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European Commission assesses measures taken by Greece in economic adjustment programme

09.12.2010 - Subject to the approval of the Eurogroup, the overall assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens on 15-22 November 2010. The mission assessed compliance by Greece with the terms and conditions of the second review under the economic adjustment programme and updated conditionality for the next reviews. Completion of the review will release the third tranche of the assistance from euro area Member States to Greece (EUR 6.5 billion). Completion of the IMF review under the IMF stand-by arrangement releases an additional EUR 2.5 billion.

Subject to approval by the Eurogroup, the positive assessment of compliance with programme conditionality will release the next tranche of the loan from Euro area Member States (EUR 6.5 billion). Overall, the mission concluded that conditions for the third disbursement were broadly met. The authorities recommitted to programme objectives. They adopted additional fiscal consolidation measures for some 2½ percent of GDP and committed to speed up the pace of structural reforms. The joint mission argued that delivering on programme targets will require much stronger resolve to implement the agreed policies than in recent months. It will also require better coordination within the government, and consensus within the whole Greek society, fundamentally with regards to the implementation of the structural agenda.

>> Occasional Paper 72 - The Economic Adjustment Programme for Greece – Second review – autumn 2010

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