Staff teams from the European
Commission (EC), European Central Bank (ECB), and International Monetary
Fund (IMF) have concluded their review mission to Greece. The teams
have reached staff-level agreement with the authorities on policies that
could serve as the basis for completion of the review.
The mission and the authorities
agreed that the economy is beginning to stabilise and is poised for a
gradual resumption of growth, broadly in line with our previous
projections. Prices are adjusting and inflation remains well below the
euro area average.
Fiscal performance is on track
to meet program targets. Preliminary estimates suggest the 2013 primary
balance target was met with a substantial margin. While only a small
portion of this over-performance will carry over into 2014, we believe
that the 2014 fiscal targets will also be met, taking into account the
measures being implemented and planned. The authorities reconfirmed
their commitment to implement policies needed to achieve the 2015
primary surplus target of 3 percent of GDP, including as needed by
extending expiring fiscal measures, such as the solidarity surcharge.
The authorities are making
progress on structural reforms to improve the growth potential and
flexibility of the Greek economy and help create a fairer and more
supportive environment for investment, growth, and job creation. They
are committed to implementing a very large majority of product market
reforms identified by the recent OECD study in the areas of food
processing, tourism, building materials, and retail; to taking concrete
measures to liberalise the transport and rental markets and open up
closed professions; and to reducing social security contribution rates
and nuisance taxes. Notwithstanding delays, progress is also being made
in reforms of the public administration, which should reduce the burden
of red tape and improve the quality of public services to the Greek
people. Labour market reforms are behind schedule, but the authorities
are committed to implementing them gradually in the remainder of 2014.
Competitiveness will be further enhanced by energy market reforms, such
as the rationalisation of pricing policies to ensure adequate cost
recovery and avoid hidden subsidies, the split of the Public Power
Company into two entities ahead of privatisation, and the launch of a
fundamental reform of the gas market. The authorities also agreed to
revitalize the privatisation of other corporate and real estate assets,
which would provide needed financing to the state while unlocking
investment.
Alongside these structural
reforms, the authorities are continuing their efforts to strengthen the
social safety net to cushion the impact of the economic downturn.
Notably, programmes to hire youth and unemployed workers under
programmes financed by EU structural funds will be expanded, and a
minimum income guarantee programme is being launched on a pilot basis in
two municipalities with the aim of rolling it out on a phased-in
national basis in 2015.
The authorities are committed to
taking all necessary actions to ensure that banks remain healthy and
adequately capitalised and are in a position to support the economic
recovery. We take note of the stress test results and attendant capital
needs estimates by the Bank of Greece. However, according to the
assessment of the mission teams, there are upside risks to the capital
needs estimates, in particular, if the authorities and banks do not
urgently and efficiently address the high level of non-performing loans.
Swift recapitalisation of banks will strengthen their balance sheets.
The envisaged injection of fresh private capital into the Greek banks is
a sign of confidence and will help to strengthen the private management
of Greek banks. The Bank of Greece should remain vigilant in its
oversight of the banking system and proceed forcefully in requiring
banks to quickly work out their large stock of problem assets. The
authorities are also committed to significantly strengthening the
private sector debt resolution framework and facilitating the orderly
and swift workout of impaired bank assets. The buffers in the Hellenic
Financial Stability Fund will be retained to meet future adverse
contingencies.
The Eurogroup and the IMF’s Executive Board are expected to consider approval of the review in the coming weeks.
http://europa.eu/rapid/press-release_MEMO-14-202_en.htm?locale=en
19/3/14
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Related:
Griechenland erwägt Anleihe über zwei Milliarden Euro....
ReplyDeleteGriechenland könnte früher als bisher angepeilt die Rückkehr an die Finanzmärkte wagen.
Griechenland könnte nach Angaben eines Regierungsmitarbeiters bereits im ersten Halbjahr mit der Emission einer Staatsanleihe einen Testballon für die Rückkehr an den Rentenmarkt starten. Wie ein ranghoher Beamter des Finanzministeriums der Nachrichtenagentur Reuters am Mittwoch sagte, ist der Verkauf eines fünfjährigen Schuldtitels im Volumen von 1,5 bis 2 Milliarden Euro im Gespräch.
Eine endgültige Entscheidung sei jedoch noch nicht gefallen. Neben der Vorbereitung auf die vollständige Rückkehr an den Kapitalmarkt im kommenden Jahr soll die Emission dem Land einen Kapitalpuffer verschaffen.
Griechenland hat sich wegen seiner Flucht unter den EU-Rettungsschirm seit vier Jahren kein Geld mehr am Rentenmarkt geliehen. Eine Emission im ersten Halbjahr würde bedeuten, dass das Land die Rückkehr an die Finanzmärkte etwas früher wagt als bisher angepeilt - die Regierung in Athen hatte das zweite Halbjahr angestrebt. Vor allem der kräftige Rückgang der Zinsen dürfte Griechenland zu einer Schuldenaufnahme am Kapitalmarkt ermutigen.
http://diepresse.com/home/wirtschaft/international/1577372/Griechenland-erwaegt-Anleihe-uber-zwei-Milliarden-Euro?from=rss
19/3/14