Brussels, 17/11/2010 (Agence Europe) - On Wednesday 17 November 2010, the Greek finance minister issued a press release to say that there were absolutely no concerns about the timing of paying the €9 billion tranche of the €110 billion loan to Greece granted by eurozone countries and the IMF. He said that the decisions on the payment of the third tranche would be made by the eurozone countries at the ECOFIN Council meeting in December 2010 and at an IMF meeting the same month. The decision would be made in December and the money released in January, confirmed EU Economic and Monetary Affairs Commissioner Olli Rehn, insisting that there would not be any delay. Austrian Finance Minister Joseph Pröll said on Tuesday that Athens had reached all the objectives set in its austerity programme, suggesting a delay in the payment of further batches of EU aid.
In a statement, the Eurogroup welcomed Greece's efforts to reduce its deficit this year and bring it back below the 3% cut-off mark by 2014. On Tuesday, the chair of the Eurogroup, Jean-Claude Juncker, said that, given the substantial implementation of the programme over the past five to six months, the necessary adjustment is generally on track. In order to cut the country's deficit by €17 billion in 2011, the Eurogroup recommends further cuts in public spending and an acceleration and intensification of structural reforms, particularly in taxation, the labour market, the business environment, healthcare and the civil service. It takes note of the “expected” correction in the 2009 Greek public debt figures (-126.8%) and public deficit figures (-15.4%) (see EUROPE 10256). For the first time in five years, the Greek financial statistics, which will have an impact on 2010, can be considered to be reliable because they now meet EU standards. (M.B./transl.fl)