The Greek government is racing to complete a lengthy checklist of reforms demanded by international lenders before the end of February to unlock a €130bn bail-out agreed in the early hours of yesterday morning after months of high-stakes bargaining.
The tough conditions and the short timetable reflect the collapse of trust between Greece and its trio of lenders – the European Commission, the European Central Bank and the International Monetary Fund – after Athens failed to fulfil the terms of an earlier €110bn bail-out agreed nearly two years ago.
The latest demands include dozens of “prior actions” that Greece must deliver as a condition of the rescue – from sacking underperforming tax collectors to passing legislation to liberalise the country’s closed professions, tightening rules against bribery and readying at least two large state-controlled companies for sale by June.