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Creditors' Technical Teams Arrive in Greece for Second Bailout Program Review

quarteto-troikaThe technical teams of Greece’s creditors arrived in Athens today (Monday) ahead of the second review of Greece’s bailout program.
The European Union mission chiefs will arrive on Wednesday and the International Monetary Fund representatives are due on Friday.
The thorny issues of labor market reforms, privatizations, the new privatization fund operation and taxation are among the 33 prior actions required for the completion of the review. The successful completion of the review will release the remaining loan subtranche of 1.7 billion euros.
The Greek government hopes that the evaluation will be completed by the end of November so that at the last Eurogroup of the year (December 5) the debt relief issue can be discussed.
The labor law reforms to be discussed include mass layoffs, collective contract bargaining, labor union regulations, minimum wage and special group salaries, such as judges and military staff. The new privatization fund should be ready and running before the end of the year. Also, parts of public utility companies should be transferred to the new fund.
Other prior actions include the evaluation framework of public sector employees and their mobility, new boards of directors for public utility companies and evaluation of boards of directors of banks by the Hellenic Financial Stability Fund.

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