Tsipras tells new cabinet cycle of fiscal adjustment has ended

The fiscal adjustments enforced through Greece’s three bailout programs ended on August 20 and policies will now shift towards supporting those who have borne the brunt of the economic burdens, Prime Minister Alexis Tsipras said on Friday in his first address at the new cabinet that emerged from a reshuffle earlier this week.

“The cycle of fiscal adjustments has closed along with the cycle of the memoranda. The supervision and the cuts have ended and the cycle of relief, social support policies and the virtuous circle of fair growth can now be opened,” he told his ministers.

“The exit from the memorandum fills Greek people with expectations for an improvement of living conditions, a better daily life and a respite from the burdens and the agony of the memorandum era,” he said.

The first priority for the government will be the regulation of the labor market and a rise in the minimum wage, as well as promoting investment-friendly policies, the prime minister said.

He also warned against “arrogant behaviours, closed doors and ears, and personal strategies,” that "have no place” in the government.

Tsipras’ speech comes a week before his keynote address at the Thessaloniki international Fair, where he is expected to announce handouts.