Boots & Sabers

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1228, 13 Jul 15

Greeks and EU Reach Deal

Almost… it still has to pass several parliaments and Greece will have to pass several reforms, but it appears they have a deal. In order for Greece to get another bailout, they have to be less liberal and implement some policies that Scott Walker would find familiar:

• carry out ambitious pension reforms and specify policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform and to implement the zero deficit clause or mutually agreeable alternative measures by October 2015;

• adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations, including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceutical products, which will be implemented in a next step, as well as for the opening of macro-critical closed professions (e.g. ferry transportation). On the follow-up of the OECD toolkit-II, manufacturing needs to be included in the prior action;

• on energy markets, proceed with the privatisation of the electricity transmission network operator (ADMIE), unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions;

• on labour markets, undertake rigorous reviews and modernisation of collective bargaining, industrial action and, in line with the relevant EU directive and best practice, collective dismissals, along the timetable and the approach agreed with the Institutions. On the basis of these reviews, labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth; SN 4070/15 4 EN

• adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans and measures to strengthen governance of the HFSF and the banks, in particular by eliminating any possibility for political interference especially in appointment processes.




1228, 13 July 2015


  1. Kevin Scheunemann

    Reaching a deal with socialists who are addicted to spending other people’s money is the same as giving a financially broke alcoholic $1000 cash in front of a liquor store.

  2. Kevin Scheunemann

    ….or as PJ O’rourke would put it:

    “Giving money and power to government is like giving whiskey and car keys to teenage boys.”

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