Greek Prime Minister Alexis Tsipras attends a swearing-in ceremony of the new deputies that were elected in the September 20 general election, at the Greek parliament in Athens, Greece, October 3, 2015.
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After fulfilling the lenders’ demands, Tsipras said he hoped to discuss a restructuring of Greece’s debts to recapitalize ailing banks and attract foreign investment. The global Monetary Fund reiterated the creditors’ gloomier forecasts in its half-yearly World Economic Outlook unveiled on Tuesday, based on data collected up to August. 12, just before Greece’s third bailout was clinched.
“This will allow us to gradually restore the long-term stability of the Greek economy, (regain) investor confidence and, at the beginning of 2017, regain access to global markets”, he said.
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“A lot of work will have to be done in the coming months so it is very important to maintain that very strong reform momentum”, said Eurogroup Jeroen Dijsselbloem, head of the Eurogroup of finance ministers following the Luxembourg talks.
Speaking at the European Parliament in Strasbourg on Wednesday, French President Franç ois Hollande said the eurozone had overcome its difficulties during the summer to help Greece.
Tsipras said the government would pass all the required laws to achieve a successful bailout review and open the door for debt renegotiations, which were crucial for economic recovery.
On returning to office, Tsipras pledged to “quickly implement” the bailout terms.
Under the Euro 86 B bailout program, the country has to introduce tax hikes and public spending cuts and privatize state-owned companies.
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According to the IMF’s Fiscal Monitor, Greece needs new measures worth 1.35 billion euros to cover the difference between the 0.5% primary deficit for 2015 and the 0.25% required by the country’s bailout program. But it must win approval for the full package before ministers could move ahead with recapitalising Greece’s four systemic banks.
