Greece is a step further on its way to receiving a bailout extension after its list of proposed reforms was backed by one of its key creditors.
Top European Commission officials called the proposals “sufficiently comprehensive to be a valid starting point”.
European finance ministers are set to discuss the list shortly.
Greece needs approval from international creditors to secure a four-month loan extension.
Newly elected Greek Prime Minister Alexis Tsipras is trying to balance satisfying the demands of creditors with meeting his pre-election pledges.
His government wants to clamp down on tax evasion, corruption and inefficiency in order to fund social spending and alleviate what it calls Greece’s “humanitarian crisis”.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.