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The government of Brazil’s President Michel Temer is far from assembling the coalition needed to pass a landmark pension reform, but potential supporters of the measure are now more organized, a key legislator said on Monday.

“We’re still enormously far (from having the needed votes), but we have a party leader committed, a party president committed, one party that’s set to commit,” Brazil’s lower house speaker, Rodrigo Maia, told journalists after an event in Rio de Janeiro.

Pension reform is the cornerstone policy in President Temer’s efforts to bring Brazil’s deficit under control. But the measure is widely unpopular with Brazilians, who are accustomed to a relatively expansive welfare net.

In order to curry support from Congress, Temer and his allies watered down their original proposal in November, requiring fewer years of contributions by private sector workers to receive a pension.

According to several government sources, Temer’s allies have grown more optimistic in the last week about the reform’s chances.

However, speed is essential for the bill’s passage. A congressional recess begins on Dec. 22, and lawmaking thereafter will be hampered by politics, as lawmakers ramp up their campaigns for 2018 elections.
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The high-profile attendance of the leaders of Apple and Google at a Chinese conference promoting Beijing’s vision of a censored internet highlights the dilemma for Western tech companies trying to expand in an increasingly lucrative but restricted market.

The event in Wuzhen, a historic canal town outside Shanghai, marked the first time chiefs of two of the world’s biggest tech companies have attended the annual state-run World Internet Conference.

Apple CEO Tim Cook told the gathering as the conference opened Sunday that his company was proud to work with Chinese partners to build a “common future in cyberspace.”

His and Google CEO Sundar Pichai’s presence along with other business leaders, diplomats and other experts, some analysts say, helped bestow credibility on Beijing’s preferred version of an internet sharply at odds with Silicon Valley’s dedication to unfettered access.

Chinese President Xi Jinping vowed, in remarks to the conference conveyed by an official, that “China’s door to the world will never close, but will only open wider.”

As in previous years, organizers allowed attendees unrestricted access to the internet, contrary to official policy under which internet users face extensive monitoring and censorship and are blocked from accessing many overseas sites by the so-called Great Firewall of China.

Since Xi came to power in 2013, he has tightened controls and further stifled free expression, activists say.

Beijing’s restraints also extend to Western companies like Google, Twitter and Facebook, which have largely been shut out from the market, leaving it to homegrown internet giants like Tencent.

Apple has a large production base in China, which is one of its biggest markets, though domestic smartphone makers are catching up.

It has been criticized by some app developers for complying with Chinese censorship demands. In July, companies that let people get around the government’s internet filters – known as virtual private network providers – said their programs had been removed from Apple’s app store in China. One such company, ExpressVPN, said Apple was “aiding China’s censorship effort.”

Apple said that China began requiring this year that developers of virtual-private networks have a government license. The California-based tech giant said it had removed apps “in China that do not meet the new regulations.” Two Apple spokeswomen couldn’t be reached by phone for comment.

“The problem is that these companies are between a rock and a hard place,” said Rogier Creemers, a China researcher at Leiden University who attended the conference. They covet China’s huge market but if they do make it in, as in Apple’s case, local law “requires things that Western observers generally are uncomfortable with,” he said.

Cook’s speech drew a big crowd. He said the company supports more than 5 million jobs in China, including 1.8 million software developers who have earned more than 112 billion yuan ($17 billion).

It’s Apple’s responsibility to ensure that “technology is infused with humanity,” he said, avoiding mention of any sensitive topics.

Google shut the Chinese version of its search engine in 2010 over censorship concerns. Pichai has talked about wanting to re-enter China, and he told a panel discussion in Wuzhen that small and mid-sized Chinese businesses use Google services to get their products to other countries, according to a report in the South China Morning Post. A Google spokesman declined to comment.

The tech giants may have chosen to appear at the conference because the current political climate in the United States encourages a pragmatic approach in pursuing business regardless of other concerns, said Jonathan Sullivan, director of the University of Nottingham’s China Policy Institute.

“There has never been a time when an American company is less likely to be called out by the White House for pursuing a business-first approach,” said Sullivan.
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Indian tycoon Vijay Mallya insisted Monday that he was innocent of money-laundering accusations after an evacuation of the court building during a London hearing put him the in the center of a media scrum.

The Westminster Magistrates Court session was interrupted briefly by a fire alarm, forcing Mallya outside amid the waiting media. Television crews from India pursued Mallya, while he tried to avoid them.

“The allegations are baseless, unfounded, deliberate and you will see our submissions in court,” he said.

But the media kept pursuing 61-year-old businessman and former politician, circling him on the sidewalk.

“The answer will be given to the judge – you think you are going to conduct a trial by media?” he asked.

India is seeking Mallya’s extradition to answer the allegations related to the collapse of several of his businesses.

Mallya launched Kingfisher Airlines in 2005 and the carrier set new standards for quality and service, forcing competing airlines to improve. But it ran into trouble as it expanded. The Indian government suspended the airline’s license in 2012 after it failed to pay pilots and engineers for months.

The case is expected to take roughly eight days and lead to a verdict on whether he will be sent back to India or allowed to remain in Britain.
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Workers at several Indonesian palm oil plantations that supply Pepsi and Nestle suffer from a variety of labor abuses, including lower-than-minimum wages, child labor, exposure to pesticides, and union busting, according to a new report from the Rainforest Action Network (RAN).

The report covers three palm oil plantations operated by Indofood, the biggest food company in Indonesia and the country’s only producer of PepsiCo-branded snacks, and follows up on previous reports from the same groups of plantation workers. Indofood remains certified as “sustainable” by the Roundtable on Sustainable Palm Oil (RSPO) despite ongoing labor abuses, which activists say raises the question of what possible incentives there are for a mega-corporation to reform its labor practices.

“Since our first report in June 2016, which broke the scandal, to this one nearly one and a half years later, hardly anything has changed,” said Emma Lierley, RAN’s Communications Manager. “Pepsi hasn’t even issued a public response.”

Pepsi Co., Indofood, and RSPO could not be reached for comment.

Widespread abuse

Workers at palm oil plantations on the islands of Kalimantan and Sumatra reported the same catalog of abuses that they suffered 17 months ago, such as exposure to dangerous pesticides with inadequate protective equipment. They also complain of withheld wages and unpaid overtime, as well as frequent use of daily contract workers and unpaid laborers (like workers’ wives), which the study authors say are all also risk factors for child labor.

“We’re asking that Indofood reform labor practices on its plantations immediately,” said Lierley. “PepsiCo has a significant amount of leverage.” “Indofood could certainly move the needle” as well, she said.

But the RSPO has no clear path forward, admitted Robin Averbeck, a RAN campaigner.

“The RSPO has failed to include workers as critical stakeholders in its system since its creation up until this very day,” said Averbeck. “Fundamentally it will never address labor rights issues in a meaningful way unless workers are integrated as key constituents in the system and play an active role in monitoring and enforcing the standard themselves.”

RSPO has never revoked a company’s sustainability certification for labor violations.

“After nearly a year and a half of an official RSPO complaint containing indisputable evidence documenting widespread labor violations on multiple Indofood plantations, the RSPO has failed to sanction or suspend Indofood,” said Averbeck, who said the inaction was a “fundamental failure” and suggested that the RSPO suspend Indofood immediately.

The palm oil problem

Labor abuse in Indonesia is not unique to the palm oil industry — it has been documented widely across the garment, domestic work, and mining sectors, among others — but in recent years, palm oil has become particularly ripe for exploiting workers.

Palm oil is found in countless household products and foods, from lipstick to potato chips, and it grows very well in the tropical rainforest of Southeast Asia. It is cheap and easy to plant at great scale and swathes of the Borneo rainforest in both Indonesia and Malaysia, have been transformed in recent years into the trademark bright green grids of a palm oil plantation.

But the crop has displaced dozens of indigenous communities and employed thousands of child laborers and unpaid, underpaid, and abused workers. Global demand for palm oil shows no sign of slowing down — the industry is estimated to be worth $93 billion by 2021.

Difficulty of labor reform

The best mechanism for workers’ rights remains trade unions, but there are a number of obstacles to effective organizing among palm oil workers, according to Andriko Otang of Indonesia’s Trade Union Rights Commission.

“For one thing, there is the sheer difficulty of organizing,” said Otang. “A worker has to spend 400,000 rupiah (about $28) for a one-way ticket to the regional capital.” A roundtrip could turn out to be half their monthly salary, he said.

Another factor is the logistical barriers to organizing in places like rural Kalimantan, where there is weak cell signal and low access to information. “If you want to organize even a single strike, it’s so difficult,” said Otang.

Beyond discriminating against actual and potential union members, according to the RAN report, Indofood employs a large impermanent workforce, who cannot unionize. According to its 2016 Sustainability Report, Indofood’s plantation arm, IndoAgri, reported 38,104 permanent workers and 34,782 casual workers.

Despite the formidable odds, said Otang, there have been success stories for palm oil workers: in South Kalimantan and Palembang, workers have organized multi-company collective bargaining agreements and abolished the practice of casual work.

“As long as you have a strong independent union and solidarity between officials and members, labor reform is possible,” he said.
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Venezuelan President Nicolas Maduro says his government will launch a cryptocurrency, or digital currency, to circumvent what he called a financial “blockade” by the U.S. government.

The new currency will be called the “petro,” the leftist leader said in his TV address Sunday. It will be backed by the socialist-run OPEC nation’s oil, gold and mineral reserves.

That will allow Venezuela to advance toward new forms of international financing for its economic and social development, Maduro said.

“Venezuela will create a cryptocurrency – the petro-currency, the petro – to advance in monetary sovereignty, to make its financial transactions, to overcome the financial blockade,” he explained. “This will allow us to move toward new forms of international financing for the economic and social development of the country. And it will be done with a cryptocurrency issue backed by reserves of Venezuelan riches of gold, oil, gas and diamonds.”

Maduro did not give any details what the new currency’s value will be, how it will work or when it will be launched.

The government also announced the creation of a “blockchain observatory” software platform for buying and selling virtual currency.

Opposition leaders objected to Maduro’s announcement, saying the currency would need congressional approval. Some questioned whether the digital currency would even be introduced in the midst of turmoil.

Venezuela’s traditional currency, the bolivar, has significantly declined in recent weeks as U.S. sanctions make it harder for the country to stay current on its foreign debt.
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Venezuela’s President Nicolas Maduro on Sunday gained more powers over the OPEC member’s oil contracts, as a deepening purge looks set to strengthen the leftist leader’s control of the key energy sector amid a debilitating recession.

A months-long crackdown on alleged graft in Venezuela’s oil industry has led to the arrest of some 65 former executives, including two prominent officials who used to lead both the oil ministry and state oil company PDVSA.

Corruption has long plagued Venezuela, home to the world’s biggest crude reserves, but the socialist government usually said “smear campaigns” were behind accusations of widespread graft.

Maduro has recently changed his tack, blaming “thieves” and “traitors” for the country’s imploding economy.

PDVSA’s new boss, former housing minister Major General Manuel Quevedo, said on Sunday that all oil service contracts and executive positions would be reviewed by Maduro as of Monday.

“There aren’t going to be any more contracts backed by the board to keep pillaging, as has happened in some instances,” said Quevedo during a visit to the ailing Paraguana Refining Center.

Further details were not immediately available. PDVSA did not respond to a request for information.

Maduro said former energy minister Ali Rodriguez had been appointed honorary president of PDVSA and had met with Quevedo for six hours over the weekend.

Art, wine, gold chess set

The most recent high-profile sweep saw Diego Salazar, a relative of former oil czar Rafael Ramirez, detained on Friday on charges of helping launder some around 1.35 billion euros to Andorra.

During his Sunday television program, Maduro flashed a painting by Venezuelan painter Armando Reveron and pictures of luxury goods, including bottles from an alleged 300,000-euro wine cellar and a gold chess set, he said belonged to Salazar.

“Thieves!” said Maduro, banging his fist on the table, during the near five-hour broadcast. “All your assets must be expropriated,” he added, stressing that the money should go to state coffers.

Reuters was not able to confirm Maduro’s accusations or contact a representative for Salazar.

His detention has spurred speculation that authorities are after Ramirez, who was the powerful head of PDVSA and the oil ministry for a decade before Maduro demoted him as an envoy to the United Nations in 2014.

A protracted rivalry between Maduro and Ramirez has increased in recent weeks, insiders say, especially after Ramirez wrote online opinion articles criticizing Maduro’s handling of Venezuela’s economy.

Maduro fired Ramirez last week and summoned him back to Caracas, according to people familiar with the clash.

When asked by Reuters on Whatsapp whether Ramirez was being investigated, chief state prosecutor Tarek Saab on Sunday replied there were “no exceptions” in the investigation.
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A committee exploring the effects of recreational marijuana on Nevada’s gambling industry is wrestling with how the state’s casinos might deal with the pot business while not running afoul of federal law.

Lured by a potential economic impact in the tens of millions of dollars, Gov. Brian Sandoval’s Gaming Policy Committee is trying to figure out how casinos can host conventions and trade shows on marijuana.

The 12-member committee ended its meeting Wednesday without a formal decision on the matter, but Sandoval said he hopes to have committee recommendations for possible regulations by February.

The Nevada Gaming Commission has discouraged licensees in the past from becoming involved with the marijuana business, fearing legal backlash. Committee members have also voiced opposition to the idea of allowing marijuana use at resorts.

However, events like MJBizCon, a conference on various aspects of the marijuana growing industry, have drawn the attention of the gambling industry because of their strong turnout.

Cassandra Farrington, who started the conference, told the committee that the event brought about 18,000 people to the Las Vegas Convention Center last month and it’s only expected to grow. She noted that marijuana products are not allowed on the show floor, and people who violate that ruled are expelled.

Trade shows like Farrington’s conference can generate millions of dollars in tax revenue, said Deonne Contine, the director of the Nevada Department of Taxation. Contine told the committee that a show with about 15,000 people can produce a $28.2 million economic impact on the city.

Attorney Brian Barnes said any marijuana business in gambling facilities could be considered racketeering or money laundering under federal regulations.

“Marijuana business is illegal under virtually every aspect of federal law,” Barnes said.
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Liz Whitehurst dabbled in several careers before she ended up on a Maryland farm, crating fistfuls of fresh-cut arugula in the November chill.

The hours were better at her nonprofit jobs. So were the benefits. But two years ago, Whitehurst, 32 — who graduated from a liberal arts college and grew up in the Chicago suburbs — abandoned Washington for a three-acre plot in Upper Marlboro, Maryland.

She joined a growing movement of highly educated, ex-urban, first-time farmers who are capitalizing on booming consumer demand for local and sustainable foods and who, experts say, could have a broad impact on the food system.

For only the second time in the last century, the number of farmers under 35 years old is increasing, according to the U.S. Department of Agriculture’s latest Census of Agriculture. Sixty-nine percent of the surveyed young farmers had college degrees — significantly higher than the general population.

This new generation can’t hope to replace the numbers that farming is losing to age. But it is already contributing to the growth of the local-food movement and could help preserve the place of midsize farms in the rural landscape.

“We’re going to see a sea change in American agriculture as the next generation gets on the land,” said Kathleen Merrigan, the head of the Food Institute at George Washington University and a deputy secretary at the Department of Agriculture under President Barack Obama. “The only question is whether they’ll get on the land, given the challenges.”

The number of farmers aged 25 to 34 grew 2.2 percent between 2007 and 2012, according to the 2014 USDA census, a period when other groups of farmers — save the oldest — shrank by double digits. In some states, such as California, Nebraska and South Dakota, the number of beginning farmers has grown by 20 percent or more.

New to farming

A survey that the National Young Farmers Coalition, an advocacy group, conducted with Merrigan’s help shows that the majority of young farmers did not grow up in agricultural families.

They are also far more likely than the general farming population to grow organically, limit pesticide and fertilizer use, diversify their crops or animals, and be deeply involved in their local food systems via community-supported agriculture (CSA) programs and farmers markets.

Today’s young farmers also tend to operate small farms of less than 50 acres, though that number increases with each successive year of experience.

Whitehurst took over her farm, Owl’s Nest, from a retiring farmer in 2015.

The farm sits at the end of a gravel road, a series of vegetable fields unfurling from a steep hill capped by her tiny white house. Like the farmer who worked this land before her, she leases the house and the fields from a neighboring couple in their 70s.

She grows organically certified peppers, cabbages, tomatoes and salad greens from baby kale to arugula, rotating her fields to enrich the soil and planting cover crops in the off-season.

On Tuesdays, Thursdays and Fridays, she and two longtime friends from Washington wake up in semidarkness to harvest by hand, kneeling in the mud to cut handfuls of greens before the sun can wilt them. All three young women, who also live on the farm, make their living off the produce Whitehurst sells, whether to restaurants, through CSA shares or at a D.C. farmers market.

Finances can be tight. The women admit they’ve given up higher standards of living to farm.

“I wanted to have a positive impact, and that just felt very distant in my other jobs out of college,” Whitehurst said. “In farming, on the other hand, you make a difference. Your impact is immediate.”

Larger impact

That impact could grow as young farmers scale up and become a larger part of the commercial food system, Merrigan said.

Already, several national grocery chains, including Walmart and SuperValu, have built out local-food-buying programs, according to AT Kearney, a management consulting firm.

Young farmers are also creating their own “food hubs,” allowing them to store, process and market food collectively, and supply grocery and restaurant chains at a price competitive with national suppliers.

That’s strengthening the local and organic food movement, experts say.

“I get calls all the time from farmers — some of the largest farmers in the country — asking me when the local and organic fads will be over,” said Eve Turow Paul, a consultant who advises farms and food companies on millennial preferences. “It’s my pleasure to tell them: Look at this generation. Get on board or go out of business.”

There are also hopes that the influx of young farmers could provide some counter to the aging of American agriculture.

The age of the average American farmer has crept toward 60 over several decades, risking the security of midsize family farms where children aren’t interested in succeeding their parents.

Between 1992 and 2012, the country lost more than 250,000 midsize and small commercial farms, according to the USDA. During that same period, more than 35,000 very large farms started up, and the large farms already in existence consolidated their acreage.

Midsize farms are critical to rural economies, generating jobs, spending and tax revenue. And while they’re large enough to supply mainstream markets, they’re also small enough to respond to environmental changes and consumer demand.

If today’s young farmers can continue to grow their operations, said Shoshanah Inwood, a rural sociologist at Ohio State University, they could bolster these sorts of farms — and in the process prevent the land from falling into the hands of large-scale industrial operations or residential developers.

“Multigenerational family farms are shrinking. And big farms are getting bigger,” Inwood said. “For the resiliency of the food system and of rural communities, we need more agriculture of the middle.”

Numbers are still small

It’s too early to say whether young farmers will effect that sort of change.

The number of young farmers entering the field is not nearly large enough to replace the number exiting, according to the USDA: Between 2007 and 2012, agriculture gained 2,384 farmers between ages 25 and 34 — and lost nearly 100,000 between 45 and 54.

And young farmers face formidable challenges to starting and scaling their businesses. The costs of farmland and farm equipment are prohibitive. Young farmers are frequently dependent on government programs, including child-care subsidies and public health insurance, to cover basic needs.

And student loan debt — which 46 percent of young farmers consider a “challenge,” according to the National Young Farmers Coalition — can strain already tight finances and disqualify them from receiving other forms of credit.

But Lindsey Lusher Shute, the executive director of the coalition, said she has seen the first wave of back-to-the-landers grow up in the eight years since she co-founded the advocacy group. And she suggested that new policy initiatives, including student loan forgiveness and farm transition programs, could further help them.

“Young farmers tend to start small and sell to direct markets, because that’s a viable way for them to get into farming,” Lusher Shute said. “But many are shifting gears as they get into it — getting bigger or moving into wholesale.”

Just last year, Whitehurst was approached by an online grocery service that wanted to buy her vegetables. Because While Owl’s Nest produces too little to supply such a large buyer on its own, the service planned to buy produce from multiple small, local farmers.

Whitehurst ultimately turned the deal down, however. Among other things, she feared that she could not afford to sell her vegetables at the lower price point the service wanted.

“For now, I’m focused on getting better, not bigger,” she said. “But in a few years, who knows? Ask me again then.”
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The city of Zibo, China’s ceramics capital, is undergoing environmental shock therapy to clear its filthy skies and transform its economy — and not everyone is happy.

Much of Zibo’s sprawling industrial district has become a ghost town of shuttered factories, empty showrooms and abandoned restaurants after a cleanup campaign that began last year intensified this winter. Dozens of chimneys stand inactive.

“There used to be a lot of workers here, but now they are demolishing the entire place,” said a caretaker who gave his surname as Wei, pointing at the deserted warehouse of an abandoned factory he was guarding. “We have no idea what they will build here — that’s the boss’s decision.”

Zibo, home to 4.5 million people about 260 miles south of Beijing in Shandong province, is one of 28 northern Chinese cities targeted in an unprecedented six-month anti-pollution blitz as China scrambles to meet air quality targets.

The city is also at the heart of a wider, long-term government effort to upgrade China’s heavy industrial economy.

Once responsible for about a quarter of China’s ceramic output, mainly floor and wall tiles, Zibo has slashed capacity by 70 percent and shut more than 150 companies and 250 production lines as part of a ruthless war on pollution.

Surviving plants have rushed to comply with tough new standards, but business is still threatened by constant production suspensions ordered by the government, as well as natural gas shortages this winter as northern cities switch to the fuel from coal.

“It is a brave step that China is taking, but they have to take it,” said Alex Koszo, the founder of Vecor, a Hong Kong-based company that has built a joint-venture plant in Zibo to manufacture environmentally friendly tiles from fly ash.

“They have the will, the money, and access to technology, so I think we are looking at a very different Zibo, and a very different Shandong, in five to 10 years.”

The local environmental bureau declined to be interviewed, telling Reuters that cleanup efforts were “still at an early stage” — but changes are already conspicuous.

With old factories marked for demolition, new apartment blocks, shopping complexes and roads are being built. The city registered growth of 7.8 percent in the first three-quarters of this year, driven by the service sector, according to the local government. Displaced workers have shifted to construction sites and other industries like textiles, residents said.

Zibo has also established a “greentech” incubator in the old district and opened a new high-tech industrial park in order to attract companies and encourage innovation in ceramics.

But some local businessmen accuse Beijing of running roughshod over local industry and paying too little heed to circumstances on the ground, with one boss accusing inspectors of behaving like “imperial envoys.”

“There is a ring of 28 cities, and pollution only needs to appear in Beijing — even just medium-level pollution — and all our factories have to shut,” said the owner of a large local factory who declined to be named, fearing repercussions. “It doesn’t matter whether you meet the standards or not, you have to shut.”

Upgrades

Over the past decade, Zibo’s ceramics makers took advantage of closures elsewhere to drive up output and seize market share in China. Zibo’s tiles were used throughout China and exported around the world. In recent years, however, the industry was weighed down by poor quality and chronic overcapacity that eroded prices and exposed the sector to European Union anti-dumping measures.

Beijing’s war on pollution served as an opportunity to tackle those problems. Now, the mainstay of the local economy is a shadow of its former self.

With annual production capacity slashed to 246 million square meters, compared with 827 million square meters before the campaign began, the government hopes surviving manufacturers can upgrade and compete with higher-end producers.

“I think the steps the government is taking now will push the costs up, and therefore the price of the goods will be up and the quality will meet international standards,” said Koszo.

But the local factory owner said the campaign has inflicted long-term damage, eroding cost advantages and driving customers away.

“If Zibo was the only place producing tiles in the whole country, then it wouldn’t be a problem. But this is an unfair policy. They are closing us but not others,” he said.

Stop-start production

Environmental officials deny the pollution crackdown or the heightened vigilance of inspectors will cause deep harm to China’s economy, saying any losses would be compensated by the long-term benefits of clean investment.

But in Zibo, even environmentally compliant manufacturers are losing customers. The factory owner said he has lost 80 percent of domestic clients and half his overseas ones, with many frustrated by the stop-start nature of production.

Zibo’s ceramics companies are not only hit by emergency closures aimed at curbing smog. A year ago, they were ordered to switch from coal to gas, but suppliers are giving priority to residential winter heating.

“People are losing patience and manufacturing is shifting to the south,” said Bryan Vadas, director at the Tile Agencies Group in Australia, which used to source products for export from Zibo but has now started buying elsewhere.

Environment Minister Li Ganjie said this year that China would not adopt an “indiscriminate one-size-fits-all approach,” adding that companies have plenty of leeway to clean up and survive.

“Only enterprises that have no clear survival value, pollute heavily and have no hope of being rectified will be shut down,” Li said.

But local enterprises have struggled to cope with repeated policy changes, with industry entry requirements adjusted four times in less than two years, the local factory owner said.

“I have worked hard to build up this business,” he said.

“Personally, I just think the government should tell us directly that they don’t want us to stay in operation. There’s no need for them to torture me.”
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Greece’s finance minister said Saturday that an agreement had been reached between the heavily indebted country and its creditors on its progress in implementing reforms.

The agreement on the so-called Third Assessment of Greece’s latest bailout program will allow Greece to receive fresh funds next year, after implementing workplace reforms, speeding up the settlement of bad loans, tightening up rules for family subsidies and selling off state-owned power plants.

European monetary affairs commissioner Pierre Moscovici also announced that a “staff-level agreement” had been reached, meaning that although creditor representatives were involved, the European Union’s finance ministers must approve the agreement, which they are expected to do Monday.

Finance minister Euclid Tsakalotos said Greece would have to vote on at least two major bills by January 22 to implement the agreement.
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