Eurozone 'agreement' on Greece debt

[Ghost Dog]

16. The new measures Greece must now implement:

The new measures Greece must now implement

The final Euro Summit statement confirms that Greece has agreed to immediately implement sweeping measures, after a bruising battle in Brussels:

This includes pension reforms, liberalising its economy (from Sunday opening hours to opening up closed professions), privatising its energy transmission network, reforming its labour market practices (including new rules on industrial action, and collective dismissals), and action on non-performing loans:

That is on top of the austerity its MPs agreed on Friday:

Here’s the key points:

- carry out ambitious pension reforms and specify policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform and to implement the zero deficit clause or mutually agreeable alternative measures by October 2015;
- adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations, including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceutical products, which will be implemented in a next step, as well as for the opening of macro-critical closed professions (e.g. ferry transportation). On the follow-up of the OECD toolkit-II, manufacturing needs to be included in the prior action;
- on energy markets, proceed with the privatisation of the electricity transmission network operator (ADMIE), unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions;
- on labour markets, undertake rigorous reviews and modernisation of collective bargaining, industrial action and, in line with the relevant EU directive and best practice, collective dismissals, along the timetable and the approach agreed with the Institutions. On the basis of these reviews, labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth;
- adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans and measures to strengthen governance of the HFSF and the banks, in particular by eliminating any possibility for political interference especially in appointment processes.

And on top of that, Greece will also establish a new fund to sell off valuable assets to help repay its new bailout, and refinance its banks.

/... http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live