Market Pulse

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

AirAsia  in India

AirAsia in India

AirAsia India launch seen in Q4; may order 50 more Airbus jets: CEO.  Full Article 

News Corp Writedown

News Corp Writedown

News Corp to take charge of up to $1.4 billion this quarter.  Full Article 

Jet, Spicejet Results

Jet, Spicejet Results

Jet Airways, SpiceJet report quarterly losses.  Full Article | Related Story 

Relief for Lagarde

Relief for Lagarde

IMF's Lagarde escapes formal investigation in court.  Full Article 

Gold Outlook

Gold Outlook

Gold faces more pressure as inflation stays tame.  Full Article 

Steel Output

Steel Output

Jindal to expand steel output, buy mines in West Africa.  Full Article 

Abe's Agenda

Abe's Agenda

Special Report - The deeper agenda behind "Abenomics".  Full Article 

Revenge of Markets

Revenge of Markets

For months, markets have been dancing to central bankers' tune, but that may now be changing, writes James Saft.  Full Article 

Buy, Sell or Hold?

Buy, Sell or Hold?

Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage 

Greece to vote on labour reform despite coalition split

Related Topics

Greece's Finance Minister Yannis Stournaras (front) leaves the Prime Minister's office in Athens October 25, 2012. REUTERS/Yorgos Karahalis

Greece's Finance Minister Yannis Stournaras (front) leaves the Prime Minister's office in Athens October 25, 2012.

Credit: Reuters/Yorgos Karahalis

ATHENS | Sun Oct 28, 2012 12:12am IST

ATHENS (Reuters) - Greece's government plans to put labour reforms demanded by foreign lenders to a parliamentary vote despite a junior coalition partner's refusal to back them, the finance minister said on Saturday.

The government will present the 2013 budget law - which contains the bulk of new austerity measures demanded by lenders - in parliament on Wednesday, and a separate bill with reforms including the contested labour measures a few days later, Yannis Stournaras said.

Near-bankrupt Greece needs a comprehensive deal on the austerity package and reforms to unlock its next tranche of aid before it runs out of cash in mid-November. Greece's gross public debt is equivalent to 171 percent of its economic output, according to the International Monetary Fund.

The Democratic Left party has the support of 16 deputies in the 300-seat parliament and the government - which has a 176-seat majority - could pass the package without its support.

But a vote against the package by the party would undermine the already fragile coalition and perhaps tempt other lawmakers to defect and vote against unpopular measures.

Athens has been locked in talks with its European Union and International Monetary Fund lenders on the austerity package for months, but a final agreement has been held up by Democratic Left's objections.

"The government plans to bring the budget bill to parliament on Wednesday," Stournaras told reporters after a meeting with Prime Minister Antonis Samaras. The bill including the labour reforms will follow days later, he said.

Samaras's government is still hoping the party, led by moderate leftist Fotis Kouvelis, changes its stance, but was prepared to move ahead without its support, a government official said.

"From the government's side we want to be ready on everything relating to the budget, reforms ... with or without Kouvelis's agreement," the official said.

(Reporting by Lefteris Papadimas, writing by Deepa Babington; editing by Jason Webb)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.