Another crucial day in Greece where Parliament of Athens will have to vote the second round of structural reforms to immediately start negotiations with the former Troika and obtain a substantial aid package essential to avoid the bankruptcy of the Greek state.
The Greek premier Alexis Tsipras has until tonight to get Voulí ton Ellínon's yes to the second package of reforms that it does not yet contain the cut to baby pensions. In the new block of reforms, presented to the Hellenic Parliament, a reform of the civil justice system which aims to speed up processes and reduce costs for citizens and above all the transposition of the European Union rules on rescuing banks in difficulty, the so-called bail-in. The Community directive on the reorganization of credit institutions provides that it will no longer be taxpayers who will bear the losses but shareholders and current account holders with deposits above 100 thousand euros.
In the meantime, the first effects of the first tranche of reforms already started last week and in particular of theincrease in VAT on food and transport products with the price of the ferries having already increased by 10%.
Standard & Poor's rating agency seems to begin to appreciate the decisive reformist turn of the Greek executive so much that it has raised the Greece rating upgraded from previous CCC- to CCC+ with stable outlook. In a note, S&P points out that the chances of a Grexit are less than 50%, even if there is a one in three chance that Greece will.
