European Commission
Published: 2010
Total Pages: 118
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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.