Gr-in, tough conditionality and no debt haircut

A great deal of trust has been lost in recent months and this is reflected in the tough stance taken by Greece's creditors in setting out the framework that will pave the way for a new ESM programme and allow Greece to remain in the euro area.

A new list of measures to be voted by Wednesday 15 July, the complete list of measures that Greece must adopt by Wednesday 15 July as a pre-requisite to open talks on a new ESM programme and is significantly more than the list adopted by the Greek Parliament at the end of last week and included streamlining of VAT, upfront measures on pensions, safe guarding independence of ELSTAT, making the Fiscal Council operational and introducing quasi-automatic spending cuts in case of deviations from primary balance targets.

By 22 July: A judicial system reforms and the transposition of the BRRD (Bank Recovery and Resolution Directive)

A to-do list of reforms that must be initiated soon, in addition, the proposal also sets out a number of areas where the Greek offer of reform measures needs to be strengthened. Pensions, product markets, energy markets, labour markets and the financial sector all appear on the list.