Athens and creditors close to agreement on bailout review

The Greek government and its international creditors are close to an agreement, argued a source from the European…

The Greek government and its international creditors are close to an agreement, argued a source from the European Commission on Friday, adding that an deal has been reached for the 3% GDP measures (worth 5.4 billion euros) by 2018.

The same source also revealed technical teams are currently going over the tax and pension reform bill, ahead of the omnibus bill that the Greek government intends to pass before the upcoming Eurogroup on the 24th of May.

The agreement, according to the European Commission source, includes 17 prior actions on top of the automatic fiscal adjustment mechanism. These actions include

  • the aforementioned measures worth 3% of GDP,
  • introducing an independent authority for revenue,
  • legislating on non-performing loans
  • improving competition via deregulation (such as in the energy sector)
  • introducing the new privatization fund

Brussels estimates that about 10.7 billion euros will be paid out to Greece, with 6.7 billion euros going towards loan payments and the other 4 billion euros going towards the Greek state’s outstanding debts towards the private sector. The debts towards the private sector are about 7 billion euros.

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