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Creditors Quartet Wants Greece to Hurry With Reforms to Avoid Brexit Backlash

BREXIT
A European official in Brussels told Greek journalists that the Greek government should accelerate efforts to adopt the economic program it has agreed to so that unnecessary consequences of the Brexit aren’t felt in the country. Greece’s daily newspaper, To Vima, reports that a number of EU member states are losing patience with Athens. An official reportedly said that a focus on the aftershocks of the British referendum may result in important EU players not being able to intervene on matters of Greek concern.
An increase in the levels of political uncertainty may take attention away from reforms in Greece, and it seems unlikely that the country’s creditors (EC, EP, ESM, IMF) will soften their stand on the country at this point or during the next review in the Fall. He also said that the institutions have not asked the Greek government to abolish the 13th and 14th wage in the private sector, nor have they called for this to be incorporated into the other 12 pay checks.
The same official said that changes to employment legislation are still on the table as these are considered useful in injecting growth. Changes will concern: group contract negotiations and mass dismissals (a matter that the IMF is pushing for). The same official states that group negotiations that took place before the crisis are a thing of the past, and are bound to affect other matters, such as the calculation of the minimum wage though he said that it would not be reduced.
Greece has managed to regain part of the competitiveness that it had lost. Regarding mass dismissals, Greek legislation will need to be harmonized with that of other European countries.
The second review will include more than 40 prior actions. The emphasis won’t be on fiscal measures but on credit.

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