As announced by the minister of Finance for Greece, there has been a primary level agreement, regarding the development on reforms of Greece, between the lenders from Europe and IMF and the country of Greece. The finance minister of Greece, Euclid Tsakalotos, made the declaration that the agreement on the staff scale has been done and an understanding has been reached on all of the problems. He also mentioned that this agreement will be sanctioned by the finance ministers of the Eurozone during the next gathering.
As the month of August is marking the finishing of the third bailout, Greece government is very eager to get a fast conclusion of the review process. Notably, the review is considering changes to at least 80 sections, on issues like energy, labor and more. Greece is also looking for closing deal regarding further debt alleviation with the creditors in pre-July period. This deal will be put into action in the coming period after the bailout.
Notably, Greece has been a recipient to more than 260 billion Euros in the form of crisis loans, from 2010 till date. Although the help received has kept Greece from getting drowned in an economic disaster and in alleviating the problems, it has also contributed to a huge increase in debt. The debt, hence and not so surprisingly, amounts to 180% of the Gross Domestic Product of the country.
Another important objective of the government this time is to come out from the bailout, while not having to request advance loans or any sort of additional fiscal support from the lenders. The government has also been involved in developing surplus cash reserves. It intends to pay up the debt accumulated so far with the help of these cash supplies, which have been accumulated from investment in the markets.