The eurozone finance ministers have approved Greece’s four-month bailout extension, after a conference call in which they carefully examined Athens’ reform programme.

They endorsed the revised list of reform proposals submitted by Greece in yesterday’s Eurogroup teleconference (24.02), thus completing last Friday’s agreement (20.02). The next step will be for the national parliaments to approve.

According to the list sent by Finance Minster Yianis Varoufakis, the government’s main priorities are: to overhaul the VAT, combat smuggling of tobacco and fuel in order to collect taxes; continue with fiscal consolidation by carrying out inspections and cuts of non-wage expenses in the public sector; review privatizations without affecting or overturning those completed; and to address the humanitarian crisis.

The reduction of the required primary surplus will give society some breathing space and can help restart the economy, according to the government.