Athens, Greece

Greek Prime Minister George Papandreou attempts to convince European Union leaders that Athens can meet demands of the austerity program required by the EU, European Central Bank and International Monetary Fund.

Meeting the program is the key to unlock a fresh round of bailouts to prevent a Greek default, which would impact global markets.

Among the leaders that Papandreou will have to convince of Greece's ability to meet the requirements are European Council Chief Herman Van Rompuy in Warsaw and French President Nicolas Sarkozy in Paris.

While Papandreou is traveling throughout the region, international inspectors are in the Greek capital to decide if the country should get the $10.9 billion (€8 billion) aid tranche.

The meeting of the inspectors was reset to Friday morning because of protesters opposed to another round of salary cuts, layoffs and higher taxes who took over six ministries on Thursday. They told the inspectors to take their bailout and leave the country, and prevented them from entering the buildings.

The blockade led Finance Minister Evangelos Venizelos to hold 2012 budget talks elsewhere.

Costas Tsikrikas, president of Adedy, a union of public servants, said the fresh round of cost-cutting measures would cause more than a 50 percent drop in purchasing power for public workers.

To help the embattled Greek government raise funds, Opap, Europe's largest listed gambling firm, said on Thursday that it will pay Athens $1.3 billion (€935 million) for the extension of its betting monopoly and a video lottery terminal license.

Opap would be able extend its monopoly for 10 more years and pay Greece 5 percent of gross profit until October 2030. Opap is seeking 35,000 terminal licenses.

The gambling firm's payment will help Venizelos meet his promise to have $1.9 billion (€1.4 billion) in September and another $2.3 billion (€1.7 billion) for October to avoid a default.

 

 

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