The Greek government’s request to reduce the VAT in food from 23% to 13% was provisionally approved by the Eurogroup on condition that alternative measures will be taken to cover the 100 million euro shortfall in public revenue. The final decision is expected in about ten days.

Ministry of Finances officers were optimistic about the outcome of negotiations with the troika representatives, which was the hardest part of the attempt. The importance of the reduction is illustrated by Prime Minister Samaras‘ involvement, who managed to convince German chancellor Merkel that the reduction would improve tourist activities in Greece.