Eurozone finance ministers meeting in Brussels on March 4 said they were satisfied that Greece has met “necessary milestones” in fiscal targets for February despite tax revenues being far off expectations, but said another check will be made for March before releasing a 2.8 billion euros ($3.65 billion) loan installment.
The European Union’s Economy Commissioner Olli Rehn referred to the economic predictions that the Commission adopted recently, according to which growth will return to Greece gradually in early 2014, he news agency AMNA reported.
Greek Finance Minister Yannis Stournaras said again that he doesn’t believe layoffs of public workers will be needed as demanded by international lenders because of early retirements and action to fire disciplinary problems. “The purpose is for us to have a smaller and more effective public sector,” he said, adding that targets to lessen the workforce are being met.
He said the government still must reduce the cost of medicine and make other reforms to satisfy the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) that is putting up $325 billion in two bailouts on condition of big pay cuts, tax hikes and slashed pensions.
Euro area finance ministers meeting in Brussels expressed their “satisfaction” with Greece for meeting the targets for February set out in its second bailout agreement with international creditors, but said that the disbursement of the next tranche of funding, worth 2.8 billion euros, will depend on whether Athens achieves targets set for March.
“The Eurogroup notes with satisfaction that the MoU milestone for February, agreed between Greece and the troika, has been achieved,” a statement issued following the meeting said. “In particular, the medium-term fiscal strategy has been updated, introducing three-year expenditure ceilings for line-ministries and the health sector.
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