Greek Economic Reforms 'Valid Starting Point'

Written By Unknown on Selasa, 24 Februari 2015 | 18.56

Hopes have been raised that Greece will secure its four-month bailout extension, with a European Commission source welcoming its planned economic reforms.

The list of measures, which has to be agreed by its creditors in return for funding from next month, was submitted just ahead of a midnight deadline last night.

While the plans were not published ahead of the negotiations, they included proposals to boost tax collection and tackle smuggling.

According to a document seen by the Reuters news agency, Greece has pledged to not roll back any ongoing or completed privatisations and ensure that efforts to address a "humanitarian crisis" do not hurt its budget.

The Commission source said: "Last night, close to midnight, the letter with a first list of reform measures was sent by Greece's finance minister (Yanis) Varoufakis to Eurogroup President (Jeroen) Dijsselbloem and to representatives of the Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).

"This was preceeded by constructive exchanges over the weekend between the Greek authorities and representatives of the Commission and the other institutions.

"In the Commission's view, this list is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review, as called for by the Eurogroup at its last meeting.

"We are notably encouraged by the strong commitment to combat tax evasion and corruption.

"Further specification of the reforms is expected to be provided and agreed before the end of April, in line with last week's Eurogroup statement.

"Determined and swift implementation of all reform commitments will be key for a successful conclusion of the review," the source added.

It is understood the anti-austerity government of Alexis Tsipras took its time to compile the list of reform commitments as it was anxious to be seen to be delivering its promises to the Greek people to tackle poverty following six years of recession, while also securing support from creditors.

Reports suggested members of his Syriza party felt the balance had been tipped too far towards the demands of the lenders.

On Friday, Mr Tsipras had declared victory in the country's battle to secure financial support though critics suggested the deal amounted to a new bailout in all but name.

The reform list will be discussed in Brussels today and a teleconference of the eurozone's 19 finance ministers could take place later on Tuesday.

Germany's finance minister Wolfgang Schaeuble, who was the most vocal critic of Greece's efforts to seek a new loan without strict bailout conditions attached, has paved the way for a possible German parliamentary vote this week.

The move, reported by the Handelsblatt newspaper and expected on Friday, is dependent on the reform proposals from Greece being accepted by the ECB, European Commission and IMF.


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