This week Greek lawmakers passed a number of unpopular bills relating to tax pension reforms in hopes that this move will encourage EU creditors to reward the bailout agreement funds.
Notice of the agreement was released just before finance ministers for the Eurozone were supposed to meet to talk about the reform progress that has been made in Greece and whether the terms of the multi-billion euro bailout had been sufficiently met.
If they decide that Greece has met the terms, they will give over 5 billion euros help Greece’s economy, enabling them to make debt repayments in the upcoming months. Prime Minister Alexis Tsipras spoke to officials: ‘We have an important opportunity before us for the country to break this vicious cycle, and enter a virtuous cycle.’
Earlier this week, hundreds of demonstrators gathered outside the parliament in protest which became violent. An unpopular mixture additional tax laws and social security reforms hopes to allow Greece to accumulate savings to meet a 3.6% budget target before the planned interest payments will begin in 2018, in order to regain sufficient market strength and get its debt load under control in the long term.