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Greece Has Little Time to Implement Seven Important Prior Actions

tsipras-tsakalotosThe Greek government is racing against time to resolve seven important issues that remain pending in order to legislate prior actions required by the bailout program.
Specifically, the deadline for legislating these measures is December 13 so that Greece can go to the December 15 Eurogroup with the issues resolved.
This week the Greek team will negotiate again the unresolved measures and reforms with the four lenders’ representatives, namely Delia Velculescu from the International Monetary Fund, Rasmus Rueffer from the European Central Bank, Nicola Giammarioli from the European Stability Mechanism, and Declan Costello from the European Commission.
The seven pending issues are:

  1. Non performing business loans: There is no legal framework established on the loan management.
  2. Privatization of the Independent Power Transmission Operator (ADMIE): Even though the Greek government agreed to the privatization of ADMIE as a bailout program prerequisite, now Energy Minister Panos Skourletis claims the operator will remain public. Creditors insist on privatization of ADMIE in order for the energy market to open.
  3. Greece must adopt 10 OECD suggestions regarding issues such as fuel products and beverages.
  4.  Athens needs to expedite major public works funded by the European Union (ESPA) that have stalled.
  5. Zoning and forestry laws must be improved.
  6. Public sector wages: Creditors disagree with hirings and raises in the public sector. Also, they ask for 5 layoffs for every hiring until the end of 2019.
  7. The appointment of an independent, non-partisan person in the position of the General Secretariat for Public Revenue. Creditors want the secretariat to act as if it does not belong in the public sector.

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