Money after approval of tough measures
Recently appointed Greek Finance Minister Evangelos Venizelos said yesterday that the country must approve the five-year midterm fiscal plan by the end of the month in order to secure a fifth loan payment under the European Union-led bailout.
“There is an immediate and urgent need to regain the country’s credibility, [regarding] the implementation of the program,” said Venizelos, who took over the Fi- nance Ministry last week from Giorgos Papaconstantinou in a cabinet reshuffle.
“The medium-term fiscal strategy and the implementation law must be voted on by Parliament by the end of June,” he added in a statement.
Lawmakers are likely to vote on the midterm plan on June 28, according to some sources.
Venizelos said Greece’s EU partners agreed the private sector should also be involved in any future financing plan for the country with a “completely voluntary participation” that would take the form of retention of existing bonds which are about to expire in order to reduce Greece’s borrowing needs in the following years.
A new technical mission will travel to Athens today to verify Greece’s implementation of the terms of a bailout agreement with the European Union and Interna- tional Monetary Fund, EU Economic and Monetary Affairs Commissioner Olli Rehn said.
“The aim is to verify that the Greek government is implementing the agreed revised memorandum and that we have the same understanding by the EU-IMF troika and the Greek government,” Rehn told reporters in Luxembourg today after euro-area finance chiefs met to discuss Greece.