Greek finance minister says plan to buy back some bonds must succeed

STORYLINE
1. Tilt down from from of Finance Ministry to disabled people protesting outside the building
2. Mid of disabled protester in a wheelchair
3. Finance Minister Yannis Stournaras enters news conference room at Finance Ministry
4. Wide of panel at Finance Ministry Presser
5. SOUNDBITE (Greek) Yannis Stournaras, Finance Minister:
“The tranche will be disbursed on the condition that member states’ national parliaments will take a decision, this tranche will disbursed by December 13th. The tranche that was decided was 43.7 (b) billion euros.”
6. Mid of journalists at news conference
7. SOUNDBITE (Greek) Yannis Stournaras, Finance Minister:
“We tried to find a compromise in the interest of all parties, that is the financial interests of all the member states, and despite the initial reactions we found a solution for Greece. This is a necessary condition to escape the vicious cycle of recession, over-spending and the danger of a ‘Grexit’.”
8. Stournaras leaves his seat
9. Wide of disabled protesters outside Finance Ministry
10. SOUNDBITE (Greek) Konstantina Vovou, blind citizen protesting benefit cuts: ++AUDIO AS INCOMING++
“We have many problems in our everyday life because of the measures and bailouts and it’s getting more dire with regards to our medicines and our quality of life.”
11. Close of white paper with brail held by a protester
12. Mid of protesters in wheelchairs outside the Finance Ministry
STORYLINE
Greece’s plan to buy back some of its bonds from private investors must work, as it is a vital part of efforts to reduce the country’s excessive debt, Finance Minister Yannis Stournaras said on Wednesday.
The bond buyback is part of measures agreed in Brussels this week that included the release of 44 (b) billion euros (57 (b) billion US Dollars) in critical rescue loans from the International Monetary Fund and the other 16 European Union countries that use the euro.
The bulk of those funds are to be released by December 13, with more than 10 (b) billion euros (12.9 (b) billions US Dollars) to go to internal financing.
Stournaras did not give details of the buyback scheme, which he said will be funded by about 13 (b) billion (16.7 (b) billion US Dollars) – 14 (b) billion (18 (b) billion US Dollars) euros, which will not come out of the 44 (b) billion euro (56.7 (b) billion US Dollars) bailout instalment.
“We tried to find a compromise in the interest of all parties, that is the financial interests of all the member states, and despite the initial reactions we found a solution for Greece,” Stournaras said.
He stressed that bondholders would not be forced into the scheme.
Greece’s debt management agency is expected to give further details of the scheme early next week.
While stressing that the program must work, the minister also said there “is a Plan B,” for which he would not give details.
Facing a mountain of debt and a gaping budget deficit, Greece’s economy has been under close supervision since May 2010 by the IMF and eurozone countries, which have extended 240 (b) billion euros (309 (b) billion US dollars) in bailout funds to the country to prevent it from a messy default.
Earlier in the day, about 100 disabled citizens gathered outside the Finance Ministry to protest further cuts in disability benefits.
“We have many problems in our everyday life because of the measures and bailouts and it’s getting more dire with regard to our medicines and our quality of life,” said Konstantina Vovou, a blind citizen protesting benefit cuts.

You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/070876ae74ad61875a808857e262c341
Find out more about AP Archive: http://www.aparchive.com/HowWeWork