The IMF/EU/ECB unit disputes the adequacy of Greek government’s proclamations of €76b additional measures and restraint of 2011 deficit.
The troika unit had daylong negotiations in the Treasury on Tuesday. The discussions, officiated by Finance Ministry officials, will continue for several days.
The troika officials arrived in Athens having prepared their own estimates for the performance of the proposed measures worth €76b and the country’s progress regarding the Memorandum of Understanding. The measures of 2011 were at the centre of attention on Tuesday.
Sources note that the possibility of shrinking of this year’s deficit at €17b is strongly disputed, as the troika believes that more than the proposed €3b measures are needed.
Recession is expended to be greater, reducing the revenues, while the troika questions the government’s ability to narrow the gap of €1.4b in the first quarter of 2011 and expects the shock of revised deficit to 10.5% of GDP to be greater.
IMF/EU/ECB unit also criticized the government for the delay in implementing key terms of the MoU.
The diplomatic marathon continues, with the unknown outcome expected to determine the finalization of package of additional measures and the text of the revised MoU.
The troika representatives will meet the officials of Labour and Infrastructure Ministries, Bank of Greece, Hellenic Statistical Authority and the services Finance Ministry.
They aim to reach to an agreement on the revise Memorandum and medium-term package until Friday. The arrival of the top troika officials is scheduled on Saturday.
According to the schedule, the visit is expected to be finalized in the middle of the next week, with a plain announcement of the outcome. No press conference with the troika officials is expected, while the bill will be introduced before the parliament by May 14.
The troika unit had daylong negotiations in the Treasury on Tuesday. The discussions, officiated by Finance Ministry officials, will continue for several days.
The troika officials arrived in Athens having prepared their own estimates for the performance of the proposed measures worth €76b and the country’s progress regarding the Memorandum of Understanding. The measures of 2011 were at the centre of attention on Tuesday.
Sources note that the possibility of shrinking of this year’s deficit at €17b is strongly disputed, as the troika believes that more than the proposed €3b measures are needed.
Recession is expended to be greater, reducing the revenues, while the troika questions the government’s ability to narrow the gap of €1.4b in the first quarter of 2011 and expects the shock of revised deficit to 10.5% of GDP to be greater.
IMF/EU/ECB unit also criticized the government for the delay in implementing key terms of the MoU.
The diplomatic marathon continues, with the unknown outcome expected to determine the finalization of package of additional measures and the text of the revised MoU.
The troika representatives will meet the officials of Labour and Infrastructure Ministries, Bank of Greece, Hellenic Statistical Authority and the services Finance Ministry.
They aim to reach to an agreement on the revise Memorandum and medium-term package until Friday. The arrival of the top troika officials is scheduled on Saturday.
According to the schedule, the visit is expected to be finalized in the middle of the next week, with a plain announcement of the outcome. No press conference with the troika officials is expected, while the bill will be introduced before the parliament by May 14.
