Pages

Monday, February 23, 2015

Greece Unveils Bailout Reforms

Greece has unveiled an outline summary of reforms demanded by eurozone leaders in order to secure a bailout extension
Graphic showing how much Greece owes to whom

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 couple look at adverts for rental properties

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

No comments:

Post a Comment