EC deems Greece’s reform proposals ‘sufficiently comprehensive’

EC deems Greece’s reform proposals ‘sufficiently comprehensive’

6Brussels, Feb 24 The European Commission (EC) said Tuesday that the list of reforms the leftist Greek government of Alexis Tsipras has agreed to undertake in return for more financial assistance for Greece appears to be “sufficiently comprehensive”.

“In the view of the Commission, this list is sufficiently comprehensive as to be a valid starting point for a successful conclusion of the review as called for by the Eurogroup at its last meeting,” EC sources told Spanish news agency Efe.

The EC said it was “encouraged by the commitment to combat tax evasion and corruption”, according to the same sources.

This first list of reforms will have to be specified and approved before the end of April, according to a statement from the Eurogroup issued last week.

“Determined and swift implementation of reform commitments will be the key for a successful conclusion of the review,” the sources commented.

The list was delivered around midnight by Greek Finance Minister Yannis Varoufakis, to Eurogroup Chairman Jeroen Dijsselbloem, and representatives of the former troika of Greece’s institutional creditors: the EU executive, the European Central Bank and the International Monetary Fund.

The reform proposals came after intensive contacts between Athens and Brussels over the weekend that were described by the EC as “constructive exchanges”.

Such a list was needed for the Eurogroup to authorise extension of financial assistance to Greece for four months and for the national parliaments to begin the process to approve that measure.

The EC, ECB and IMF must make an initial assessment of the reforms implemented by the Greek government as to whether they are substantial enough to serve as a valid starting point for successful completion of the pending review of the financial assistance programme.

Eurogroup sources told Efe no official invitation was issued for a teleconferenced meeting by any of the ministers of economy and finance of the euro countries to assess the Greek measures, explaining that they preferred to wait for the troika’s evaluation.

If the measures allow for completion of the fifth and final review of the programme of reforms and adjustments associated with the Greek bailout, a move which was blocked for months, a pending rescue payment in the amount of 1.8 billion euros ($2.04 billion) could be issued.

It would also make it possible to transfer the 1.9 billion euros that Greece claims from the ECB, as revenues from Greek bonds.

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