List of 13 prior actions that must be legislated by December 15 – Negotiations go on

Greece’s creditors gave Athens a list of 13 prior actions that must be legislated by December 15 in order to unlock 1 billion euros of further financial aid.

The representatives of the four lenders – the European Commission, European Central Bank, European Stability Mechanism and International Monetary Fund – are in Athens since yesterday negotiating with the Greek team.

The list of pending issues is as follows:

1) The appointment of an independent individual as head of the General Secretariat for Public Revenue.

2) The adoption of measures to ensure tax collection and battle tax evasion.

3) Decisions implementing the claw back (expenditure ceiling) for hospitals.

4) The activation of an executive group from the Hellenic Financial Stability Fund.

5) New legislation on household solvency.

6) The establishment of a strategy to adjust ‘red’ loans

7) Greece must adopt 10 measures from the OECD toolbox, such as tax on beverages and heating fuel.

8) Legislation of freeing “closed” professions.

9) Reforms on Structural Funds.

10) Reforms in zone planning and forest legislation.

11) Privatization of Independent Power Transmission Operator (ADMIE).

12) Establishment of a new, independent Privatization Fund. Plan for the new Fund.

13) Public sector employee salary reforms.

The Greek side is refusing to back down on some of the issues, such as the ADMIE privatization and the management of small to medium business loans, while the new Privatization Fund is far from being comprehensively planned.

The timely completion of the prior actions will unlock 1 billion euros in further financial aid.