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Athens Macedonian News Agency: News in English, 13-10-22

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greece needs additional measures to meet targets, EU sources say

  • [01] Greece needs additional measures to meet targets, EU sources say

    BRUSSELS (ANA-MPA/Maria Aroni) Greece needs to take additional measures to meet the fiscal targets of the Greek programme in 2014, European Union sources said on Tuesday. Speaking to reporters, here, EU sources said that certain member-states were displeased with the message "no more measures" sent by the Greek side and stressed it was important for Greece to meet its fiscal targets for 2014 and to achieve a primary budget surplus in the same year.

    This is the only solution if Greece wants to reduce its debt level faster, to attract investments and to boost economic growth, Community sources said.

    The same sources underlined the existence of a fiscal gap in the 2014 budget, worth 2.0 billion euros and stressed that it was necessary to take specific and focused measures and not measures of a horizontal nature (i.e. cuts in pensions and wages). They noted that the troika and the Greek side continued to disagree on the size of the fiscal gap in 2014, while they underlined that Brussels estimated this gap at 2.0 billion euros. The disagreement was the result of different ways in measuring growth, fiscal multipliers and state spending, they said.

    The community sources said that the Greek side needed to first satisfy all four prior actions envisaged in the memorandum before its creditors approved the disbursement of an 1-bln-euro loan to Greece and said the first and most significant prior action was a mobility scheme in the public sector with 12,500 civil servants. The second is a restructuring of Greece's defense industries - Hellenic Defense Systems, Hellenic Vehicle Industry and Larco. The sources said that two out of those three industries must shut down. The third prior action is repayment of outstanding state debts to Athens Water and Thessaloniki Water and the fourth is a new lawyers' code.

    The same sources expressed hope that discussion over a so-called "financing gap" of the Greek programme could begin as soon as possible, possibly in December, but noted that there must first be a 'safer' assessment of fiscal figures for 2013 and 2014. They did not exclude the possibility of an extension on the maturing of Greek bonds held by European Central Bank and EU central banks. They noted that decisions over the sustainability of Greek debt were expected around May or June 2014.


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