Global Economic & Market Outlook (May 10, 2016)
Greece: May 9 Eurogroup, a step closer to a final agreement
Euro area finance ministers acknowledged in their extraordinary meeting yesterday (May 9) the progress made so far by the Greek government towards the successful completion of the 1st programme review. The said meeting took place after the government had secured parliamentary approval with the support of all 153 coalition MPs of the social security pension reform and the overhaul of the income tax code, two of the core prior actions for the completion of the review. The contingency mechanism, another prior action for the review, and debt relief were also in the agenda. A final agreement on these issues will be pursued when Euro area finance ministers reconvene on May 24th. The main elements of yesterday’s Eurogroup meeting are highlighted below.
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