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2/21/17

EU Economy: Greece and creditors break bailout deadlock- by Eric Maurice

The Greek government agreed on Monday (20 February) to make new reforms to cut up to 2 percent of GDP in spending in the coming years.

Greece accepted budget cuts worth up to €3.6 billion that it had previously refused as the only way to break the deadlock with its creditors in talks to unblock a new tranche of the €86 billion bailout programme agreed in 2015.

Experts from the creditor institutions - the European Commission, the European Central Bank, the European Stability Mechanism and the International Monetary Fund (IMF) - will be able to go back to Athens and prepare reforms on tax, pensions and the labour market with the Greek government.

Read more: Greece and creditors break bailout deadlock

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