Towards the final agreement

Finance Minister Yiannis Stournaras announced a final agreement with the Troika. Speaking to reporters in parliament, Stournaras said the government agreed with the lenders of the country on changes in labour issues to come to a vote in parliament. He said the same thing shortly after from the parliament steps.

"We have yet to receive 90 billion euros by the end of the program and we need the money to meet our needs." He rejected the remission of the debt by saying "it would be suicide to go for a unilateral remission. We cannot do this."

In response to observations by MPs, he clarified that "we did not default because we still have stocks from the previous tranche."

"The number one goal is the loosening of the noose called state debt," the Finance minister added and revealed, as also reported by Reuters, that Greece has secured the 2-year extension of the fiscal adjustment program.

Labour and fiscal measures will come in one bill

"All measures will be forwarded in one bill which will be tabled next week as an urgent matter," Stournaras said clarifying his previous statements. However, he was not able to clarify whether this bill will consist of one article or more.

This morning Stournaras gave the impression that the package will be divided in two parts; the first will include labour issues and prerequisites and the second the financial plan and the state budget, stressing that both should be voted by November 12. But this caused legitimate questions from experienced parliamentarians who said that "this project will not pan out" as the budget cannot follow an emergency procedure, and therefore the government cannot vote until the planned date of the Eurogroup that will decide the disbursement of the tranche of 31.5 billion euros.

Stournaras proceeded to a new explanation, saying that the bill to be tabled next week will include everything, labour and fiscal issues as well as prerequisites. The budget will come in a second phase and "its funds will be relevant to the fiscal measures that we will have passed."

In addition to these matters, he warned that the package must be finalized today. "If we do not present it to our partners tomorrow, we will miss the deadlines for the disbursement of the tranche."