Euroworking group today for the release of 7.5 bln euros

The EuroWorking Group will meet today to determine whether the measures taken by the Greek government are sufficient.
Until the last moment, there were three issues pending: concluding the  selling and long-term leasing of Elliniko property to Lamda Development, transferring the remaining 5% of OTE shares at HRADF and ensuring indemnity for the members of the new privatization fund (“superfund”).

Apart from laws on collective labor contracts and union rights, Greece faces a series of measures to enforce for the second bailout review, in all a total of 20 “key deliverables.”
The list includes appointing a board for the new independent public revenue agency, the drafting of a plan to crack down on undeclared labor, and the announcement of a tender for a 20 percent stake in power grid operator ADMIE.

Privatizations are a key area of interest for creditors as the revenue the sell-offs generate will partially go toward repaying Greece’s debt.
The sell-offs are also crucial for the government as the new privatization fund, unlike the outgoing TAIPED, will allocate 50 percent of the revenue it draws to debt repayments and other 50 percent toward boosting growth. The second bailout review is expected in October.
“Besides the heavy limitation that have been imposed, reforms are based on our ideals and not dictated by foreigners” stated Minister of Labor Giorgos Katrougalos at an interview with Austrian newspaper Der Standard.