Greece and Eurozone agree to shift from austerity to reforms

Greece and its Eurozone partners reached an agreement on 20 February 2017 at a Eurogroup meeting which unlocked the second review of the country's bailout programme.

The agreement did not resolve all disputed issues, like the shape of the pension reforms in Greece and the tax and labour rules. However, it was agreed that the country did not have to make any major debt repayment to its creditors until the summer of 2017.

Representatives of the main creditors (European Commission, European Central Bank, European Stability Mechanism and the International Monetary Fund) were scheduled to return to Greece shortly to conclude the bailout review which would unlock further payments. Following reports indicating an initial agreement, issues like debt restructuring and reform of pensions brought uncertainty into the negotiations.

Euro|Topics: Debates, February 2017: Troika to return to Athens http://www.eurotopics.net/en/174804/troika-to-return-to-athens

Kathimerini, 21.02.17: [Comment]: Grexit would be catastrophic for Greece http://www.ekathimerini.com/216374/opinion/ekathimerini/comment/grexit-would-be-catastrophic-for-greece

Kathimerini, 21.02.17: Greece says Germany must drop demand for high budget surplus http://www.ekathimerini.com/216379/article/ekathimerini/news/greece-says-germany-must-drop-demand-for-high-budget-surplus

ESO: Background information: Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece http://www.europeansources.info/record/greece-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-director-for-greece/

Greek Reporter, 20.02.17: Eurogroup: Institutions Will Return to Greece http://greece.greekreporter.com/2017/02/20/eurogroup-institutions-will-return-to-greece/

EurActiv, 21.02.17: Greece’s lenders shift from austerity to reforms http://www.euractiv.com/section/all/news/greeces-lenders-shift-from-austerity-to-reforms/

The New York Times, 20.02.17: Eurozone Agrees to Greece Talks in Exchange for Bailout Payments https://www.nytimes.com/2017/02/20/business/economy/greece-eurogroup-debt-germany-imf.html

Politico, 19.02.17: Why it’s safe to ignore Greece (for now) http://www.politico.eu/article/greece-imf-debt-relief-news-merkel-germany-eurogroup/

Kathimerini, 19.02.17: Greek PM weighing impact of impasse with creditors http://www.ekathimerini.com/216313/article/ekathimerini/news/greek-pm-weighing-impact-of-impasse-with-creditors

Foreign Policy, 20.02.17: Greek PM weighing impact of impasse with creditors http://foreignpolicy.com/2017/02/20/dont-look-now-but-theres-another-greek-debt-crisis-brewing/

The Guardian, 20.02.17: Greece standoff over €86bn bailout eases after Brussels deal https://www.theguardian.com/business/2017/feb/20/greece-stand-off-over-86bn-bailout-eases-as-inspectors-return-to-athens

Deutsche Welle, 20.02.17: Greece's creditors get back in the game http://dw.com/p/2XwOT

ESM: Press Release, 20.02.17: ESM receives €2 billion loan repayment from Greece https://www.esm.europa.eu/press-releases/esm-receives-%E2%82%AC2-billion-loan-repayment-greece

EurActiv, 22.02.17: German foreign minister: Greece should stay in eurozone http://www.euractiv.com/section/politics/news/german-foreign-minister-greece-should-stay-in-eurozone/

EurActiv, 27.02.17: Germany insists on no debt relief, Greece shows how much gold it has http://www.euractiv.com/section/economy-jobs/news/germany-insists-on-no-debt-relief-greece-shows-how-much-gold-it-has/

Politico, 21.02.17: Alexis Tsipras’ €100 billion problem http://www.politico.eu/article/why-a-commitment-over-foreclosures-is-causing-a-headache-for-the-greek-government/

EurActiv, 01.03.17: [Opinion] Greece: Lenders take unacceptable hard line on worker rights http://www.euractiv.com/section/economy-jobs/opinion/greece-lenders-take-unacceptable-hard-line-on-collective-bargaining-and-worker-rights/

EurActiv, 04.04.17: Latest rift in Greek bailout talks dashes hopes for deal in Malta http://www.euractiv.com/section/economy-jobs/news/latest-rift-in-greek-bailout-talks-dashes-hopes-for-deal-in-malta/

EurActiv, 29.03.17: Greece agrees with lenders to sell some power plants https://www.euractiv.com/section/economy-jobs/news/greece-agrees-with-lenders-to-sell-some-power-plants/

Bloomberg, 04.04.17: Greek Pensions Hot Potato Puts Tsipras in Bailout Tight Spot https://www.bloomberg.com/news/articles/2017-04-04/greek-pensions-hot-potato-puts-tsipras-in-tight-spot-on-bailout

Sputnik International, 02.04.17: Tsipras: Further Reforms in Greece Depend on State Debt Problem Solution https://sptnkne.ws/dXYH

Kathimerini, 29.03.17: Greece, EU/IMF lenders said to agree on key labor reforms, pension cuts http://www.ekathimerini.com/217249/article/ekathimerini/news/greece-euimf-lenders-said-to-agree-on-key-labor-reforms-pension-cuts

Intereconomics, Vol.52, No.2, March-April 2017 [Editorial]: Greece: Searching for Light at the End of the Tunnel http://archive.intereconomics.eu/year/2017/2/greece-searching-for-light-at-the-end-of-the-tunnel/

The New York Times, 21.04.17: I.M.F. Torn Over Whether to Bail Out Greece Once Again https://www.nytimes.com/2017/04/21/business/dealbook/international-monetary-fund-greece-bailout.html

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