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001 Eu Economic Adjustment Programme for Greece 5th Review

001 Eu Economic Adjustment Programme for Greece 5th Review

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Published by: nosfar on Oct 20, 2011
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11/15/2011

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EUROPEAN COMMISSION
DIRECTORATE GENERALECONOMIC AND FINANCIAL AFFAIRS
The Economic Adjustment Programmefor Greece
Fifth Review – October 2011
DRAFT
This report has been prepared by the Commission services in liaison with the ECB.The box on the debt sustainability assessment will be finalised shortly and included in the final version for  publication.
 
 
 
OUTLINE OF THE REPORT
i
Executive summary 11. Introduction 52. Macroeconomic developments and outlook 93. Financial markets and financial sector developments 154. Programme implementation and policy discussions 214.1 Fiscal policy 224.2 Structural fiscal reforms 294.2.1. Privatisation 294.2.2. Tax reform and fight against tax evasion 304.2.3. Public administration and social programmes 314.2.4. Healthcare 314.2.5. Pension reform 324.2.5. Public procurement 324.3 Growth-enhancing structural reforms 324.3.1. Labour market 324.3.2. Regulated professions 344.3.3. Energy and transport 344.3.4. Business environment 354.3.5. Absorption of structural funds 354.3.6. Judicial reform 364.3.7. Education 364.4 Fiscal financing and treasury management 374.5 Technical assistance 40Appendix 41Annex 1 Assessment of compliance with the Memorandum ofUnderstanding on Specific Policy Conditionality (fourth update,2 July 2011) 43Annex 2 Macroeconomic forecast 91Annex 3 Statement by the European Commission, the ECB and IMF on thefourth review Mission to Greece 97
LIST OF BOXES
1. The 21 July 2011 statement by the heads of state or governmentof the euro area and EU 62. Greek banks in the EBA stress tests 173. Debt sustainability assessment 274. Interest rates on euro area assistance loans 385. Financing of the Greek sovereign state since the start of theprogramme: planned versus actual outcome 39
LIST OF TABLES
1. Disbursements under the economic adjustment programme 52. Contributions by the euro-area Member States to disbursements toGreece so far 6

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