said that the citizens “rejected the sirens of destabilisation and gave the government a clear three years of work to enable it to continue the effort for the country’s salvation and recovery.”
The premier also called on all political parties to “assume responsibility” and work together with the aim of saving the country. Main opposition New Democracy (ND) party leader Antonis Samaras said that “the second round confirmed the political conclusions of the first Sunday” and gave the opportunity to his party to emerge “renewed, strong and responsible.”
For more information: Ministry of Interior, Decentralization and E-Government: Regional & Municipal Elections 2010 Results (in Greek); Kathimerini Daily: Pasok gets regional upper hand; YouTube: PM’s nationwide televised press statement (in Greek)
(GREEK NEWS AGENDA)