FX.co ★ Greek parliament passes new austerity bill

On May 22, Greece’s parliament approved the bill on fresh austerity measures.
The decision came ahead of a Eurogroup meeting scheduled for May 24. The bill is expected to unlock another tranche worth €1.8 bln for the debt-ridden country. The bill sets out 17 final austerity reforms, required by the international lenders.
Greece now hopes the creditors will complete the first assessment of its third bailout program. So the new bill guarantees Greece further financial aid from its lenders.
The bill introduces a new privatization fund controlled by Greece’s creditors. The fund will manage almost all state property and will be used to sell public companies. Revenues will be allocated for a debt service.
Besides, the Balkan country has to survive a series of tax hikes and more expensive basic services and even consumer goods. In case the government fails to meet the target of primary budget surplus, public spending on pensions, salaries for public employees, and other items will be automatically slashed.
Importantly, in the referendum on July 5, 2015, 61.31% of the Greeks voted against the bailout deal with the European Union.