As Greece and its creditors engage in last-minute negotiations over a range of reforms and privatizations as the country seeks to unlock 1 billion euros in funding, there are growing indications that the terms of Greece’s third bailout are shifting, as some reforms are delayed and privatization plans fall short of their targets.
In August, Greece reached an agreement with its international creditors for a new bailout worth 86 billion euros ($94 billion). Under the terms of the deal, Greece was to adopt a series of “milestones,” reforms and legal changes requested by its creditors that would constitute preconditions for funding. The deal called for changes to the country’s retirement system, the liberalization of the labor market and significant amendments to the tax system. The deal also envisioned Greece generating 50 billion euros from privatizations over he next 30 years. Greece would sell ports, real estate and other assets, with the money from these privatizations to be
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