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PIG TODAY-Greece and its creditors agree to bailout package

Greece and its international creditors reached an agreement early Tuesday on the austerity measures and economic overhauls the country must implement to keep its bailout program going, clearing the way for debt-relief talks.

“There is white smoke…Negotiations on all issues have been completed,” Greek Finance Minister Euclid Tsakalotos said after a marathon meeting with a delegation of creditors. “I’m certain that there will now be negotiations on debt because there is no excuse,” Tsakalotos said.

The agreement will release the next bailout disbursement Greece needs to make around €7 billion ($7.63 billion) in debt repayments in July. But more important, it sets the conditions for the creditors — the International Monetary Fund and the German-led eurozone — to discuss ways to ease the country’s mounting debt.

Under the accord, Greece commits to further fiscal cuts — after its current bailout ends — through pension reductions equaling around 1% of gross domestic product in 2019, and a similar amount in 2020 from a reduction in the threshold for paying personal income tax.

Source: marketwatch.com

Greece and its international creditors reached an agreement early Tuesday on the austerity measures and economic overhauls the country must implement to keep its bailout program going, clearing the way for debt-relief talks.

“There is white smoke…Negotiations on all issues have been completed,” Greek Finance Minister Euclid Tsakalotos said after a marathon meeting with a delegation of creditors. “I’m certain that there will now be negotiations on debt because there is no excuse,” Tsakalotos said.

The agreement will release the next bailout disbursement Greece needs to make around €7 billion ($7.63 billion) in debt repayments in July. But more important, it sets the conditions for the creditors — the International Monetary Fund and the German-led eurozone — to discuss ways to ease the country’s mounting debt.

Under the accord, Greece commits to further fiscal cuts — after its current bailout ends — through pension reductions equaling around 1% of gross domestic product in 2019, and a similar amount in 2020 from a reduction in the threshold for paying personal income tax.

Source: marketwatch.com

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