Fifth review of the economy begins on Wednesday at staff level


The fifth post-bailout assessment of the Greek economy begins on Wednesday at the staff level, with the new framework on the bankruptcy law and credit sector issues dominating the agenda of a review that is not related to any disbursement of funds to Greece.

While that makes the process less stressful this time, the fifth assessment remains significant as it will pave the way for major decisions in the coming months – i.e. the change in the use of the proceeds from SMPs and ANFAs in favor of investments, and the reduction of primary budget surplus targets.

Talks will focus not only on the bankruptcy law reform but also on the course of auctions, the Hercules plan for the reduction of nonperforming loans and the reduction of the backlog of cases pending in courts from the Katseli law that protected borrowers’ main residences.