13/07/2015:
Greek Crisis: Mr. Tsipras blinks
In: Cigionline.org
In the 11th hour before Grexit, Euro area leaders reached agreement on a third rescue package for Greece last night. The deal would be finalized only after the Greek parliament legislates tough reforms in the next two days, including tax increases, pension reform, judicial reform, cuts in defense spending, independence of the revenue collection agency and the statistical service, and the EU bank recovery and resolution directive. Additionally, the Greek government needs to make specific commitments on market-opening measures in goods and services markets, public sector and labor market reforms, privatization and non-performing loans.