The seven page document states that Greeks have until Wednesday to pass laws that:
• implement VAT hikes
• cut pensions
• take steps to ensure the independence of Greece’s statistics office is maintained
• put measures in place that would automatically slash spending if Greece fails to meet its targets on primary surpluses (revenue minus expenditure excluding debt servicing costs)
The biggest change to the wording relates to the €50bn privatisation fund, which will now be managed by the Greeks and some of the money will be used for growth initiatives.
It has until July 22 (an extra week compared with the draft statement) to:
• overhaul its civil justice system
• implement the Bank Recovery and Resolution Directive (BRRD) to bring its bank resolution laws in line with the rest of the EU.