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3/28/14

Greece prepares to vote on new austerity bill

DPA reports that Greek pharmacies remained closed across the country on Friday as lawmakers prepared to vote over the weekend on a new austerity bill, which would liberalise the sector.

Pharmacists, who have locked-up their shops until at least Monday, say the measures, which include deregulating pharmacy licenses and creating pharmacy chains and outlets in supermarkets, would put them out of business.

"What does the government want to do? Put us all out on the street begging for money," said pharmacist Giorgos Papakonstantinou, who insists the new law would wipe out independent shops such as the one he owns near Syntagma Square.

The protests come hours before the government is scheduled to submit new legislation to parliament which would scrap market trading regulations to make the economy more competitive.
Parliament will vote on the bill Sunday. It will pave the way for the release of 10 billion euros of aid from international lenders.

Unions announced they will hold protests to coincide with the vote and will hold a general strike on April 9.
Aside from liberalising retail stores, the new law also allows longer shelf-life for milk. Until now Greece is the only country in the EU that limits the shelf life of fresh milk, which the country's bailout lenders say prevents imports.

The European Commission, the European Central Bank and the International Monetary Fund agreed last week on the release of long-delayed emergency loans, after seven months of negotiations.

The next bailout tranche is due to be released "well before" Greece faces a large bond redemption in May, an EU official said in Brussels on Thursday.

Eurogroup finance ministers are expected to discuss Greece's latest reform pledges when they meet in Athens next week, with a view to formally concluding the agreement by the second half of April.

The eurozone's rescue fund still has 10.1 billion euros (13.8 billion dollars) available for Greece.

Greece has been granted 240 billion euros in bailout loans since 2010. In exchange, it is required to cut public spending and implement economic reforms.

Read more: Greece prepares to vote on new austerity bill - Finance News - London South East

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