A turbulent November lies ahead for the Greek government that must vote on the second round of unpopular reforms required by the bailout program amid social dissatisfaction.
The first review of the progress of the bailout program has to be completed within the month so that Greece receives the 2-billion-euro subtranche of financial aid. However, there are some issues that have not been resolved yet, such as the value added tax rate on private education and the settlement non-performing loans.
The first issue must be resolved within the week so that the November 9 Eurogroup gives the “green light” for the disbursement of the loan subtranche. The red loans and foreclosure of main residence issue will wait until later in the month.
The Greek government claims it has equivalent revenues for the private education VAT. Sources within the government say that the pertinent ministries have 11 alternative sources of revenue that equal the 23 percent VAT on private education.
On Thursday, the Greek Parliament will vote on the last measures of the first packet of measures on an omnibus bill. Measures such as the abolition of fuel subsidies for farmers and the tax on small breweries are met with strong opposition. Junior coalition partner ANEL leader Panos Kammenos has warned that his party will vote against these measures.
European Commissioner Moscovici to meet with Tsipras and finance ministers
European Commissioner for Economy Pierre Moscovici will visit Greece on Tuesday and Wednesday in order to have discussions with Greek Prime Minister Alexis Tsipras and other officials to discuss the progress of reforms.
Moscovici will meet with Finance Ministers Euclid Tsakalotos and Giorgos Chouliarakis, Labor Minister Giorgos Katrougalos, and the ministers responsible for the National Strategic Reference Framework (NSRF), Giorgos Stathakis and Alexis Haritsis.
The issue of security fund reforms will be discussed with lenders after November 15.
Reforms amid social dissatisfaction, strikes and protest rallies
A series of protest demonstrations are scheduled for November with public sector employees union ADEDY and private sector employees union GSEE going on strike on November 12.
Today (Monday) and Tuesday, dock workers are on a 48-hour strike protesting the new measures and reforms. Ships will remain tied in the ports until Wednesday.
Meanwhile farmers and stockbreeders threaten they will block all national thoroughfares until Christmas to protest the harsh measures and higher taxation the new bill includes.
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