Greek government and creditors reach agreement on second bailout review / IMF, eurozone say need more time to reach Greek debt relief deal

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Series Details 02.05.17
Publication Date 02/05/2017
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Greece and its foreign creditors reached an agreement on 2 May 2017 on a package of bailout-mandated reforms, allowing for the conclusion of the second review of the third economic adjustment programme.

The deal includes labour and energy reforms as well as pension cuts and tax rises. Negotiations lasted for half a year mainly due to a disagreement between the European Union and the International Monetary Fund over fiscal targets.

The measures needed to be legally adopted by the country before Eurozone finance ministers approved the disbursement of loans. The Greek opposition stated it was not going to support the package of measures.

An IMF official stated that, despite the agreement on a reform package, Europe still needed to provide 'credible' debt relief to Greece before the organisation can provide more funding.

This agreement had already been hinted at by the Eurozone president during a hearing in late April 2017.

IMF Managing Director Christine Lagarde said on the 12 May 2017 that the IMF and eurozone government lenders needed more time to reach an agreement on debt relief for Greece because the eurozone was still not sufficiently clear in its intentions.

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Related Links
ESO: Background information: Greece and Eurozone agree to shift from austerity to reforms
EurActiv, 02.05.17: Greece, lenders reach long-awaited deal on bailout reforms
The Guardian, 02.05.17: Greece reaches deal with creditors to pave way for bailout talks
Politico, 02.05.17: European Central Bank confirms Greece bailout deal
The Independent, 02.05.17: Greece reaches deal with creditors on bailout reforms after months of talks
Reuters, 02.05.17: Greek opposition says won't support new bailout pact
The New York Times, 02.05.17: Greece Reaches Bailout Deal with International Creditors
Euronews, 02.05.17: Greece reaches bailout reform deal with creditors
Kathimerini, 02.05.17: Greek bond yields steady after bailout reform deal agreed with lenders
EUObserver, 02.05.17: Deal on Greece paves way for debt relief talks
European Commission: DG Communication: STATEMENT/17/1188, 02.05.17: Statement by Commissioner Moscovici on the negotiations with Greece
IMF: Press Release No.17/145, 02.05.17: Statement by the EC, ESM, ECB and IMF on negotiations with Greece
EurActiv, 02.05.17: IMF says EU still needs ‘credible’ debt relief for Greece
Politico, 02.05.17: Elusive debt fix for Greece
EurActiv, 12.05.17: Greek opposition rebukes Commission over praise for Tsipras government
Kathimerini, 12.05.17: IMF, eurozone say need more time to reach Greek debt relief deal

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