Troika: We agreed but the prospects of the program are uncertain
Troika: We agreed but the prospects of the program are uncertain
Greek authorities have committed themselves to take corrective actions to achieve financial targets for 2013-2014 - discussion about a possible reduction in catering VAT is continued - Progress and return to growth in 2014
Greek authorities have committed themselves to take corrective actions to achieve financial targets for 2013-2014 - discussion about a possible reduction in catering VAT is continued - Progress and return to growth in 2014
The prospects of the bailout program remain uncertain as Troika said in a statement, pointing out that the request for approval of the report on Greece will be considered later this month. It also says that the Greek authorities have committed themselves to take corrective actions to ensure that they achieve their financial goals for 2013-2014 and that Greek government and Troika continue debating the possible reduction of VAT in catering.
Meanwhile, the Troika announcement recognizes the progress made and talks about a returning to growth in 2014. It characteristically says "the team reached an "ad referendum" agreement at official level with the Greek authorities on the economic and financial policies needed to ensure that the program is on track to achieve its objectives."
As noted, Troika and the Greek authorities agreed that the macroeconomic outlook remains broadly consistent with the predictions of the program, with a view of gradual return to growth in 2014. However, the overall outlook remains uncertain.
Although there still is significant progress, the program’s implementation is delayed in some areas. The Greek authorities have pledged to take corrective measures to ensure the achievement of fiscal targets for 2013-2014, for effective implementation of reforms in public administration.
These reforms are another important step to facilitate adaptation and development. The Troika team also discussed with the Greek authorities on the progress in strengthening the social security system, among other things, through targeted employment and training programs, with support from the EU.
The prospects of the bailout program remain uncertain as Troika said in a statement, pointing out that the request for approval of the report on Greece will be considered later this month. It also says that the Greek authorities have committed themselves to take corrective actions to ensure that they achieve their financial goals for 2013-2014 and that Greek government and Troika continue debating the possible reduction of VAT in catering.
Meanwhile, the Troika announcement recognizes the progress made and talks about a returning to growth in 2014. It characteristically says "the team reached an "ad referendum" agreement at official level with the Greek authorities on the economic and financial policies needed to ensure that the program is on track to achieve its objectives."
As noted, Troika and the Greek authorities agreed that the macroeconomic outlook remains broadly consistent with the predictions of the program, with a view of gradual return to growth in 2014. However, the overall outlook remains uncertain.
Although there still is significant progress, the program’s implementation is delayed in some areas. The Greek authorities have pledged to take corrective measures to ensure the achievement of fiscal targets for 2013-2014, for effective implementation of reforms in public administration.
These reforms are another important step to facilitate adaptation and development. The Troika team also discussed with the Greek authorities on the progress in strengthening the social security system, among other things, through targeted employment and training programs, with support from the EU.
The Greek government is preparing the necessary legislation to support its economic program and is taking the relevant legal steps to implement its commitments in the coming days.
The agreement at the official level does not provide for a temporary reduction in VAT for restaurants and catering, but this issue remains under discussion with the Troika officials.
The agreement at the official level does not provide for a temporary reduction in VAT for restaurants and catering, but this issue remains under discussion with the Troika officials.
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