Completion of the currently delayed first review of the Greek program (third bailout), which is expected this month, will set the stage for the second review in October 2016, with no less than 43 prior actions foreseen by then.
Completion of the currently delayed first review of the Greek program (third bailout), which is expected this month, will set the stage for the second review in October 2016, with no less than 43 prior actions foreseen by then.
Conclusion of the first review, last-minute 'hiccups' notwithstanding, means that the Greek government expects loans of 10 billion euros to flow into coffers over the coming period, necessary funding to pay off other debt obligations and keep the state functioning.
The second package of measures that will have to be implemented include contentious labor market reforms, the decades-old goal of opening up so-called "clsoed professions" based on the OECD's recommendations, as well as a re-examination of all bonuses allocated by the social welfare system -- totalling 0.5 percent of GDP.
All of the measures will have to pass through Parliament, as will a new mid-term program for the 2017-2020 period, along with measures aimed to curb tax evasion.
OECD recommendations also extend to a more liberalized framework for pharmaceuticals, foodstuffs, construction materials, the Sunday operation of stores, the soft drinks market and the all-important fuel sector.