August 4, 2010
IMF / eurozone committee declares Greek efforts a success
Maria Petrakis at Bloomberg on the investigation of Greek progress on the bailout program Papandreou agreed to for Greece to receive the €110 emergency loan program ($145 billion USD). Looks mostly positive, and the next infusion of €9 million euros is expected to happen without delay:
"Luxembourg’s Jean-Claude Juncker, who leads the group of euro-area finance ministers, said he is “very satisfied” with the deficit reductions Greece is making.
The cuts have been “beyond expectations,” he told reporters in Luxembourg. The euro-area nations “have further wishes as to structural reforms” to be undertaken by the Greek government, he said.
...Doros Constantinou, the chief executive of Coca-Cola Hellenic Bottling Co., the world’s second-largest bottler of Coke drinks, says the government needs to focus on aiding growth rather than raising taxes when it begins drafting next year’s budget, which targets a shortfall of 7.6 percent.
“If you don’t grow the top line, there’s no future,” Constantinou told analysts in a conference call on July 29. “The government has to come back with some measures that will boost growth.”
Greece’s economy shrank an annual 2.5 percent in the first quarter, with unemployment and consumer confidence both at the worst in 10 years. Even with the contraction, June’s inflation rate reached 5.2 percent, close to a 13-year high and more than three times the euro-region rate, as the tax increases boosted the costs of fuel, alcohol and tobacco. "
The "Troika" presents their findings to the public on Thursday (Reuters new link):
"...the team from the IMF, European Commission and European Central Bank is assessing Greek progress in cutting the deficit and pushing labour market and other reforms before releasing the second tranche from the 110 billion programme.
"So far, it seems we are meeting our targets and responding to the obligations, faster than the original timetables," Labour Minister Andreas Loverdos told reporters on Wednesday. "This is what the troika verified during our meeting."
They are expected to present their findings during a news conference on Thursday.
Related:
2011 – Creating the European Financial Stability Facility (EFSF) & the "PIIGS"
2017 – Another Greek Economic Crisis?
The Drachma almost returned to Greece 2013–2017
Greek economic Survival in the 1990s
Greece 112 Emergency Announcements on X/Twitter
Hellenic National Meteorological Service
Greece's Golden Visa program
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