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Greeks place hope in new reforms

Wednesday, February 25, 2015 - 01:46

Greece's list of reforms still has a few hurdles to pass, but optimism is spreading on the streets of Athens. But as Katie Gregory reports there's still a long way to go before the euro zone can breathe a sigh of relief.

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A new day in Athens and a sunnier outlook for Greece, reflected by the mood on the streets. (SOUNDBITE) (Greek) 36-YEAR-OLD ATHENS RESIDENT, VALENTINA MELNICHUK, SAYING: "People have started hoping again, they are smiling. We believe that Mr Varoufakis will do what is best for us and I think everybody trusts him." (SOUNDBITE) (Greek) ATHENS RESIDENT AND PENSIONER, YANNIS MOURAINIS, SAYING: "It's not a victory for the government, it's a victory for the country and for the people. Where would we go? We know that there are conditions to getting funding." The list of reforms approved by the euro zone still needs to be given the go ahead by some national parliaments - including Germany. Europe's largest economy towing the same old line ... Finance Minister Wolfgang Schaeuble saying that doubt remained about how credible the "vague" reform commitments are. But he is advising lawmakers in his country to approve the extension. Marshall Gittler from IronFX says this is all just the beginning. (SOUNDBITE) (English) IRONFX, MARSHALL GITTLER, SAYING: "They've just kicked the can down the road, or four months down the road. There's going to be another can, in fact a bigger can a garbage can to kick this time because this agreement just falls, this agreement stops right before a huge bond repayment is due and they don't have the money to make this payment." The new reforms include fighting corruption and improving tax enforcement. Both topical issues - as the Former finance minister George Papaconstantinou faced court charged with distortion of documents and breach of trust - over his alleged mis-handling of a list of possible tax evaders. Government spending is also under review, although it's not clear if the sacked government cleaners Varoufakis publicly rehired after his appointment will all still get to keep their jobs.