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March 27, 2023

Troika proposes 150 new reforms for devastated Greece – report

While Greece claims the deal on its new rescue package is nearly final, the troika will reportedly require the country to implement 150 new reforms within two years, Russia Today informs.  The reform proposals by the European Commission, the European Central Bank and the International Monetary Fund – which comprise the so-called “troika” – include loosening of hiring-and-firing laws, changing minimum wage rules and abolishing professional privileges, Germany’s Spiegel reports.  To control the implementation of the reforms, the troika proposes keeping bailout tranches in a special frozen account, releasing them only after the reforms are introduced. The report also suggested that the troika proposed a debt restructuring, meaning that creditors would write off some of their Greek debt holdings, along with a two-year delay for budgetary consolidation. The European Central Bank made it clear it would not write off its share of Greek debt, as this would mean financing Greece – which is forbidden, the report says.Meanwhile, a Greek journalist has been arrested after publishing a list of about 2,000 Greeks who hold accounts with the HSBC bank in Switzerland. According to the BBC, Kostas Vaxevanis has been charged with breach of privacy. Mr Vaxevanis says the list he published is the same one that was given by the then French finance minister Christine Lagarde to her Greek counterpart.

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