EU: Greece has Not Implemented 16 Bailout Program Prerequisites



File photo: Greece’s Ministry of Finance

The European Commission is urging Greece to proceed with 16 prerequisites that have to be completed by the end of the year, as agreed with creditors.

The first report after the end of the bailout program in August that was released on Wednesday says that Greece is delaying to implement 16 important measures and reforms.

Among them are the staffing of the independent public revenue authority, the repayment of overdue debts, the legislative framework for resolving the problem of non-performing loans and the development of the new primary health care system.

Despite the fact that Greece’s 2019 budget meets the target of a primary surplus of 3.5 percent of GDP and was approved by the EU, the Commission warns that the pace of implementation of reforms needs to be accelerated in order for Greek authorities to achieve their goals.

The report warns the Greek government to complete the measures of reforms before the second evaluation at the end of February 2019.

The second evaluation report is very important because eurozone parliaments will have to vote on whether Greece meets the conditions for them to approve the disbursement of the profits from Greek bonds — about € 700 million — held by the central banks of the member states. Any delay in the disbursement would have a negative effect on Greece’s ability to borrow from the international markets.