Decisions to Cover Financial Gap Aimed for December 2014


After the meeting with Minister of Finance, Giannis Stournaras, and Chairman of the Euro Working Group, Tomas Vizer, a top executive of the Ministry of Finance stated, that the decisions about covering the country’s financial gap for 2014 are expected to be taken in December. According to an executive member of ECB, Jorg Asmousen, this gap amounts to 5-6 billion.

In accordance to AMPE, during the meeting which lasted approximately 4 hours, there was a deadline set for the decision-making process about the country’s funding gap as well as the pubic debt.

The budget gap for 2014 , which is estimated by the heads of the troika at 2 billion euros, this factor encouraged new contacts between the government and the head of the creditors. It is very important to note that the Greek side is seeking an agreement to cover the financing gap without taking “new horizontal measures”.

The main issue of this meeting at the Ministry of Finance, were the four prerequisite actions for the disbursement of the 1 billion euro installment, (restructuring defense industries and LΑRCO, availability program of civil servants , Code of Lawyers and pay off debts of the State to EYDAP – EYATH ) while the Euro Working Group is responsible for paying the installment , which noted, has been pending since last July.

According to the Ministry of Finance, the main problem between the four prerequisites is that of the Greek Defense Systems , and as mentioned by top ministry official, “tomorrow will probably be a conference call with the heads of the troika on this issue.”