Page 9 - aruba-today-20170617

A9
WORLD NEWS Saturday 17 June 2017

Greece dodges new crisis but austerity remains part of life

By ELENA BECATOROS main sketchy, investors
PAN PYLAS breathed were relieved
Associated Press if only because a deal
ATHENS, Greece (AP) — wasn’t postponed, as has
Greek stocks rallied to two- occurred so many times
year highs on Friday, after previously. The main Athens
the government struck a stock index hit a two-year
deal with European credi- high, later closing up 0.8
tors that means the coun- percent on the day. Yields
try won’t face another on both the two-year and
brush with bankruptcy 10-year Greek bonds fell,
anytime soon. However, reflecting diminished inves-
for austerity-weary Greeks tor fears of bankruptcy.
the deal does little to lift “While the deal might
the pall from years of belt- have proved the usual ex-
tightening. ercise in issue avoidance,
After months of haggling the fact is that it’s now un-
that raised fears of anoth- likely that a fresh crisis will
er escalation in Greece’s emerge in Greece in July,”
nearly eight-year debt said Simon Derrick, chief
crisis, the 19-country euro- markets strategist at BNY
zone agreed late Thursday Greek pensioners chant anti-austerity slogans during a protest in central Athens. Greek stocks Mellon.
to release a further 8.5 bil- rallied to two-year highs on Friday, after the government struck a deal with European creditors Greece’s left-led coali-
lion euros ($9.5 billion) from that means the country won’t face another brush with bankruptcy anytime soon. However, for tion government sought
its current, third bailout af- austerity-weary Greeks the deal does little to lift the pall from years of belt-tightening. to present the deal as fa-
(AP Photo/Petros Giannakouris)
ter the Greek government vorably as possible, even
delivered on an array of re- tors also made clear they Fund may also get involved agreement we’ve had for though the precise nature
forms. Getting the money are ready to ease the bur- financially, with up to $2 bil- quite a while,” said Pierre of the debt relief has to still
was becoming increasing- den of Greece’s debt re- lion, but only if and when Moscovici, the top econo- be ironed out.
ly urgent as Greece has a payments when its bailout it sees the specifics of the my official for the European “Yesterday was a good
big debt repayment hump program ends next year, debt relief and agrees it Union, the 28-country bloc day for Greece, after some
next month. possibly by extending re- can make Greece’s debt that includes the 19 states time,” Prime Minister Alexis
With an eye to the longer payments by up to 15 years. bearable. using the euro. Tsipras said in a televised
term, the eurozone credi- The International Monetary “I think that’s really the best Though some details re- address to the nation. q
Anger erupts over possible flaws at burned London tower

By DANICA KIRKA that ended in May 2016. The Grenfell Tower housed Khan said in an open letter come accusations that
Associated Press Tensions were high Friday about 600 people in 120 to Prime Minister Theresa she lacked compassion
LONDON (AP) — Grief two days after the over- apartments. Britain’s Press May. because she had failed to
turned to outrage Friday night fire gutted the huge Association reported that After meeting with Grenfell meet with victims on her
over a deadly high-rise housing block, killing at some 70 people are still survivors on Friday, May an- first visit to the devastated
tower fire in London amid least 30 people and leav- missing after the fire. nounced a 5 million pound site. Police surrounded May
reports that materials used ing dozens missing and London Mayor Sadiq Khan ($6.4 million) fund to help as she left a church Friday
in the building’s renovation hundreds homeless. said people were frustrat- them and expressed sorrow following the meeting with
could have fueled the in- Scuffles broke out near the ed by the lack of informa- for their plight. survivors and protesters
ferno that left dozens dead Kensington and Chelsea tion about the missing and The package includes a shouted “Shame on you!”
and missing as it decimated town hall offices as demon- the dead as well as a lack guarantee to rehouse peo- and “Coward!”
the public housing block. strators chanting “We want of coordination between ple as close as possible to Using drones and sniffer
Engineering experts say justice!” surged toward the support services. Residents where they previously lived dogs, firefighters continued
outside insulation panels in- doors. who survived the tower — a poor neighborhood to search the burned-out
stalled on the 24-story Gren- London has a chronic hous- blaze lost everything and surrounded by extreme housing block that looms
fell Tower may have helped ing shortage even in the have no idea where they wealth. over the low-income com-
the fire spread rapidly from best of times, and those are going to live or how “(This aims) to give the vic- munity in west London.
one floor to the next. The left homeless by the fire — they will get back on their tims the immediate sup- The fire, which started just
Guardian newspaper re- already angry over what feet. port they need to care for before 1 a.m. Wednesday,
ported Friday that contrac- they see as government in- “The scale of this tragedy themselves and for loved surprised many as they
tors installed a cheaper, equity and incompetence is clearly proving too much ones,” May said. slept and the speed with
less flame-resistant type of — fear being forced out of for the local authority to But the Conservative lead- which it spread shocked
paneling in the renovation the British capital. cope with on their own,” er still struggled to over- fire experts. q