22 Feb 2015
Greece draft reforms remain vague - EZ officials
FXStreet (Bali) - By Monday, Greece needs to submit a list of reform measures intended for immediate implementation to the EU, if the debt-stricken country is to regain access to a 'pre-agreed' last minute deal for a 4-month loan extension of its current €172bn rescue.
However, as the Financial Times reports, citing officials who have seen the weekend submission from Athens, the reform measures are as vague as previous ones.
Key points - FT
"Monday’s evaluation by the European Commission, European Central Bank and International Monetary Fund — previously known as the troika — was one of the most important conditions attached to Friday’s eleventh-hour deal, which officials believe averted a Greek bank run and sovereign bankruptcy."
"If the EU and IMF do not approve of the Greek measures as “sufficiently comprehensive to be a valid starting point” for completing the current bailout, eurozone officials have agreed that another Brussels meeting of finance ministers will be needed on Tuesday. Without approval, Greece’s EU bailout will expire on Saturday."
"Athens is expected to send a more detailed submission on Monday, but there were already concerns the plan from Yanis Varoufakis, the Greek finance minister, could run into resistance."
"Eurozone officials have for weeks complained that Mr Varoufakis’s reform proposals were not sufficiently detailed and had not come with estimates of how much they would affect the economy and government budgeting. Officials who have seen the weekend submission from Athens have indicated it is similarly vague."
However, as the Financial Times reports, citing officials who have seen the weekend submission from Athens, the reform measures are as vague as previous ones.
Key points - FT
"Monday’s evaluation by the European Commission, European Central Bank and International Monetary Fund — previously known as the troika — was one of the most important conditions attached to Friday’s eleventh-hour deal, which officials believe averted a Greek bank run and sovereign bankruptcy."
"If the EU and IMF do not approve of the Greek measures as “sufficiently comprehensive to be a valid starting point” for completing the current bailout, eurozone officials have agreed that another Brussels meeting of finance ministers will be needed on Tuesday. Without approval, Greece’s EU bailout will expire on Saturday."
"Athens is expected to send a more detailed submission on Monday, but there were already concerns the plan from Yanis Varoufakis, the Greek finance minister, could run into resistance."
"Eurozone officials have for weeks complained that Mr Varoufakis’s reform proposals were not sufficiently detailed and had not come with estimates of how much they would affect the economy and government budgeting. Officials who have seen the weekend submission from Athens have indicated it is similarly vague."