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Creditors Put Greece Reform Efforts Under the Microscope

European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
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Creditors Put Greece Reform Efforts Under the Microscope

European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou

Greece's international creditors will begin a new round of intense scrutiny of reform efforts on Monday. The German Press Agency (DPA) learned from departments in the Greek Ministry of Finance that the auditors will first look into the development of state finances.

A Greek Finance Ministry official and one of the negotiators said the first review of the current situation in Greece was expected to take place on December 4 during a session of the eurogroup. Financial newspapers in the Greek capital Athens said Sunday that the auditors are expected to finish their work in January at earliest estimate.

Greece is currently benefiting from the third aid program, amounting to 86 billion euros, and ends in August 2018. Greece has resorted to rescue programs since 2010 to protect itself from financial collapse. Greece hoped that by the end of the third program, the confidence of the financial markets would be restored.

While the European Rescue Mechanism (ESM) expects that Greece will not fully finish the current aid program.

“We are pleased that the amount of the loan for Greece may remain significantly below the ESM programme’s limit of 86 billion euros,” ESM chief Klaus Regling told Handelsblatt.

Un-used funds could be used to repay loans to other creditors, Regling added.

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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)

Britain said it would toughen up its trade defenses to better protect industries amid a turbulent global outlook of trade wars and tariffs that has shaped its new trade strategy to be published on Thursday.

Britain is set to partially implement a deal to remove some of US President Donald Trump's tariffs, but acknowledged that its trade remedies system needed to be more "agile, assertive, and accountable to guard British businesses against global turbulence".

"The UK is an open trading nation, but we must reconcile this with a new geopolitical reality and work in our own national interest," Business and Trade Secretary Jonathan Reynolds said.

"Our trade strategy will sharpen our trade defense so we can ensure British businesses are protected from harm."

As part of the strategy, the government will reform the Trade Remedies Authority.

UK Steel has said that the TRA's current powers, under which it proposed to cap how much of certain kinds of steel could be imported, needed to be more robust, and welcomed the trade strategy as a "critical turning point".

Britain is aiming to remove US tariffs on steel imports under their agreement, although the implementation of the deal has not been finalized.

The government has stepped in to take control of British Steel, and other industries are also seeking support, with AB Foods extending its deadline for deciding the fate of its Vivergo bioethanol plant to Thursday in the hope of a support package.

The trade strategy is Britain's first since it has had an independent trade policy after leaving the European Union.

The previous Conservative government hailed the opportunities of Brexit as it pursued several free trade agreements.

While the Labor government, which came to power a year ago, has concluded free trade agreement talks with India and is making progress on another with the Gulf Cooperation Council, it said the new strategy would focus on quicker and more practical deals than the previous government did.