Greek govt refers to ‘agreement in principle’ with creditors; also cites ‘mechanism’ for automatic cuts

9 May 2016
592 Views

The government on Sunday evening referred to an agreement, in principle, with creditors over various issues repeatedly discussed in negotiations to conclude a first review of the Greek program, in an unofficial briefing ahead of Monday’s EuroWorking Group and crucial Eurogroup meetings Brussels.

The announcement came as Parliament debate heated up on two draft bills aimed to meet memorandum-mandated conditions set by creditors, legislation that mostly includes tax hikes of various types and pension reforms aimed to reduce state spending for social security.

The government referred to an agreement on the privatization fund, non-performing loans, pension reforms, as well as increases in direct and indirect taxes.

On the contentious “contingency package” recently demanded by creditors to ensure that targets are met through 2018, a statement circulated by the government noted that “the mechanism for automatically regulating the (possible primary budget) deficit has been sent to the institutions (creditors) and a relevant discussion is expected to take place at tomorrow’s (Monday) EWG and Eurogroup”.

The leftist Greek government, which is experiencing a tense situation reminiscent of last July, also emphasized the fact that “discussion on the (Greek) debt will occur for the first time at the official sector, as foreseen by the agreement of the summer (of 2015).”

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