The economic adjustment programme for Greece - Interim review

A joint EC/IMF/ECB mission visited Athens during 14-17 June 2010, for an interim review of the programme. Although there was no formal requirement for this review for the EU, and the mission did not undertake a comprehensive assessment, it was an opportunity for following up on recent developments, monitoring policy implementation and discussing with the authorities the challenges ahead.

The overall assessment was positive, with programme implementation being broadly on track; a number of pressure points and areas were identified, with the autorities expressing their commitment to address them timely.

The first quarterly review mission will take place at the end of July and first days of August. Such a review will assess progress and prepare for decisions by the Eurogroup and the IMF board on the second instalment of financing assistance to Greece. The release of the second instalment will be conditional upon a positive evaluation of progress made with respect to conditionality criteria in the Memorandum of Economic and Financial Policies (MEFP) and the Memorandum of Understanding (MoU).

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1. MEFP is attachment I to Occasional Papers no 61, p. 39.
2. MoU is attachment II to Occasional Papers no 61, p. 59.