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Bill for out-of-court workout ready but may need tweaks

The Development Ministry has tabled for public consultation until March 3 the draft law on the out-of-court workout, which is one of the key deliverables of the second programme review and also relates to the non-performing loan (NPL) resolution.

Photo by Panayotis Tzamaros/Fosphotos IMF argues case for further reform of pension system

One of the issues discussed in a recent International Monetary Fund paper deals with the Greek pension system and notes that the most recent reform goes in the right direction since it removes some distortions and reduces the overall pension cost.

Photo by Panayotis Tzamaros/Fosphotos Tsakalotos and Stournaras raise objections to IMF assumptions

The Article IV consultation report on Greece published by the International Monetary Fund on Tuesday evening included letters by the Greek Finance Minister Euclid Tsakalotos and Bank of Greece governor Yannis Stournaras, which both outlined their disagreement on certain assumptions and comments in IMF’s debt sustainability analysis (DSA) and ex-post evaluation report.

Photo by Panayiotos Tzamaros IMF far more pessimistic than eurozone on Greek debt, urges significant relief

The International Monetary Fund's updated Debt Sustainability Analysis (DSA) sees Greek debt as being highly unsustainable and stresses that even with the full implementation of the policies included in the third eurozone bailout programme, both debt and financing needs will become explosive in the long-run.

Photo by Panayiotis Tzamaros/Fosphotos IMF sees much scope for reform progress, particularly on tax in Article IV report

Despite the significant progress made so far, Greece faces fundamental challenges such as vulnerable public finances, notable tax evasion and ineffective tax administration, impaired bank balances sheets and pervasive structural obstacles to investment and growth, the International Monetary Fund’s Article IV consultation report concludes.

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