Labor laws pivotal for bailout pact, minister says

In a series of meetings with European officials in Brussels Thursday, Labor Minister Effie Achtsioglou said the Greek government was determined to secure an “in principle political agreement” at Monday’s summit of eurozone finance ministers, where Greece’s progress in implementing the conditions of its third bailout is to be assessed.

In comments to the Athens-Macedonian News Agency, Achtsioglou said the matter of labor relations would be pivotal in talks as it remains “a deeply political issue” that cannot be solved at the level of the technical teams representing Greece’s creditors.

The minister said she conveyed to European officials the Greek government’s commitment to restoring collective wage bargaining and ensuring Greek workers enjoy the labor rights enshrined in the European legislation.

Athens remains committed to securing a concrete accord on short-term measures for Greek debt relief at the Eurogroup.

According to a plan drafted by the European Stability Mechanism and Greece’s Public Debt Management Agency, Greek debt relief will start to kick in from 2030 onward and peak in 2060.

The plan has reportedly been well received by potential investors who believe it will pave the way for the European Central Bank including Greece in its quantitative easing program.