Financial Times
February 21, 2012
The Greek government is racing to complete a lengthy checklist of reforms demanded by international lenders before the end of February to unlock a €130bn bail-out agreed in the early hours of Tuesday morning after months of high-stakes bargaining.
The tough conditions and the short timetable reflect the collapse of trust between Greece and its trio of lenders – the European Commission, the European Central Bank and the International Monetary Fund – after Athens failed to live up to the terms of a previous €110bn bail-out agreed nearly two years ago.
The latest demands include dozens of “prior actions” that Greece must deliver as a condition of the rescue – from sacking underperforming tax collectors to passing legislation to liberalise the country’s closed professions, tightening rules against bribery and readying at least two large state-controlled companies for sale by June.
Greece will have just nine days to complete those and a slew of other unpopular measures to lay claim to the money and avoid a disorderly default next month that could force the country out of the single currency and trigger turmoil across the eurozone.
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