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No agreement reached between Greek government and institutions

The latest talks between the Greek government and the representatives of the institutions on the second bailout review, which concluded at 5:30am on Tuesday, did not result in an agreement between the two sides. As the representatives leave Athens, to continue talks via teleconference, a series of critical issues remain unresolved.

Greek officials commented that the two sides were closed on the fiscal gaps for 2018 and out-of-court settlements for non-performing loans. Technical talks on the gap will continue, as well as on energy and financial issues. As for the primary surplus targets after 2019, they will be discussed at the 5 December Eurogroup in conjunction with measures to be taken for the Greek debt.

Some progress was achieved in the joint collection of taxes and contributions, which will later be refined based on the road map that must be agreed upon between the Ministry of Labor and the General Secretariat of Public Revenue, as well as implementing the OECD’s “toolkit”.

A high-ranking Finance Ministry official estimated that the timetables have not changed and that the goal of reaching a political agreement by the Eurogroup remains. The same official noted that the government intends to reinvest a portion of the one billion euros above the surplus targets towards social benefits.

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