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Provides an overview of the challenges faced by Greece, discusses with the authorities, and the objectives and design of the economic and financial programme.
A joint Commission / ECB / IMF mission met with the Greek authorities in Athens from 3 May to 2 June, and 21 to 23 June 2011. The mission assessed compliance with the terms and conditions of the Fourth Review under the Economic Adjustment Programme.
Recoge: 1. Introduction - 2. Macroeconomic and financial developments - 3. Programme implementation - 4. Debt sustainability analysis and programme financing.
Reviews assessing Greek compliance with the terms and conditions of the economic adjustment programme, required to be issued prior to the quarterly aid payments scheduled to be completed in 2013.
Reviews assessing Greek compliance with the terms and conditions of the economic adjustment programme, required to be issued prior to the quarterly aid payments scheduled to be completed in 2013.
Recoge: 1. Introduction - 2. Macroeconomic developments - 3. Financial markets and financial sector developments - 4. Programme implementation and policy discussions: Fiscal policy, Fiscal strategy in 2012 and subsequent years, Structural fiscal reforms, Growth-enhancing structural reforms, Fiscal financing and treasury management, Technical assistance and monitoring.
Reviews assessing Greek compliance with the terms and conditions of the economic adjustment programme, required to be issued prior to the quarterly aid payments scheduled to be completed in 2013.
A joint EC/IMF/ECB first review mission under the Economic Adjustment Program visited Athens from July 26 to August 5, 2010. The aim was to assess compliance by Greece with the terms and conditions for the first review of the economic adjustment program required for the quarterly disbursements of bilateral financial assistance from euro area member states. The mission also discussed policy challenges ahead and an update and specification of the conditionality requirements for the next reviews. This report by the European Commission staff provides a detailed assessment of compliance, an overview of challenges faced by Greece and a summary of the main findings of the mission. This document contains in annex the following updated program documents: the Memorandum of economic and financial policies (MEFP); the Memorandum on specific economic policy conditionality (MoU); and the Technical memorandum of understanding (TMU). On August 19 the European Commission assessed measures taken by Greece to remedy the situation of excessive deficit. Subject to the approval of the Eurogroup, the overall positive assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.--Publisher's description.