Daily Management Review

Ahead Of The Approval Meet On The New Bail-Out Fund Deal With Euro-Zone Partners, Greece Slashes Growth Forecast Figures


05/16/2017


Tensely negotiated reforms’ deal pushes Greece to pass “new measures” in reduced growth forecast figures before the final meet takes place.



Greece has revealed a “mid-term budget plan”, wherein it has cut the growth forecast of 2017 from “2.7 percent”, whereby reducing the same to “1.8 percent”. The said step is the result of an “uncertainty” that has occupied the air as the conclusion on the “bailout reforms” latest review gets delayed.
 
Following the six months long “tense negotiations”, Greek and the “foreign creditors” of the country managed to arrive at a reforms’ deal in the beginning of this month, although the stretched out bickering injured the “economic activity”. Moreover, the warning had also been issued by the Green Central Bank Governor in advance as the “delays” would be instrumental in hobbling down the “economic recovery” of the country.
 
Parliament has received the submission of “2018-21” reform plan with the deal, which needs the approval of the lawmakers. According to Reuters, the said plan “forecasts growth of 2.4 percent in 2018 and 2.6 percent in 2019. The projections are lower than those of the EU Commission, which also cut its growth estimates last week to 2.1 percent this year from 2.7 percent forecast three months ago”.
 
Moreover, the growth of GDP was also going to take a dip from erstwhile estimated figure of “3.1 percent”, whereby touching bay at “2.5 percent” in the year of 2018, reported the Commission. The government of Greece along with its “euro zone partners” are set to meet up on the 22nd of May 2017 for coming out with a “new tranche of bailout funds”. Likewise, the government is hopeful that issuing the “new measures” by the 18th of May 2017 will enable everyone involved in the meet to “approve the deal”.
 
Furthermore, Greece expects its ministers to “sign off on the review” as a qualification to be included in the “European Central Bank's quantitative easing program”, which will also enable Greece to re-enter into the “bond markets” territory after being isolated for a period of three years.
 
 
 
References:
http://www.reuters.com







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