A draft law liberalising the so called "closed professions" was presented yesterday by Finance Minister George Papakonstantinou and approved by the Cabinet. Chairing the Cabinet, Prime Minister George Papandreou termed the reforms promoted as a "historic change," noting that "the way things are done in this country changes."

The legislation envisages deregulation of 150 professions that benefit from barriers to competition and minimum fees, including engineers, architects, lawyers, and pharmacists. The draft law will be put to public consultation until January 25 and will take full effect within four months of its approval by the Parliament.