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Troika Experts Draft Report Next Week Concerning Allocation of 12 Billion Euros to Greece

The month of May is shaping up to be a crucial and difficult period of time for the Greek government. Complications began today with an announcement by Eurostat of a 2010 budget deficit of around 10.5%, according to news in the press.
Next week in Athens Troika experts from the International Monetary Fund, EU and European Central Bank monitoring the progress of the Greek economy – looking mainly at the efficiency of the medium term economic programme and privatisation plan of the government – will draft a report that will be the basis for the decision regarding the allocation of the fifth tranche of 12 billion euros planned for the month of May, as part of the 110 billion euros of aid granted to Greece a year ago. A few days later by May 10th, Troika officials are expected to arrive in the Greek capital to approve the economic measures planned by the government in order to raise 23 billion euros in the medium term economic programme for 2012-2015. However, Troika experts are reportedly not satisfied, according to several dailies, with the announcements that have been made by the Greek government until now because in their opinion they have been very “generic” and have not specified the economic measures that will generate the 23 billion euros.
The Finance Ministry has replied that by May 15th, when the medium term economic programme is presented in Parliament, the objectives of the programme will be made clear. Politically, Greek Prime Minister George Papandreou, who has returned to Athens following the Easter holiday, must convince his Ministers that the medium term economic programme is necessary and that they must contribute to its application. Due to the difficulty of this task, the press has indicated that the Premier is reportedly willing to delay a possible government reshuffle.

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