File photo of anti-austerity rally in Athens, Greece, on July 10, 2015. (Reuters)
Athens:
Greece's third bailout, whose technical details were agreed to with international creditors today, will total "around 85 billion" euros over three years, the Greek government said.
Athens has agreed to a long list of budgetary adjustments and reforms in exchange for the financing of "its loan repayments and the state's (domestic) payment arrears", the statement said.
The government said the creditors had agreed to a "mild adjustment" on fiscal targets that will help foster growth and save some 20 billion euros compared with measures promised by the previous conservative-led administration.
Athens committed to a primary deficit of 0.25 percent of output in 2015, and a surplus in 2016, meaning that no new fiscal measures will be necessary until then.
In 2016 the primary surplus -- the balance not including debt service -- will be 0.5 per cent, followed by 1.75 per cent in 2017 and 3.5 per cent in 2018.
Greek banks will immediately receive 10 billion euros from the package, and will be fully recapitalised by the end of the year, the government said.
"Therefore there is absolutely no risk of a haircut on deposits," the statement said.
Greece has also pledged to liberalise the natural gas market, which is currently majority controlled by state-owned company DEPA.
Greece's parliament is expected to vote on the accord on Thursday, and eurozone finance ministers could be asked to approve it the next day.
Athens has agreed to a long list of budgetary adjustments and reforms in exchange for the financing of "its loan repayments and the state's (domestic) payment arrears", the statement said.
The government said the creditors had agreed to a "mild adjustment" on fiscal targets that will help foster growth and save some 20 billion euros compared with measures promised by the previous conservative-led administration.
Athens committed to a primary deficit of 0.25 percent of output in 2015, and a surplus in 2016, meaning that no new fiscal measures will be necessary until then.
In 2016 the primary surplus -- the balance not including debt service -- will be 0.5 per cent, followed by 1.75 per cent in 2017 and 3.5 per cent in 2018.
Greek banks will immediately receive 10 billion euros from the package, and will be fully recapitalised by the end of the year, the government said.
"Therefore there is absolutely no risk of a haircut on deposits," the statement said.
Greece has also pledged to liberalise the natural gas market, which is currently majority controlled by state-owned company DEPA.
Greece's parliament is expected to vote on the accord on Thursday, and eurozone finance ministers could be asked to approve it the next day.
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