Greece will need an additional 32.6 billion in 2014-2016

Bloomberg says that according to the report, the financial needs of Greece from the two-year extension to the country's economic program until 2014 are estimated at 15 billion euros, while for the biennium 2015-2016 the funding gap is increased by 17.6 billion euros. Therefore, the two-year extension raises the financing gap for Greece to 32.6 billion euros until 2016.

The Troika notes that the two-year extension of the fiscal adjustment program in Greece will reduce the impact of the painful austerity measures adopted by the Greek government in response to the constant demand of lenders to fulfill the countrys commitments to its partners.

In particular, regarding the question of fulfilling the Greek commitments to the partners, the troika talks about a noticeable improvement, but stresses that "the risks of implementing the Greek program remain high."

In the progress report on the Greek economy, the representatives of the lenders explain that the size of the financial needs of Greece is due to delays in the implementation of the privatization program and the absence of economic growth.

According to what has been leaked to the international media, the 115 pages do not contain any mention of how to fill the funding gap in the case that Greece is given the two-year extension, nor do they include any proposals for the next three years in order for Greece to get back on a recovery track.

According to Dow Jones Newswires, in light of the new developments marked by the Troika report, a decision on the disbursement of the tranche to Greece is now expected to be made a little earlier than November 26.