Greece Admits Implementation of Only 1/3 of Required Reforms

Wednesday, February 1st, 2017
Last Update: 12:52

The Greek government admitted on Tuesday evening that only one-third of required measures and reforms required by the bailout program have been implemented.

Maximos Mansion confirmed a Bloomberg report on Monday saying that almost two-thirds of the required reforms are pending, during an informal cabinet meeting. In the meeting government officials agreed that about 33% to 35% of prerequisites have been implemented, 40% are in the implementation process and the remainder are still in negotiation with lenders.

Greek officials say that the implementation of the 40% is a matter of days. However, the issues that remain pending are thorny.

The remaining prerequisites are big obstacles. They include major labor law reforms, pension cuts, taxation of low incomes, fiscal targets and the liberalization of certain markets. They are the issues that Greece and lenders disagree to the point that negotiations have stalled.”

The Greek government hopes that the pending financial issues will be resolved on a political level, even though creditors insist that Athens should adhere to the terms of the agreement.

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