Greece Submits Reforms to Parliament

Greece submitted a draft bill to parliament late on Friday outlining reforms in the energy, pension and labor sectors as the government races to secure the last loans from its international bailout program, Reuters reported.

Athens is keen to pass a final review by its creditors ahead of a Eurogroup meeting on June 21. If it gets the green light from the review and Eurogroup, it will receive about €12 billion ($14 billion) of new loans. Greece’s current loan program, its third since 2010, is worth up to €86 billion.

So far, Athens has received €46 billion in aid, and the Eurogroup has yet to decide on what it will do with the remaining funds, once it has paid out the final €12 billion of loans.

Among other reforms, the bill includes measures to expedite privatizations in the energy sector, the reduction of state spending on pensions and labor market reforms including arbitration when there is a dispute between employers and staff.