Greece to present delayed reform list to EU
Greece says it will present a delayed list of proposed reforms to the European Union (EU) under an agreement reached between Athens and its troika of international lenders.
According to Greek officials, the reform list would reach the Eurogroup for a conference call on Tuesday afternoon. Greece initially faced a Monday deadline to deliver the reform proposal on Monday, but the deadline was missed.
However, sources in Brussels reiterate that the call would only take place if the reforms appear sufficient in the eyes of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), together forming the international creditors of Greece.
At a time when Greece’s current 240-billion-euro (270-billion-dollar) bailout program is due to expire on Saturday, promptness to deliver the reform list is crucial in order to save Prime Minister Alexis Tsipras’s government the risk of running out of money.
The list, an outline of which was unveiled late Monday, covers all policy measures Athens will use during the remainder of the bailout period to make sure they comply with reform conditions.
It includes measures to trim the civil service, combat tax evasion, tackle fuel and tobacco smuggling, implement labor reforms on collective contracts and bargaining agreements and commitment to address the ruling Syriza Party’s concern for what it calls the country’s “humanitarian crisis.”
On Friday, the tentative agreement to extend Greece’s bailout program by four months was reached during preparatory talks between Greek Finance Minister Yanis Varoufakis, German Finance Minister Wolfgang Schäuble, IMF chief Christine Lagarde, and Eurogroup chairman Jeroen Dijsselbloem.
In order to secure a four-month loan extension, international creditors must first agree to the reform list.
There are speculations that should the deal collapse, fears of Greece exiting the euro might rise anew.
Earlier, Greek Finance Minister Yanis Varoufakis (pictured above) expressed optimism about the extension of the bailout program, saying, “We are on the right path. I am optimistic it will end well tomorrow or the next day.”
Tsipras’s Syriza Party won Greek general elections in early January on the promise that it would renegotiate the terms of the country’s bailout program with the EU. Athens has repeatedly warned that a failure to find a solution out of the current deadlock could see the country exit the eurozone, which many fear could tear the bloc apart.
In exchange for its international loans, Athens has implemented harsh austerity programs that have caused mounting dissatisfaction in the country.
HJM/HJL/HMV
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