Government aims to reach political agreement by 5 December Eurogroup

21 November 2016
569 Views

The talks between the Greek government and the institutions continued over the weekend, in an effort to reach an agreement by the Eurogroup scheduled for 5 December. The Greek side has been presented with draft agreements by the institutions on labor, social insurance and further tax reforms.

According to these drafts, aside from the 6.1 billion euros in aid, Greece will be facilitated in paying off 20% of the public debt. This is the so-called ‘first phase’ by the ESM, in order to address 65 of the 324 billion euros worth of debt. Overall, banking sources indicate that the actions towards facilitating payment of the loans may save 15 to 17 billion euros.

The primary surplus targets after 2018 will be the next major issue to tackle, with the government aiming for a annual target under 3.5% of the GDP. The IMF also supports such a development, with the Eurogroup chief Jeroen Dijsselbloem seemingly open to setting a ‘realistic’ target.

The Governor of the Bank of Greece Yannis Stournaras has argued that the target was must lowered to 2% in order to provide the necessary breathing space for the economy, which in the mid-term will allow for a reduction of the tax burden.

You may be interested

Lotto results: 23/10/2019
GREECE
shares6 views
GREECE
shares6 views

Lotto results: 23/10/2019

Panos - Oct 23, 2019

The winning numbers from the Lotto draw are as follows:

Greek Salad with Fried Halloumi Cheese: An explosion of flavors and textures
GREECE
shares233 views
GREECE
shares233 views

Greek Salad with Fried Halloumi Cheese: An explosion of flavors and textures

Panos - Oct 23, 2019

Cheese lovers who haven’t tried halloumi, meet your new obsession. Halloumi is a semi-hard cheese originating in Cyprus. Made from…

The 5 most beautiful places to walk in Athens
GREECE
shares909 views
GREECE
shares909 views

The 5 most beautiful places to walk in Athens

Panos - Oct 23, 2019

Sometimes, our daily routine prevents us from understanding and admiring the beauty that surrounds us. Stressful jobs, work or family…

Leave a Comment

Your email address will not be published.