Measures to be taken in August ahead of the second bailout review

2 August 2016
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Thousands of pensioners, who earn more than 1,300 euros per months, will see their supplementary pensions slashed in August, between 3% and 30%.

This measure was included in the recent pension system reform and must be implemented immediately, as it is on the list of prior actions that are necessary in order to complete the second bailout program review in the all.

Should the second bailout review be successful, Greece will unlock a further 2.8 billion euros in aid, which will almost entirely go towards the payment of public debts.

Labor Minister Giorgos Katrougalos will be called to carry out additional reforms in the pension system in order to successfully complete the next review. This involves including small tradesmen in the OAEE insurance scheme and reforming the discounts on the insurance contributions of doctors, lawyers, economists etc, which ranged from 5% to 50%.

Additionally further deregulation in the natural gas market, along with the sale of the independent power transmission operator (ADMIE) must be carried out in August.

New boards of directors must be appointed at the banks, followed by the formation of supervisory council of the new privatization ‘superfund’ that will succeed the TAIPED. This supervisor council will in turn appoint the fund’s administrative board. The institutions have reportedly expressed their frustration at the delays so far in the formation of these boards.

After these procedures have been completed though, the TAIPED will transfer its OTE shares, which will be sold the Deutsche Telekom for at least 200 million euros.

Finally, the government must carry out a tender for a 35-year concession on the right to operate and maintain the Egnatia motorway and three other main roads.

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