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Memorandum of Understanding

Memorandum of Understanding

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Published by Argos Press
Memorandum of Understanding
on
Specific Economic Policy Conditionality
Memorandum of Understanding
on
Specific Economic Policy Conditionality

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Categories:Business/Law
Published by: Argos Press on Nov 10, 2012
Copyright:Attribution Non-commercial

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12/18/2013

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1
GREECE
(draft1841414 /10)
Memorandum of UnderstandingonSpecific Economic Policy Conditionality
The disbursements of financial assistance to Greece, by the European FinancialStability Facility (EFSF), are subject to quarterly reviews of conditionality for theduration of the arrangement. The release of the tranches is based on observance of quantitative performance criteria and a positive evaluation of progress made withrespect to policy criteria in Council Decision 2011/734/EU of 12 July 2011 (asamended; hereinafter the Council Decision), the memorandum of economic andfinancial policies (MEFP) and in this Memorandum.The annex on data provision is part of the Memorandum and how well it has beenrespected will be considered in the assessment of compliance.Greece commits to consult with the European Commission, the ECB and the IMFstaff on the adoption of policies falling within the scope of this Memorandumallowing sufficient time for review. The Government publishes a quarterly report inline with Article 4 of the Council Decision.In line with the conclusions of the euro-area summit of 26 October 2011, theGovernment will fully cooperate with the Commission, the ECB and the IMF staff teams to strengthen the monitoring of programme implementation, and will providethe staff teams with access to all relevant data and other information in the Greek administration. However the ownership of the programme and all executiveresponsibilities in the programme implementation remain with the Greek Government.
 
2
GREECEMemorandum of UnderstandingonSpecific Economic Policy Conditionality
1 Achieving sound public finances.....................................................................................................41.1 Budget implementation..........................................................................................................42 Structural reforms with budgetary relevance.................................................................................42.1 Privatising to boost efficiency in the economy and reduce public debt.
Error! Bookmark notdefined.
 2.2 Tax policy reform.....................................................................................................................42.3 Revenue administration reforms............................................................................................42.4 Public financial management reforms....................................................................................82.5 Making the public administration more efficient and effective...........................................112.5.1 Reforming the public administration............................................................................112.5.2 Avoiding waste and increasing quality through sound public procurement................122.6 Completing the pension reform to secure sustainability......................................................152.7 Modernising the health care system.....................................................................................162.7.1 Governance...................................................................................................................162.7.2 Controlling pharmaceutical spending...........................................................................162.7.3 Reviewing the provision of medical services contracted by EOPYY..............................202.7.4 National Health System (NHS) service provision...........................................................202.7.5 Centralised procurement..............................................................................................222.8 Upgrading the education system..........................................................................................223 Banking..........................................................................................................................................233.1 Strategic assessment of the banking sector..............................
Error! Bookmark not defined.
 3.2 Capital needs.............................................................................
Error! Bookmark not defined.
 3.2.1 Capitalization process........................................................
Error! Bookmark not defined.
 3.3 Resolution of undercapitalized banks.......................................
Error! Bookmark not defined.
 3.4 Further restructuring and strengthening of the banking system............
Error! Bookmark notdefined.
 3.5 Review of insolvency frameworks.............................................
Error! Bookmark not defined.
 3.6 Follow up stress testing.............................................................
Error! Bookmark not defined.
 3.7 Safeguards to ensure stability and viability of the financial system.......
Error! Bookmark notdefined.
 3.8 Adaptation of banking supervision............................................
Error! Bookmark not defined.
 4 Strengthen labour market institutions and promoting employment...........................................244.1 Reforms in the wage-setting system.........................................
Error! Bookmark not defined.
 4.2 Reducing non-wage labour costs..............................................
Error! Bookmark not defined.
 4.3 Adaptability of working hours arrangements...........................
Error! Bookmark not defined.
 4.4 Lowering compliance costs, fighting undeclared work and informality.
Error! Bookmark notdefined.
 4.5 More transparent and enforceable labour law.........................
Error! Bookmark not defined.
 4.6 Active labour market policies and social safety nets................
Error! Bookmark not defined.
 5 Creating favourable conditions for economic activity..................................................................255.1 Promoting an efficient and competitive business environment...........................................255.1.1 Rationalising / eliminating quasi-fiscal charges............................................................255.1.2 Reducing procedural and other administrative burden................................................255.1.3 Enhancing competition..................................................................................................28
 
35.2 Reforming the judicial system to support economic activity................................................285.2.1 Review of the code of civil procedure...........................................................................285.2.2 Judicial statistics............................................................................................................295.2.3 Tax case backlog reduction...........................................................................................295.2.4 Non-tax case backlog reduction....................................................................................295.2.5 Reorganization of the magistrates' court......................................................................295.2.6 Development of e-justice applications in courts...........................................................295.2.7 Promotion of pre-trial conciliation and mediation.......................................................305.2.8 Other measures on judicial reform...............................................................................306 Efficient Network Industries and Services.....................................................................................326.1 Energy policy.........................................................................................................................326.1.1 Unbundling effectively network activities from supply activities.................................326.1.2 Provisions regarding the privatisation of PPC and DESFA:............................................326.1.3 Ensuring that electricity prices reflect costs.................................................................32Implementing smart metering systems................................................................................33
6.1.4
...............................................................................................................................................336.1.5 Providing for a financially sustainable development of renewable energy sources.....336.1.6 Planning the development of the electricity market in the medium to long term.......336.1.7 Fuel distribution............................................................................................................346.2 Electronic communications...................................................................................................346.3 Transport...............................................................................................................................356.3.1 Road...............................................................................................................................35
6.3.2
 
Maritime Activities and Ports
........................................................................................366.3.3 Aviation..........................................................................................................................37
6.3.4
Railways.........................................................................................................................376.4 The Retail Sector....................................................................................................................376.5 Regulated professions, professional qualifications and provision of services......................386.5.1
Removing restrictions to the access to and exercise of regulated professions
..............386.5.2 Easing the recognition of professional qualifications...................................................406.5.3 Services Directive: exploiting the information benefits of the Point of Single Contact407 Increasing the impact of structural and cohesion funds...............................................................428 Monitoring and Technical assistance............................................................................................448.1 Statistics.................................................................................................................................449 Annexes.........................................................................................................................................459.1 List of government pending actions related to the privatisation plan..................................459.2 Regulated professions...........................................................................................................459.2.1 List no. 1: list of restrictions on selected regulated professions to be repealed prior tothe next disbursement..................................................................................................................459.2.2 List no. 2: regulated professions / economic activities whose regulatory frameworkneeds to be adjusted to applicable opinions of the Hellenic Competition Commission..............469.3 Agreed roadmap between the Greek Ministry of Justice and the EC/IMF/ECB for the reviewof the code of Civil Procedure...........................................................................................................479.4 Statistics to be published by the Ministry of Justice or Ministry of Finance.........................479.5 Non-exhaustive list of regulations on port work for review under the new port strategy...48

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