Greece Presents EU with Draft Post-Bailout Growth Plan



Alternate Finance Minister Giorgos Chouliarakis

Greece has presented a draft plan of growth to its EU creditors that could be implemented after the end of the current bailout program in August.

Alternate Finance Minister Giorgos Chouliarakis briefed Eurozone officials about the plan at the Eurogroup Working Group (EWG) held in Brussels on Thursday.

Greece hopes to have reached a preliminary agreement by the Eurogroup meeting on April 27, in Sofia, where Finance Minister Euclid Tsakalotos will present the final draft.

According to the Athens-Macedonian News Agency (AMNA) the growth plan includes specific measures and sets targets for attracting investment, reducing taxes, reducing ‘bad’ loans and modernizing public administration.

It also contains targets for reducing unemployment and boosting productivity and exports.

AMNA says the plan is important, not only because it will be taken into account in the analysis of the sustainability of the Greek debt, but also because, as EU Commissioner Pierre Moscovici has said, it will be an important test for the country’s credibility in the debate on the post-memorandum era.

Regarding the fourth program review, the EWG highlighted the need to have it completed by June at the latest. The review is linked to an important loan tranche of €11.7 billion ($14.4 billion) which has to be disbursed before the end of the program on Aug. 20, 2018.

According to AMNA’s sources, the officials also stressed the need to speed up the implementation of some of the 88 prior actions related to the energy market, gas privatization and motorway concessions.

The heads of the institutions are expected to return to Athens on May 15.