Brussels, 18/06/2010 (Agence Europe) - Greece's economic programme is on the right track, according to European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) experts who have just returned from a joint visit (14-17 June) to assess how well Athens has been implementing its pledges with regard to the financial assistance it was granted.
Budgetary developments are positive, says a press release published by the Commission on Thursday 17 June. State budget deficit, the Commission notes, was lower than was projected in the programme. The pension reform has progressed well and agreement has been reached on many key parameters as envisaged in the memorandum of understanding. Other structural reforms, the Commission says, are also progressing and liquidity in the banking sector remains adequate.
The assessment teams will return to Athens toward the end of July to conduct a comprehensive review under the programme, including an assessment of progress relative to quantitative targets and benchmarks for end-June. This will be the first formal review under the programme. Satisfactory completion of this review will mean that Greece will be able to request the second tranche of the financial assistance, worth €110 billion over three years, granted it by the EU in May. (A.B./transl.rt)