Austerity bill approved with support of all 153 coalition MPs

Series Title
Series Details 18.05.17
Publication Date 18/05/2017
Content Type

Eurogroup Meeting in Brussels, 22 May 2017 - Further information: (taken from the Eurogroup Press Release)

The Eurogroup welcomed the preliminary agreement reached between Greece and the institutions on a new set of policy reforms to support the country's economic recovery. The agreement is an important step towards the finalisation of the second review of Greece's macroeconomic adjustment programme.

The Eurogroup commended the progress achieved by Greece in already implementing a significant part of the agreed prior actions.

The reform measures, legislated by Greece, cover areas such as pensions, income tax, the labour market and the energy sector. They should support the growth-friendly rebalancing of the economy and make Greece's medium-term fiscal strategy more robust.

The Eurogroup held an in-depth discussion on the sustainability of Greece's public debt but did not reach an overall agreement. Work will continue in the coming weeks within the framework agreed in May 2016 with a view to reaching a definitive conclusion at the next Eurogroup meeting.

A multi-bill of new austerity measures was adopted by the Greek parliament on the 18 May 2017 with the support of all 153 coalition MPs. This would allow for the release of further bailout loans and talks on debt relief with international creditors.

Protests took place outside the Greek parliament.

The Greek debt crisis was discussed again at the Eurogroup Meeting in Brussels on the 22 May 2017. No significant decisions were made (for details see below).

It was hoped that a decision would be made at the Eurogroup Meeting to be held on the 15 June 2017.

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