BREAKING NEWS: Lenders Give Greece Until Wednesday; Temporary Grexit a Possible Option

ATHENS – With the Eurogroup summit canceled with no deal on Sunday, July 12, and Greece on the brink of a Grexit, the lenders have given Greece the opportunity to pass in Parliament 12 measures in order to show good faith in terms of their commitment to reform.  Even if they do not pass the measures, the lenders are considering a temporary Grexit.

According to Politico, the 12 measures are:

1. Streamlining VAT

2. Broadening the tax base.

3. Sustainability of a pension system.

4. Adopt a code of civil procedure.

5, Safeguarding of legal independence for Greece ELSTAT – the statistic office.

6. Full implementation of automatic spending cuts.

7. Meet bank recovery and resolution directive.

8. Private electricity transmission grid.

9. Take directive action on nonperforming loans.

10. Ensure independence of privatization body TAIPED.

11. Depoilticize the Greek administration.

12. Return of  the Troika (“institutions”) to Athens.