Extracts from the press conference by Matthias Mors, on the presentation of the Troika Second Compliance Report for Greece
On 16 March 2012, Matthias Mors, Head of the Greek Troika Mission, presented the Troika Second Compliance Report for Greece.
This report is the culmination of a joint mission of the European Commission, International Monetary Fund and the European Central Bank to Greece on 17 January to 9 February 2012.
The mission assessed compliance with the terms and conditions of the Economic Adjustment Programme and discussed the policy package that forms the basis of a successor programme.
The international assistance loans disbursed so far to Greece amount to 73 billion euro.
The report shows that the implementation risks will remain very high. The success of the second programme depends chiefly on Greece. It crucially hinges on the full and timely implementation of fiscal consolidation and growth-enhancing structural reforms agreed under the programme. The successful debt exchange should help strengthen the reform momentum and build a consensus in favour of the difficult reforms that still lie ahead. The continuation of the very comprehensive international financial assistance can only be expected if policy implementation improves.
The Commission services recommend the first disbursement of the second programme to take place as soon as possible. The debt restructuring has been executed and the very comprehensive prior actions that were necessary to bring the programme back on track were completed. Taking this into account, compliance with the agreed policy measures under the first programme has been sufficient, in spite of deficiencies that this report discusses. SHOTLIST