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Monday, July 27, 2026

Greece sends draft with reforms proposals to IMF, EU, ECB

A hectic weekend and an open hotline between Athens and Brussels for consultations, as the Greek team prepares the list of planned structural reforms to the country’s lenders. The deadline decided by the Eurogroup on February 20th, expires Monday midnight. A teleconference will follow, with Finance Minister Yanis Varoufakis on one side and Christine Lagarde (IMF), Mario Draghi (ECB) and Pierre Moscovici (EU Commissioner for Monetary Affairs.) on the other. The Eurogroupp is not involved at this stage. Depending on the time Greece will be ready to send its proposals, the teleconference with the three may be take place on Tuesday morning.

The representatives of the former Troika – now “Institutions” –  will be expected to say YEY or NEY.

A Yes will mean that the Greek proposals have been accepted as such, the Eurogroup agreement of last Friday is sealed.

A No will call the Eurogroup finance ministers for a meeting in Brussels, and thus as soon as possible.

Before sending the final list of proposals, the Greek side sent a draft to the institutions on Sunday afternoon, awaiting their comments.

After the cabinet council on Saturday Yanis Varoufakis told reporters

“I am almost certain our list with the reforms will be approved by the institutions, they won’t say no. If institutions say No on Monday, there will be a eurogroup meeting on Tuesday. I hope they say Yes.”

The Greek proposals are thought as structural reforms to be legislated and implemented for the time of the “Bridge-Program”, that ends end of April.

The structural reforms refer mainly to measures to combat tax evasion and corruption, improvement of public administration, state expenditure, tackle fuel illegal trade. The Greek side wants reportedly also measures to tackle the humanitarian crisis, foreclosure protection for the ‘first residence’, new settlement of  installments for debts to the state and the insurance funds.

PS if after the permanent consultations over the weekend, the Three say No, then there will be something rotten in this kingdom of the ex Troika.

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7 COMMENTS

  1. Christine Lagarde the woman of the IMF who all the men of the IMF line up to hide behind.
    Of course its none of our business but isn’t Mario Draghi in massive financial trouble of his own ?
    Pierre Moscovici – I can’t remember who he is, I will have to look him up.
    Monday midnight – is that tonight – it is Monday in Australia ?
    Oh my God !
    Oh my God !
    Oh my God !
    And if Greece decides not to play the game their way ?
    Tuesday Greece will be ….. what exactly ?
    Considering that all the othere EU members are looking at the door so as to make a run for it.
    And Greece will at some point send Yanis Varoufakis to the moon seeing as he has the suit – bon voyage dude !

  2. if after the permanent consultations over the weekend, the Three say No, then there will be something rotten in this kingdom of the ex Troika.

    It is worth quoting “Counterpunch” here

    On Monday, members of the Eurogroup met with Greece’s finance minister, Yanis Varoufakis, to decide whether they would accept Greece’s terms for an extension of the current loan agreement. There were no real changes to the agreement. The only difference was semantics, that is, the loan would not be seen as a bailout but as “a transitional stage to a new contract for growth for Greece”. In other words, a bridge to a different program altogether…
    It’s worth noting that the Eurogroup hasn’t budged one inch from its original position. In other words, there really haven’t been any negotiations, not in any meaningful sense of the word. What there has been is one group of pompous blowhards reiterating the same discredited mantra over and over again, even though austerity has been thoroughly denounced by every reputable economist on the planet. Of course that doesn’t matter to the ex-Goldman swindlers at the ECB or their hairshirt counterparts in Berlin. What they want is to extract every last drop of blood from their Greek victims. That’s their game. And, of course, ultimately what they want to do is annihilate the entire EU welfare state; crush the unions, eviscerate pensions, wages and health care, and privatize everything they can get their greasy hands on. That’s the real objective. Greece’s exorbitant debts are just a means to an end, just a way to decimate the middle class in one fell swoop.

    My sentiments exactly, with or without lists of “reforms”, with or without changing semantics, nothing is going to change unless Greece forces the issue and sticks to its original stance.

      • Irrespective of the day, the important bit is this one

        And, of course, ultimately what they want to do is annihilate the entire EU welfare state; crush the unions, eviscerate pensions, wages and health care, and privatize everything they can get their greasy hands on. That’s the real objective. Greece’s exorbitant debts are just a means to an end, just a way to decimate the middle class in one fell swoop.

        . What they forgot to mention are the constitutions of the various countries. This was in fact all mentioned in a “paper” produced by none other than JP Morgan which you can find here
        https://groups.google.com/group/random-thoughts-on-investments/attach/243626285e18f68b/JPM-the-euro-area-adjustment–about-halfway-there.pdf?part=7&authuser=0
        16 pages on how to demolish the European welfare state and replace it by a neo-liberal get-richer (but only for the chosen few) state.

        Although the paper is on the face of it about the Eruo area, the narrative speaks volumes about who and what this really is about…

        The constitutions and political settlements in the southern periphery, put in place in the aftermath of the fall of fascism, have a number of features which appear to be unsuited to further integration in the region. When German politicians and policymakers talk of a decade-long process of adjustment, they likely have in mind the need for both economic and political reform.

        Irrespective of what happens today, the main goal has indeed not changed one iota. It is quite simply a demand for the total surrender of any and all social policy in favour of a neo-liberal program of which here i Greece we all know the effect it has on society. That effect remains the same, no matter what semantics you use…

  3. Before you can negotiate you need to earn respect and trust. The EU gives Greece a change to do that. When the Greek government proves she can do better than till now, they have an opening for negotiations.
    You can not expect that everyone say okay we trust you on your brown eyes and give money. History learnt that Greece had nicer financial figures when they entered the EU. Later the EU realized that if the right figures were presented Greece wouldn’t been allowed to join at all. Hopefully the EU learnt from that and checks everything, trust you have to earn and you need to be honest if you expect someone will help you. Therefore, if you trust your new government in there honesty and will, you can be hopefull? And yes the Greek are in the lead in this case. I hope they succeed and that they let the Greek economy grow with new industry and production, not only tourism, but export products.

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