The Straits Times
Published on Oct 28, 2012

Troika seeks 150 new Greek reforms, debt write-off: Report


BERLIN (AFP) - International auditors will demand Greece carry out a further 150 reforms to its recession-battered economy and suggest holders of Greek debt take a further hit, German newsweekly Spiegel reported today.

Citing an interim version of the findings of the troika of creditors, Spiegel said Athens would get an extra two years to carry out the reforms in its programme but this delay would cost billions of euros.

Greece is striving to persuade the troika - European Central Bank, International Monetary Fund and European Union - it has made enough progress in reforms and painful austerity cuts to unlock a 31.5-billion-euro (S$50 billion) slice of aid needed to stave off bankruptcy.

Greece has completed 60 per cent of the reforms already demanded of it, the report says, according to Spiegel. A further 20 per cent are being debated by the Greek government, while the rest are outstanding. Among the additional reforms demanded are a loosening of the hiring-and-firing laws, changes to the minimum-wage rules and a lifting of certain professional privileges, Spiegel said.