Greek reform multi-bill may be too little, too late

Greek bonds strengthened on April 28 2015 on hopes that a deal between Greece and its creditors can be reached before the country runs out of money. The yields on two-year bonds dropped sharply to 20.3 per cent, from 22.8 per cent following the reshuffle of Greece’s negotiating team which saw finance minister Yanis Varoufakis effectively sidelined.

European Commission spokesperson Annika Breidthardt told reporters that talks “have intensified”. Negotiations “are being made more productive and efficient,” she said.

The cabinet is expected to meet Thursday to discuss a reform multi-bill with many “soft” reform measures such as ensuring the independence of the general secretariat of public revenues, strengthening tax collection and auctioning broadcasting licences.

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(Photo of Varoufakis: German Federal Ministry of Finance, Jörg Rüger)