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Saturday 22.07.2017 | Name days: Marija, Marika, Marina

What has Greece agreed to in exchange for third bailout package?

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Anti-EU protesters hold Greek national flags on the Tomb of the Unknown Soldier in front of the parliament building during a demonstration of about five hundred people in Athens, Greece July 13

The leaders of Greece and eurozone countries agreed on July 13 on a set of reforms, by implementing which Greece will receive the third international bailout package worth 82-86 billion euros. The agreement includes reforming the pension system and a taxation reform, as well as a privatisation process.

According to the agreement, the Greek parliament must adopt laws to reform key parts of its economy – by Wednesday, July 15.

The reforms include: streamlining the pension system and boosting tax revenue – especially from VAT and A commitment to liberalise the labour market, privatise the electricity network and extend shop opening hours.

Leaders have agreed to set up a new trust fund will be set up, managed by Greece, with €50bn of Greek assets, which is a mechanism for paying off part of the total ESM loan. Half of the €50bn will be used to fund recapitalisation of Greek banks, the other half will go towards reducing Greece’s debt mountain – by privatising assets – and investing in Greece, BBC reports.

Greece would also receive short-term bridge financing to avoid bankruptcy – separate from the ESM with an estimated amount 7 billion euros by July 20 and another 5 billion euros by mid-August.

On Tuesday, Greek Prime Minister Alexis Tsipras is facing a tough battle to win support from coalition partners for the third bailout offered by eurozone leaders as Defence Minister Panos Kammenos, from a junior coalition partner Independent Greeks, has already stated he will not support the measures.

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