Greek Alternate FinMin: Despite Difficult Measures Greece Will Exit Recession



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In the midst of high speculation that Greece will miss deficit targets required in the Bailout Deal, Greek Alternate Finance Minister Giorgos Chouliarakis commenced the discussion on the prior actions bill the Greek Parliament must legislate via a vote on Friday, with a speech in parliament, on Tuesday.

Chouliarakis proclaimed that the Greek state will pay its outstanding debt to private individuals in two phases. Out of the 7 billion euros that must be paid back by the state, 3.1 billion euros will be disbursed by the end of 2015, while the remaining 3.9 billion euros will be paid by the end of 2016.

The prior actions are a list of reforms and measures that Greece must legislate to receive an additional two billion euros of bailout funds.

“Despite the implementation of certain difficult measures, its ratification allows for the smooth financing of the Greek economy in the short-term, while during the 3 year period, the risk of an exit from the common currency is eliminated, and the country’s credibility is restored resulting in exit from the recession of the past five years,” he said. The finance minister also added that the Greek government is working on a parallel plan to exit the crisis.

The days leading up to Friday’s vote will include parliamentary discussions on the tabled legislation. The ratification of the legislation requires a parliamentary majority, thus at least 151 Greek MPs need to vote for it.