After seven months of negotiations, Greece has decided to accept the demands of international creditors to implement restrictive measures against market protectionism.
The Greek Parliament recently passed a law to abolish government protection measures for the domestic market, particularly those concerning dairy business owners, publishers, and pharmaceutical manufacturers. Minimum pricing will no longer be enforced for books and over-the-counter drugs in supermarkets.
The abolition of market protectionist measures is a mandatory requirement imposed on Greece by international creditors, including the European Union, the International Monetary Fund, and the European Central Bank, as a prerequisite for Greece to obtain its next loan installment of 8.5 billion euros. Given that 9.3 billion euros in sovereign debt is due in mid-May, Greece must secure this new loan before the repayment deadline to avoid a debt default. If the passage of this law were delayed, Greece would be unable to initiate negotiations with international creditors regarding the reduction of national debt.
