After weeks of tension, the wait is over. Greece has reached an agreement with the Troika on the package of measures to get the country's recovery plan back on track. The agreement between the Greek government and the technicians of the EU, the ECB and the IMF is essential to unlock the new 31,5 billion tranche of aid in favor of Athens. Without those funds, the coffers of the country will remain completely devoid of liquidity by the end of November.
"It's all over, the austerity package has been finalized," Greek Labor Minister Yannis Stournaras said. The agreement with Troika representatives is on a new 13,5 billion euro austerity package. The ministry will present two bills to Parliament next week for a vote on November 12. The measures, however, still need to be approved by the three parties that make up the governing coalition.
The announcement of the green light came as a surprise, after last night's conference call between Stournaras and the international inspectors did not appear to have produced any results. At the center of the clash was above all the labor reform requested by the Troika, which aimed at a profound revision of contracts.
The intransigence of the creditors seemed to be able to open a real government crisis in Athens, dealing the final blow to the precarious alliance on which the executive of the conservative Antonis Samaras is based. The other two majority parties – the Democratic Left and the Socialists of Pasok – had spoken out strongly opposed to complying with the inspectors on the job front as well.
