New additional measures of 11,6bil euros for 2013-14

While on his way to Brussels to participate in the critical Eurogroup today, Evangelos Venizelos will have the hidden measures of 11,6bil euros for 2013 -2014, to prove to lenders that he can implement the updated memorandum.

The EC has published the draft of the findings of the auditors, which was drawn up as a "guide" for decisions about Greece at the Eurogroup and the Summit on Sunday, and provides for additional interventions of 3,4 billion for 2013 and 4,8 billion for 2014.

But in reality, the measures of 2013 would have to apply in 2014 too, so within the two years the total of new sacrifices will amount to 11,6 billion euros. Yet another consultation with the Troika will reveal where exactly this amount will be found.
 
On the debt

The report from the EC leaves huge question marks over the viability of the Greek debt (the IMF has not yet put its signature) and provides that even if Greece fully implements the memorandum, the debt will begin to decline after 2013 as a proportion of the GDP.

And adds that compared to a few months ago, debt sustainability has significantly deteriorated due to delays in recovery of fiscal adjustment and privatizations, but also because of the recapitalisation of banks. It estimates that as long as the implementation of these policies is weak, the debt dynamics could not be described as "sustainable." In order to have sustainability, Greece must implement strict policies and an ambitious reform agenda.

For 2011, the government estimates the debt at 161,8% of GDP and the Troika at 162,8%. In 2012 the debt will increase to 172,7% according to the government and to 181% according to the Troika.