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Task Force set for long stay in Greece

Task Force set for long stay in Greece
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The European Commission’s special task force providing assistance to the Greek government as it struggles to rebuild its economy has rented an entire building in central Athens on a 12-year lease.

It implies it will be a central feature in Greek politics and the economy for a long time. Its latest report says progress has been made.

PSI, (bond swaps), and the negotiations about the 2nd support program for Greece have eliminated some of the uncertainties over Greek development and it’s now possible to have a new start,” said Task Force leader Horst Reichenbach.

The IMF, another key player in the bailout, has its own team in Athens in the Central Bank building, whereas the task force’s 45 members will work closely with 30 Greek ministries. The IMF has stumped up a new four-year 28 billion euro loan.

With the aim of cutting Greek debt from 160% of GDP to 120% by 2020, across-the-board deregulation is to be implemented in labour, public services, and product markets, tax and social security legislation, the licencing system, and state control of the productive apparatus.