Tuesday, May 2, 2017

Greece agrees deal with creditors on bailout reforms

by Kerin Hope

Financial Times

May 2, 2017

Greece has wrapped up a deal with creditors on details of reforms that must be enacted before the country can receive the next disbursement from its €86bn bailout programme.
The deal, which covers a wide range of fiscal and structural measures, from fresh cuts in pensions to liberalising Sunday trading, was completed during intensive talks over the past week after months of wrangling between Greek finance ministry officials and bailout monitors from the European Union and the International Monetary Fund.

Differences over the size of cuts to be applied in 2019 on pensions already reduced by over 40 per cent since 2011 held up an agreement, according to people involved in the negotiations.

“There is white smoke… the negotiation is finished with agreement on all the issues,” said Euclid Tsakalotos, the finance minister, after an all-night session of talks.

The further pension reduction was agreed at 18 per cent.


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