IMF/EU/ECB ask for additional measures of €4 billion for the period 2011-2015 besides measures of €6 billion already included in the draft budget of 2012.
Troika representatives continue technical consultations, seeking new measures, while its senior officials prepare the final announcement of the mission, probably released on Tuesday.
These measures may not be announced. Information indicates that €7.11 billion measures of the 2011-2012 period have been revised at €6 billion, due to the deeper than anticipated recession. Additional €4 billion measures should be adopted for the period 2013-2015, caused be the acceleration of measures and the inclusion of one more year in the medium term.
However, the negotiation for 2014-2015 is not over, as EU officials do not rule out a change of estimations. Final draft budget would include final targets, according to the new rules of financial supervision by the EU.
Information indicates that the Troika is preparing an announcement, which would be marginally positive. It would give credit for progress that Greece made, but it would also warn the government to take immediate action on several issues.
The Troika ask for privatizations on current market prices in order to achieve targets, and labour relations, as it requires a minimum commitment that the government would seek changes in private sector wages.
International lenders were dissatisfied by inactivity in closed professions, healthcare expenditure, justice system, insurance system and political consensus to ensure implementation.
“There are some technical issues left to discuss for Tuesday,” said Venizelos in Parliament after his afternoon meeting with the troika officials from the European Union and the International Monetary Fund.
Venizelos then went on to warn that “unfortunately the incomes, the living standards will revert to 2004 levels, as total recession will have reached -15% by the end of 2012.” The statement left deputies and journalists aghast, given that the comparison of the crisis-riven 2011 or 2012 with the living standards of the year that Athens staged the Olympic Games at a high financial cost seemed hardly appropriate at this stage.
(source: capital)
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