New mechanism for controlling the General Government expenditure

The Prime Minister is creating a mechanism to control the expenditure of the General Government, earlier today signing the relevant legislative act of immediate effect.

The government's announcement says: "This mechanism is strictly Greek, without any involvement on the part of Greece’s creditors. It regards the continuous control of state expenditure to provide early warning of serious overruns, automatic correction measures and an additional intervention system when the automatic measures are not implemented and are not enough. This mechanism will be created immediately in a simple and transparent manner for ministries to prepare quarterly targets and be monitored on a monthly basis to ensure that they are within their targets. The same applies to the supervised entities. Thus, cases of excess will be announced immediately and treated promptly by the respective ministry, to keep the government from proceeding to broad horizontal cuts."