Greece is awaiting unpopular reforms

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Greece is awaiting unpopular reforms
May 19
10:00 2017

International creditors forced the Greek Parliament to consider and adopt another package of measures for the serious economy. Such an unpopular measure was approved by the Parliament by a margin of six votes (153 deputies voted “for”, 147 – “against”).

The Greek leadership hopes to cut down on reducing pension payments and increasing the income tax. In addition, Greece is awaiting a labor reform as well as privatization of a number of state assets. The government counts on increasing the competitiveness of the economy of the southern European state.

Of course, such news did not please the Greeks. The capital was shaken by protests, during which demonstrators threw Molotov cocktails into the police. The most active participants in the multi-thousand demonstration in Athens had to be pacified by tear gas.

Greece’s debt to European creditors is currently about 226 billion euros, the total debt is estimated at 326 billion euros.

Next week Greece is waiting for another tranche from the European Union in the amount of 7.5 billion euros. The tranche will be allocated only if the Euro group members recognize the reforms in Greece as effective. In general, experts positively assess the prospects for Greece. This optimism is based on economic indicators published this week. The figures say that for the first time in five years, the Greek economy is in a state of recession.

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT Trade

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