Greece gets extension until 2016
Greece gets extension until 2016
The Eurozone member States agreed to give the Greek government a two-year extension until 2016 in order to bring its budget deficit below 3% of the GDP. The story was published by the German newspaper Süddeutsche Zeitung.
UPD:
The Eurozone member States agreed to give the Greek government a two-year extension until 2016 in order to bring its budget deficit below 3% of the GDP. The story was published by the German newspaper Süddeutsche Zeitung.
The article also mentions that the privatization program has been pushed back and the Greek government has set a target to increase its revenue by 8.8 billion euros through privatizations by the end of 2015. More time will be given to structural reforms in labour and energy issues.
The Greek government can also count on receiving the next tranche of 31.5 billion euros. This agreement is part of the draft memorandum.
It is still unclear how the country will find the 15-18 billion euros it needs for 2013-2014, as well as how it will finance its needs after 2014. The members of the Eurozone agreed on an extension for Greece as the latter has made significant progress in implementing the reforms which it had committed itself to.
The funding gap is treated as a result of the growing recession that is afflicting Greece and was not adequately predicted.
The Greek government can also count on receiving the next tranche of 31.5 billion euros. This agreement is part of the draft memorandum.
It is still unclear how the country will find the 15-18 billion euros it needs for 2013-2014, as well as how it will finance its needs after 2014. The members of the Eurozone agreed on an extension for Greece as the latter has made significant progress in implementing the reforms which it had committed itself to.
The funding gap is treated as a result of the growing recession that is afflicting Greece and was not adequately predicted.
UPD:
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