Greece Unveils Bailout Reforms

Greece has unveiled an outline summary of reforms demanded by eurozone leaders in order to secure a bailout extension

The far-left party has vowed to spend nearly 60m euros (£44m) on free electricity for the poor and more than 750m euros on a program of meal subsidies

Greek Economy in Numbers

• Unemployment is at 25%, with youth unemployment almost 50% (corresponding Eurozone Averages : 11.4% and 23%)
• Economy has shrunk by 25% since the start of the eurozone crisis
• Country's debt is 175% of GDP
• Borrowed €240bn (£188bn) from the EU, the ECB and the IMF

Such policies are aimed at fulfilling pre-election pledges to help those hit by years of economic crisis.


The main points of the summary of the proposals include:

• Creating a fairer tax system
• Combating tax evasion
• Tackling corruption
• Targeting fuel and tobacco smugglers
• Implementing labour reforms on collective contracts and bargaining agreements.
• Tackling Greece's "humanitarian crisis" with housing guarantees and free medical care for the uninsured unemployed.

The list must be approved by international creditors on Tuesday Feb 24,2015 to secure a four-month loan extension.

Greece's creditors - the European Central Bank, the European Commission and the International Monetary Fund - are expected to deliver their verdict on the proposals later on Tuesday, before the reforms are discussed in a conference call with eurozone finance ministers

Greece had previously delayed presenting the reforms by 24 hours after initially agreeing to deliver its proposals to creditors on Monday Feb 23,2015