Second review with new austerity measures and 45 prior actions

12 June 2016
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Following the completion of the first review of the Greek program at the Helsinki Euroworking Group and in light of the official approval at the Eurogroup meeting and the ESM on June 16-17, the Greek government and its creditors are planning their next moves. Apart from the structural reforms provided in the plan, new austerity measures are expected to be announced.

According to the Greek government’s narrative, expressed by Finance Minister Euclid Tsakalotos, the risk of a Grexit has all but disappeared, while the Greek economy has regained its confidence and fresh capital will enter the economy leading to growth. On their part, the creditors are already taking steps for the next review of the Greek program, which includes the addition, to the already existing 43, of the two more prior actions of transferring 5% of OTE to the Asset Development Fund (TAIPED) and the consolidation of legal immunity to the new privatisation Fund management.

Privatisations, labour market reforms and liberalisation of markets are some of the matters on the agenda of the second review. These are the measures that private and foreign investors want to see implemented, according to Greece creditors, who intend to impose a monthly review from July through October. These reviews will be executed before the the release of the total 3.5bln Euros.

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