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| Version 1 | Version 2 |
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| Greece debt crisis: Eurozone backs reform plans | Greece debt crisis: Eurozone backs reform plans |
| (35 minutes later) | |
| Eurozone finance ministers have approved reform proposals submitted by Greece as a condition for extending its bailout by four months, officials say. | |
| The Eurogroup said it had agreed to begin national procedures - parliamentary votes in several states to give the deal final approval. | |
| The measures proposed by Greece include combating tax evasion and tackling the smuggling of fuel and tobacco. | The measures proposed by Greece include combating tax evasion and tackling the smuggling of fuel and tobacco. |
| The European Commission said earlier they were a "valid starting point". | The European Commission said earlier they were a "valid starting point". |
| Eurozone finance ministers - known as the Eurogroup - then held a conference call before giving their backing to the Greek proposals. | Eurozone finance ministers - known as the Eurogroup - then held a conference call before giving their backing to the Greek proposals. |
| "We call on the Greek authorities to further develop and broaden the list of reform measures, based on the current arrangement, in close co-ordination with the institutions," the Eurogroup said in a statement. | "We call on the Greek authorities to further develop and broaden the list of reform measures, based on the current arrangement, in close co-ordination with the institutions," the Eurogroup said in a statement. |
| The agreement had "averted an immediate crisis", said European Commissioner for Economic Affairs Pierre Moscovici. | |
| "It does not mean we approve those reforms, it means the approach is serious enough for further discussion," he added. | |
| 'Lack of clear assurances' | |
| However, International Monetary Fund (IMF) head Christine Lagarde was quoted as expressing reservations about the reform proposals. | |
| "In some areas like combating tax evasion and corruption I am encouraged by what appears to be a stronger resolve on the part of the new authorities in Athens," she wrote in a letter to the Eurogroup. | "In some areas like combating tax evasion and corruption I am encouraged by what appears to be a stronger resolve on the part of the new authorities in Athens," she wrote in a letter to the Eurogroup. |
| "In quite a few areas, however, including perhaps the most important ones, the letter is not conveying clear assurances that the government intends to undertake the reforms envisaged." | "In quite a few areas, however, including perhaps the most important ones, the letter is not conveying clear assurances that the government intends to undertake the reforms envisaged." |
| Greek proposals | |
| Greek pledges: Key points | |
| The IMF, the European Central Bank and the European Commission make up the "troika" of institutions that have managed financial rescue programmes for Greece since 2010. | |
| Newly elected Greek Prime Minister Alexis Tsipras is trying to balance satisfying the demands of creditors with meeting his pre-election pledges. | Newly elected Greek Prime Minister Alexis Tsipras is trying to balance satisfying the demands of creditors with meeting his pre-election pledges. |
| His government wants to clamp down on tax evasion, corruption and inefficiency in order to fund social spending and alleviate what it calls Greece's "humanitarian crisis". | His government wants to clamp down on tax evasion, corruption and inefficiency in order to fund social spending and alleviate what it calls Greece's "humanitarian crisis". |
| Eurogroup chairman Jeroen Dijsselbloem said the Greek government had a right to put its own "stamp" on the bailout programme. | |
| "The new government is much more aggressive on taxes and corruption, and these are excellent things," he told Dutch radio. | |
| "But the Greek government is perhaps too optimistic about the speed with which they can boost tax revenues." | |
| Greek economy in numbers |