Greek Debt-Relief Talks Move Closer After Late-Night Deal
- Agreement includes pension cuts, lower tax-free threshold
- Primary surplus targets will be discussed in Eurogroup meeting
This article is for subscribers only.
Greece resolved the latest impasse over the terms of its bailout program with international creditors in the early hours of Tuesday, unlocking the way for debt-relief talks and the disbursement of the next tranche of emergency loans.
Greeks stocks and bonds rallied after the breakthrough that ends months of negotiations with the euro area and the International Monetary Fund. The Greek government yielded to a number of demands including pension cuts and a lower tax-free threshold of around 5,700 euros ($6,228) to 6,000 euros from 8,636 euros now. The agreement will also allow more shops to open on Sundays in various parts of the country.