Greece and debt inspectors have apparently agreed that older civil servants near retirement age will bear the brunt of personnel cuts in the public sector, according to media reports.
European Commission, European Central Bank (ECB) and IMF officials accepted the proposal that most of the 30,000 cuts in public sector personnel by the end of the year should affect civil servants over 60 who are close to retirement age, private TV channel Mega reported, quoting government officials.
The officials were speaking anonymously because the Cabinet has yet to confirm the agreement. It was scheduled to do so in a meeting set to start last night. The proposal was drawn up by Greek Finance Minister Evangelos Venizelos and Greek Public Sector Reform Minister Dimitris Reppas.
Venizelos is still in talks with the debt inspectors regarding the draft budget for next year, which is supposed to be finalized at the Cabinet meeting and introduced in parliament today.
About 23,000 older civil servants will be placed “in reserve,” that is, suspended with reduced pay, by the end of the year. Another 7,000 suspensions will come from the abolition or merger of about 150 state agencies.
Those mergers, decided by the government last year, have stalled and, in the few cases that they have gone ahead, no one has yet been fired. This has led to grumbling even among the ruling Socialists.
“You cannot announce mergers and not do them,” Christos Protopapas, one of the leaders of the Socialist parliamentary group, said in a radio interview, pointing the finger at Greek Deputy Prime Minister Theodoros Pangalos, who has been in charge of that reform.
At stake is the disbursement of 8 billion euros (US$10.8 billion) by Greece’s creditors, the sixth installment of a 110 billion euro bailout package agreed on in May last year to save Greece from defaulting on its debt. A decision made on July 21 to provide a second package, worth 109 billion euros was yet to be finalized.
Greece, eagerly looking for foreign investments to help it jump-start its recession-mired economy, got a rare piece of good news on Saturday, with an investment agreement signed with Qatar that involves the emirate buying a stake in a Greek gold mining company.
The agreement, signed at a meeting between Greek Prime Minister George Papandreou and the Emir of Qatar Sheikh Hamad Bin Khalifa al-Thani, comes a year after a Memorandum of Economic Cooperation signed in September last year by Papandreou and al-Thani in New York. Hellenic Gold president Dimitris Koutras and Qatar Holding LLC chief executive Ahmad Mohammad al-Sayed signed the investment agreement.
“This [agreement] signifies Qatar’s trust in the Greek economy,” Papandreou told reporters after the meeting.
Qatar had previously expressed interest in the residential and commercial development of the former Athens airport and in a cargo port terminal in western Greece.
The cargo port terminal investment fell through, while the airport project has stalled.
Qatar’s sovereign wealth fund is also set to be a major stakeholder in the bank that will result from the merger of Greece’s two top private banks, Alpha Bank and Eurobank.
Al-Thani expressed renewed interest in the development of the former airport as well as investments in energy and tourism.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS