Two of Greece’s main lenders, managing director of International Monetary Fund, Christine Lagarde, and President of the European Central Bank, Mario Draghi, raised some objections and reservations to Greek Reforms List. Similar concerns were expressed by the 18 finance Ministers at the Eurogroup teleconference on Tuesday afternoon.
“We call on the Greek authorities to further develop and broaden the list of reform measures, based on the current arrangement, in close coordination with the institutions in order to allow for a speedy and successful conclusion of the review.” (Official Eurogroup statemen
The agreement refers to extension up to four months of the current Master Financial Assistance Facility Agreement, that is: not the bailout program imposing austerity measures. However until the Bridge-Program is being reviewed by the lenders in June, Greece will not be able to receive the bailout reimbursement of EUR 7.5 billion. Therefore the reservations.
Both Lagarde and Draghi responded with a letter (e-mail, I assume) to Eurogroup head Jeroen Dijsselbloem after having received the Greek proposals and expressed their reservations.
IMF’s Chrisitne Lagarde, wrote for example, that the proposed measures are “generally not very specific”, underlining the hurdles Greece still faces before it can receive new bailout cash.
“In her letter, Ms Largarde said the Greek list fails to give sufficiently clear assurances on some of the most important measures, including overhauls to the pension system and value-added tax, as well as further steps to liberalise closed sectors. She also mentioned that more details were needed on privatisation of public assets, reforming the public administration and labour market.(full article businesspectator)
In his letter to Dijsselbloem, Mario Draghi noted that the Greek “commitments outlined differ form existing program commitments in a number of areas.”
Below is Mario Draghi’s letter:
— Nicholas (@Nicholas___D) February 24, 2015
PS just when you think it’s over, it starts again…