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Handelsblatt: Another difficult year for the Greeks

Featured Handelsblatt: Another difficult year for the Greeks

A long list of measures to be implemented by the Greek government in 2018 under the current support program is published in the German press.

An analytical article on steps to be followed by the Greek government in the new year, was published by the financial newspaper Handelsblatt.

"For Greece in 2018 it will be a year that will judge its future. In August, the country will have to get out of debt and be refinanced by markets. Faster and with fewer barriers than expected, Athens completed the third assessment of the current adjustment program in early December. However, after the evaluation is actually before the evaluation: the fourth and last evaluation is expected in the new year. In order to complete the program within the timetable, by the middle of 2018 the government should implement 82 prerequisites. If one counts the 'lessons learned' in the third assessment, then the measures are over 100. By mid January, Tsipras needs to pass a first reform package by Parliament. Afterwards, EU finance ministers could approve at their first meeting on 22 January the disbursement of the next tranche of loans of € 5.5 billion. The reforms that remain to be completed should be completed by the end of June so Greece can exit the program on August 20th.

The prime minister is under pressure. Creditors insist on a quick implementation. Not only for Tsipras but also for lenders it would be a political disaster if Athens can not refinance itself from markets. "

Afterwards Handelsblatt's correspondent from Athens refers in detail to the tax increases that the Greeks expect in the new year and points out: "Tsipras wants to 'fleece' even tourists: after the new year they will have to pay a tax of up to four euros per night. This may not have the desired results: a survey by Grant Thornton on behalf of the Greek Chamber of Commerce estimates that the new tax will bring a turnover reduction of € 340 million and a loss of almost 6,200 jobs in the tourism industry. "