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Today the TROIKA (ECB, IMF & European Commission) has given the green light to Greek deal. The reforms proposed, also require the finance ministers' approval.
- The proposals of the Greek government are broader based than specific, which provides for ample scope for negotiation in the next four months.
- The negotiable areas in the proposals are fiscal structural policies like tax policies, public finance, social security, administrative corruption.
- The proposal further included financial stability reforms in areas like installment schemes, banking & non-performing loans (NPA).
- The proposal also includes area of growth promoting policies like privatization, public asset management, labor market, market reforms & judicial reforms.
- So far the comments indicate that the puzzle is falling in place and the Greek drama could dilate for time being. The deal includes almost all areas the creditors were looking for.
Greek markets are cheering the news. Athens stock exchange is trading at 937 up close to 10% for the day. Bank index is up more than 15%. Greek benchmark 10 year yield trading at 9.35% shows market is still concerned over Greece in the long term.
