Brussels, 17/01/2013 (Agence Europe) - On Wednesday 16 January 2013, the International Monetary Fund (IMF) gave the go-ahead to the disbursement of €3.24 billion euros as part of its contribution to the second Greek bailout. Like the eurozone, the IMF had initially put the cash on hold in the summer of 2012 while awaiting guarantees from the new Greek government that it would properly introduce the various reform measures. The fears about the sustainability of the Greek debt were eased in December 2012, after weeks of talks on new measures and a compromise of debt to be reduced to 124% of GDP in 2020 (see EUROPE 10739 and EUROPE 10751).
International Monetary Fund Director Christine Lagarde recognised progress by Greece and encouraged the Greek government to continue its good work on the labour market, privatisation, bank restructuring and reform of the tax office.
Greek finance minister Yannis Stournaras said it was “too early to declare victory” and the reform momentum had to be kept up in the face of “pressure to ease the programme”. In an interview with Reuters, he said that Greece would slightly overshoot its primary deficit targets in 2013, thus paving the way for a further reduction in debt, probably through a new cut in interest rates. “We are doing better but we can't say the we have escaped all danger”, he said, adding that the spectre of bankruptcy had not vanished entirely and 2013 would be a crucial year.
Privatisation of DEPA. The Hellenic Republic Asset Development Fund (privatisation fund) has given a unanimous go-ahead to the final stage of the sale of gas company DEPA. Three bidders are left in the race to buy up DEPA and two further companies for its subsidiary DEFSA. Talks will continue next week and it is hoped agreement will be reached on the calls for tender, a prerequisite for continuing aid from the eurozone and the IMF, Athens hopes to net €2.6 million from privatisation. (EL/transl.fl)