Here is the content of the Greece-lenders agreement

The details of the agreement between Greece and the lenders are revealed by the text signed by the 19 leaders of the Eurozone member states, at the end of the marathon Summit that ended on Monday morning.

Read the text of the agreement as it isIn addition to the conditions that Greece will have to meet to secure the third loan of up to 86 billion. euro, the agreement includes a reference to a development package of 35 billion. euros for the next 3-5 years, an explicit commitment for the recapitalization of banks but also a provision for privatizations of 50 billion. euros, money that will be directed to a new independent Fund based in Athens. Through this Fund, money will be available for debt repayment, for the repayment of the money that will be needed for the recapitalization of the banks but also for the financing of the development. Greece will provide loans whose amount will reach 82-86 billion euro. These loans will be disbursed from now until June 2018. This amount will cover all the country's loan obligations for this period - mainly to the International Monetary Fund and the European Central Bank - the banks will be recapitalized and an amount will be allocated to repay the money used in the last year. from the state budget to cover the loan obligations (including the money of the General Government bodies that were transferred to the Bank of Greece ELL + 2,08% to be converted into repos) The text of the agreement reached today The European leaders and the text with the prerequisites that was submitted to the Parliament last Friday, should become law of the state by Wednesday in order for the voting process to start by the other European Parliaments. The Greek Parliament, as mentioned in the text of the agreement, will have to vote: Measures for VAT (rate increase, expansion of tax base, etc.) The first measures for pensions that will be part of a wider insurance reform (practically will be the measures for early pensions, the increase of the health contribution, etc.) The independence of the Hellenic Statistical Authority. The introduction of the rule for automatic adjustment of public expenditures in case the budget targets are not achieved (s.s. the primary surplus of 1% to 3,5% for the period until 2018). By July 22, the new Code of Civil Procedure must be passed in order to achieve justice in the procedures. Also, by July 22, the Community directive on the liquidation procedure of a bank (s.s. is the directive that protects deposits up to the amount of 100.000 euros) should be incorporated into Greek law. The Greek side should take equivalents measures to compensate for the costs that will result from the fact that the Council of State deemed illegal the cuts made to pensions after 2012. All the measures included in the OECD toolbox should be voted on, including the opening of stores on Sundays, the ownership of pharmacies, etc. There will be special care for shipping and medicines. IPTO should be privatized unless an equivalent measure is found. With the vote of the prerequisites, the green light will be given to start the negotiations for reaching an agreement in order to grant the loan. This will take time. But to meet the immediate needs, the Eurogroup will probably agree today on the content of a bridge program. The text of the agreement speaks of an amount of 7 billion euros by 20 July and an additional 5 billion euros in August. This money will be used mainly for the IMF and the ECB. There is a commitment to repeal the laws passed by the Tsipras government in the first half. This was mentioned by the German chancellor, with the exception of the law on the humanitarian crisis. There is indeed an explicit reference to the text of the agreement. All bills passed in the last six months, with the exception of the humanitarian crisis bill, need to be reconsidered and even repealed. The bills for the recruitments in the public sector, for ERT and for the regulation of the 100 installments are crucial. The new program will also involve the International Monetary Fund. The package includes an agreement on the recapitalization of banks, while special reference is made to the measures taken for red loans. The amount for the recapitalization of banks will range from 10 to 25 billion euros, of which 10 billion euros will be allocated immediately. A new Fund for the management of the country's assets is established. It will be based in Athens, will have an independent administration and will essentially succeed the HRDH. Through the Fund, € 50 billion in assets will have to be privatized. The timetable within which these privatizations will take place has not yet been clarified. Of the 50 billion euros, 25 will go to repay the loan that will be given for the recapitalization of banks, the remaining 12,5 for debt repayment and 12,5 billion. euros for growth. Greece will commit to measures to cut public operating costs. The representatives of the institutions will return to Greece and now the evaluation of the course of the program will be done as in the first and the second memorandum. For debt, there is a repeat of the November 2012 debt restructuring commitments as needed as typically stated. The text talks about an extension or grace period while ruling out the possibility of a haircut. The issue of debt will be addressed after the completion of the first evaluation of the new loan package. Part of the deal is the 35 billion-euro Juncker package over the next three to five years. Part of this money will also be used for small and medium enterprises.
Source naftemporiki