Thursday, 26 April 2018
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FinMin: Satisfaction with Troika's positive comments on Greece

Greek finance minister Yannis Stournaras expressed satisfaction with the positive comments on Greece's performance by the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) Troika representing the country's international lenders, after conclusion of a meeting of the Eurogroup finance ministers of the 17 countries of the euro area in Luxembourg.

Stournaras insisted, however that the progress in Greece should become an acquis of all the euro area countries, given that during the meeting some countries had the wrong impression that the number of civil servants in Greece has risen.

On the package of fiscal austerity measures being drafted for the period 2012-2914, he stressed that 84 percent of the measures concern reduction of expenditure and 16 percent concern increasing revenues.amna

He noted that the primary expenditures in Greece are the lowest in Europe, and are equivalent to 40 percent of GDP.amna

Given the delays in the disbursement of the bailout loan tranches to Greece, Stournaras called on the eurozone partners for the disbursement of 36.5 billion euros -- representing the 31.5 billion euros of the next tranche of the loan and the 5 billion euros that were due in September.

He also said that the Troika's demands for a "front-heavy" distribution of the new package of measures with 70 percent of the measures in 2013 were excessive and would reverse the benefits from the extension of the fiscal adjustment period that was currently being discussed.amna

Stournaras further said that the funding gap from the extension of the Greek programme was estimated at 12 billion euros, which he added could be covered through "technical solutions" without requiring additional funding from the eurozone member countries.



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