Thungen Financial 25th February 2015 - Greece Secures an Extension

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Thungen Financial 25th February 2015 - Greece Secures an Extension

It was good news for the Greek government yesterday as their Finance Ministers managed to secure a 4 month extension to their bailout exit. Despite the late submission of their reforms to the Eurogroup an agreement has been made with additional reforms due.

Initially many analysts thought they would not be able to get an extension on the terms they were looking for especially as the German FM was a staunch opponent of any changes to the exit plan.

What we are seeing now is a slight turnaround by both parties as the implications of a Greek exit from the Eurozone is still too damaging for the EU to accept. It is also fair to say that should the Greek have not got the extension and been forced to continue with the bailout, there could have been no saying as to what the reaction would have been on the streets of Athens.

The same can be said by the millions of people in Ireland, Spain, Italy and Portugal who all went through similar circumstances and these people need to be appeased too as should the EU have gone too light on Greece. There are concerns that further uprisings against governments and their financial agreements with the EU could play out as it did in the Greek elections and any one political party looking to make a move could simply follow the Greeks footsteps.

Below are the reforms Greece has agreed to:

       Combat tax evasion

       Tackle corruption

       Commit not to roll back already introduced privatisations, but review privatisations no   not yet implemented

        Introduce collective bargaining, stopping short of raising the minimum wage          i      immediately

         Tackle Greece's "humanitarian crisis" with housing guarantees and free medical ca      for the uninsured unemployed, with no overall public spending increase

         Reform public sector wages to avoid further wage cuts, without increasing overall wa      ge bill

       Achieve pensions savings by consolidating funds and eliminating incentives for early retirement -       not cutting payments

       Reduce the number of ministries from 16 to 10, cutting special advisers and fringe benefits for          officials

       These are seen as a bare minimum by the Troika, the European Central Bank, IMF and European          Union and will need to be adhered to should they wish to keep getting assistance from the three          governing bodies.

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