Spartan conditions: Greece’s bail-out
«The bail-out extension to which Greece agreed on Friday left several questions unanswered. Not the least was exactly what measures the Greeks would have to take to jump-start economic growth. Today, therefore, Greece will submit to the European Commission, the European Central Bank and the IMF (the institutions formerly known as the “troika”) a list of reforms it intends to pursue in the coming months. These are likely to include crackdowns on tax evasion and corruption; Greece may find pension and labour-market reforms harder. If the institutions are satisfied, up to €7.2 billion ($8.2 billion), the sum remaining in the bail-out kitty, may eventually be disbursed. Under the terms of last week’s deal, though, the final review of Greece’s efforts needed to unlock the funds may not take place until the end of April, which raises a second unanswered question: how will Greece fund itself until then?»
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