The acceptance of Greece’s request for a grace period until the end of April – pending the approval of a list of reforms that must be submitted by Greece on Monday – was greeted as a successful combination of “logic with ideology and rules with respect for democracy” by Finance Minister Yanis Varoufakis in Brussels on Friday. At a press conference in Brussels, Varoufakis said that the agreement for the process to be followed was a first step in a new direction that took Greece out of its isolation in Europe after five years of suffocating Memoranda agreed to by the previous government. Any reforms Greece will introduce will not have a negative repercussion on Greece’s budget, fiscal balance and economic revival, Varoufakis said – a point agreed on with its loan partners tonight – and the future surpluses would have to agree with the Greek economy’s real parameters, rather than suffocating the market. Greece, he said, is building a new relationship with Europe and the International Monetary Fund (IMF) to truly exit the crisis and reduce the debt, adding that a debt restructuring stood to benefit not just Greece but the IMF as well. (source: ana-mpa)
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