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June 23, 2014

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6 Actions By New Finance Minister Ahead of Troika’s Visit

A further six actions are expected to be implemented in the month of August by the Greek Finance Ministry which are linked to the release of another 1 billion euros in rescue loans, and due to be disbursed in September.

According to Greek press reports, newly appointed Finance Minister Gikas Hardouvelis and his team are going to now concentrate on implementing six prior actions that should have already been fulfilled last May in the framework of securing the release of a June tranche of rescue loans which is said to be worth some 1 billion euros and the return of the Troika chiefs which should take place in the first week of July.

Some of the aforementioned measures have already been undertaken. A new law governing street markets has been adopted and new zoning legislation has been passed. A list of third party taxes is being revised alongside the creation by the Development Ministry of an electronic platform where businesses and individuals will be able to log all such levies.

But believe it or not (and for some odd reason) a code of conduct for MPs and ministers, which is aimed at curbing corruption, still remains to be finalized (no surprises here at all).

The fifth measure involves the Finance and Justice Ministries that are expected to issue an agreement regarding an action plan for the collection of debts to the state.

Finally newly appointed Health Minister Makis Voridis must enforce a new law that aims to curb the profit margins of Greek pharmacists.

Officials at the Greek Finance Ministry claim that the country must show that it is 100 percent committed in honoring its agreements with its creditors if it later wants to press lenders on a possible lightening of the country’s debt.


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