ATHENS, Greece (AP) – Greek government officials say they have reached an agreement with its creditors on the terms to restart bailout loan payouts, following months of tough negotiations.
The terms include another round of pension cuts in 2019 and a commitment to maintain a high primary budget surplus after the current rescue program ends next year.
Prime Minister Alexis Tsipras’ left-wing government would approve the new cuts in parliament by mid-May, so that Eurozone finance ministers could unfreeze bailout funds at a scheduled meeting on May 22.
Greece has been surviving on bailout loans since 2010 in return for harsh spending cuts and tax increases that have put nearly a quarter of the workforce out of work and seen more than a third of population living in poverty or at risk of poverty.