Return to Athens international experts
Suit and tie, dark glasses, briefcase and severe look. The "Men in Black", as are known as experts from the International Monetary Fund and the European institutions are back in Athens for two weeks. Their mission: to scrutinize the country's overburdened public accounts and the first assessment of the official plan of 110 billion euros for Greece in early May. If they judge that the government of George Papandreou meets its commitments, a second payment of 9 billion euros, will be completed in September.
The Greek Finance Minister George Papaconstantinou, is not afraid of men in black. "The second tranche of the plan will be paid if we have achieved the targets" by the international community, he said this weekend in an interview to a Greek newspaper. "These conditions were replies and we've even gone ahead with the vote of the pension reform.Greece adopted in June a postponement of the age of retirement at age 65.
"Progress"
The International Monetary Fund had also considered a report published in mid-July, the Greek authorities' making strides to redress public finances. " Athens was required to reduce the deficit by 39% in the first half. He did much better than that, reducing it by 46%.
"They were the hardest, reducing public spending more severely than expected," Judge Jean-Francois Robin, rate and currency strategist at Natixis AM. "In terms of fiscal consolidation, they are on track to be the best European students in the class and should succeed in reducing their deficit to about 9%." Good student in 2009, Ireland is in contrast to the penalty this year and could be weighted with a deficit of 12% in late 2010.
Uncertainties on Revenue
In Greece, if the goal seems far exceeded expenditure side, the revenue side "is more uncertain because revenues depend heavily on economic growth and tax base," Philip Sabuco shade, an economist at BNP Paribas., Philip Sabuco shade, economist at BNP Paribas. The government has managed to find only 7% of additional revenue to date, well below the target of 13, 7%.
Greece will not be judged solely on controlling the budget deficit. The IMF will look very closely the progress of privatization of public enterprises, the state (disastrous) finance social security, the release of occupations "protected" (trucker, notaries, architects, etc..). Records of which Athens is late.
See also:
"SPECIAL CASE – Greece, a challenge for Europe
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