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Eurozone Approves Greek Reform Plan
Mar 07, 2015

Eurozone finance ministers have approved reform proposals submitted by Greece in order to obtain a four-month extension of its bailout. The Eurogroup said it had agreed to begin national procedures—parliamentary votes in several states to give the deal final approval.

  • The measures offered by Greece include combating tax evasion and reforming the public sector.

  • The head of the IMF said they lacked clear assurances in key areas.

  • Greece's debt stands at more than 320 billion Euro.

  • Greece's current 240 billion Euro bailout was expired on 28 February. 

  • Fresh funding will not be released until Greece's proposals are approved in detail. 

  • The stakes of talks over continued financial aid have been high because of fears of a Greek default that could push it out of the Euro, triggering turmoil in the EU.

  • The 19-nation Eurogroup urged Greece to develop and broaden the list of reform measures.

  • Greece pledged not to reverse ongoing or completed privatisations.

  • The head of the IMF said the measures offered by Greece lacked clear assurances in key areas.

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