Monday starts the implementation of the first measures that will be a sample of the Greek government’s writing to get direct money of about 7 billion euros and then the total package said to be from 50 to 80 billion euros for three years.

According to the letter from the new Finance Minister Euclides Tsakalotos to the European Financial Stability Mechanism (ESM), the implementation of the measures starts on Monday.

Our country is asking ESM for a loan to cover its debt commitments, which exceed 8 billion euros by the end of August, but also to ensure stability in the financial system.

In return, it is committed to “a comprehensive set of reform measures to be implemented in the areas of fiscal sustainability, financial stability and long-term economic growth”.

“Within the framework of the Program, we propose to implement a series of measures immediately, starting even from the beginning of next week, including: measures relating to tax reform and pensions,” as refers to the letter.

The final proposal of the Greek side, which is reportedly compiled with the help of French technocrats, will be submitted today and will set out in detail the proposals of Greece. Read More