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Greek FinMin Presented €7b Package In Washington
Greek Finance Minister Evangelos Venizelos presented a package of measures at a meeting of the International Institute of Finance, including retrospective cutting of tax allowances, extension of 1 recruitment to 10 redundancies ratio, cutting of wages by 20% and pensions by 4%.
The measures were discussed in detail in prior meetings between Venizelos, foreign FinMins, IMF and EU officials. The final package is not finalized yet, as there are reportedly still differences in 2012 estimates.
Discussions will continue in Athens, while the Troika senior officials should begin negotiations on Wednesday, according to initial schedule.
However, the IMF announced that the Troika would return to Athens most likely this coming week, without specifying the exact date.
According to an announcement made by the Minister of Finance, additional measures of another 3% of GDP were adopted including:
-A further reduction by 20% in the public sector salaries (additional to the 15% already implemented for the civil service and the 25% cuts in the public enterprises). These wage cuts are combined with a structural change in the public sector wage grid that ensures long-term savings and public sector productivity improvements.
-A further 4%, on average, cut in pensions (additional to the 10% already implemented). These cuts are complemented by a completion of the pension reform (via reforming also the supplementary pension funds) that ensures long-term viability of the Greek pension system.
-The creation of a labour reserve to which 30 thousand public sector employees will move by the end of 2011.
-The application of the rule of one recruitment for every ten retirements for the duration of the Medium Term Fiscal Strategy.
-Significant tax expenditure cuts of 0.6 percent of GDP implemented retroactively from January 2011.
-The introduction of a property tax to be collected via the electricity bills mechanism with an annual yield of 1.1 percent of GDP for the duration of the Medium Term Fiscal Strategy.
On the privatizations front, the September 2011 target is €1.7 billion. This target will be reached within October with the €1.4 billion to be reached within September. By the end of 2011 we expect to have collected from privatisations €4 billion. All privatization programmes for the period up to 2014 mature in order to move more swiftly, now that the Privatizations Fund is up and running within a framework of total transparency and consensus.
Two weeks ago, a special Council of Ministers meeting was devoted to the acceleration of the structural reforms.
Moreover, the Minister stated:
“We took once more difficult political decisions because it is our wish and our determination to fully implement the Medium-Term Fiscal Strategy and meet its targets.
The Greek banks take part in the PSI in full acceptance of the relevant losses. The same is true for the participation of Greek social security funds. Greek institutions are a very important part of the entire effort.
The replies to the LOI are very encouraging. The targets can be met, provided that it is understood that there is a mutually beneficial situation under way between Greece, its institutional partners and the private sector.
Greece wants to make it and will make it. The July 21 decisions provide a clear and secure institutional framework. They are a meeting point of a creative balance between the official and the private sectors.
Greece is and will always be an EU and a Euro Area member-state. Greece always respects and implements the decisions of the European Council and the Eurogroup in matters of high importance not only for itself but also for the Euro Area protection mechanisms.
Thus, I repeat that we must break the vicious circle, we must get rid of the uncertainty and ambiguity, we must give answers to profiteering aspirations and verify the wish and capacity of the Euro Area to secure the euro.
The implementation of Greece’s new program is an important step that will remove uncertainties, increase liquidity and convince the markets that the Euro Area can indeed protect itself and its member states. Combined with our own persistence towards our goals, this can change the mood.
Greece is asked to prove its willingness and commitment. We do it without hesitating to take the necessary measures whenever it is required. Disregarding for the political cost.
But it is only logical and fair that we receive an institutional and political shield in return, not just for Greece but for the Euro Area as a whole and in the end for the international economy itself. It is also important for the Greek people, who are suffering in this difficult adjustment process.”
(capital.gr)
***
Le ultime carte in mano alla Grecia.
Il testo è lo stesso di quello postato stamattina in greco/italian googoliano.
Greek Finance Minister Evangelos Venizelos presented a package of measures at a meeting of the International Institute of Finance, including retrospective cutting of tax allowances, extension of 1 recruitment to 10 redundancies ratio, cutting of wages by 20% and pensions by 4%.
The measures were discussed in detail in prior meetings between Venizelos, foreign FinMins, IMF and EU officials. The final package is not finalized yet, as there are reportedly still differences in 2012 estimates.
Discussions will continue in Athens, while the Troika senior officials should begin negotiations on Wednesday, according to initial schedule.
However, the IMF announced that the Troika would return to Athens most likely this coming week, without specifying the exact date.
According to an announcement made by the Minister of Finance, additional measures of another 3% of GDP were adopted including:
-A further reduction by 20% in the public sector salaries (additional to the 15% already implemented for the civil service and the 25% cuts in the public enterprises). These wage cuts are combined with a structural change in the public sector wage grid that ensures long-term savings and public sector productivity improvements.
-A further 4%, on average, cut in pensions (additional to the 10% already implemented). These cuts are complemented by a completion of the pension reform (via reforming also the supplementary pension funds) that ensures long-term viability of the Greek pension system.
-The creation of a labour reserve to which 30 thousand public sector employees will move by the end of 2011.
-The application of the rule of one recruitment for every ten retirements for the duration of the Medium Term Fiscal Strategy.
-Significant tax expenditure cuts of 0.6 percent of GDP implemented retroactively from January 2011.
-The introduction of a property tax to be collected via the electricity bills mechanism with an annual yield of 1.1 percent of GDP for the duration of the Medium Term Fiscal Strategy.
On the privatizations front, the September 2011 target is €1.7 billion. This target will be reached within October with the €1.4 billion to be reached within September. By the end of 2011 we expect to have collected from privatisations €4 billion. All privatization programmes for the period up to 2014 mature in order to move more swiftly, now that the Privatizations Fund is up and running within a framework of total transparency and consensus.
Two weeks ago, a special Council of Ministers meeting was devoted to the acceleration of the structural reforms.
Moreover, the Minister stated:
“We took once more difficult political decisions because it is our wish and our determination to fully implement the Medium-Term Fiscal Strategy and meet its targets.
The Greek banks take part in the PSI in full acceptance of the relevant losses. The same is true for the participation of Greek social security funds. Greek institutions are a very important part of the entire effort.
The replies to the LOI are very encouraging. The targets can be met, provided that it is understood that there is a mutually beneficial situation under way between Greece, its institutional partners and the private sector.
Greece wants to make it and will make it. The July 21 decisions provide a clear and secure institutional framework. They are a meeting point of a creative balance between the official and the private sectors.
Greece is and will always be an EU and a Euro Area member-state. Greece always respects and implements the decisions of the European Council and the Eurogroup in matters of high importance not only for itself but also for the Euro Area protection mechanisms.
Thus, I repeat that we must break the vicious circle, we must get rid of the uncertainty and ambiguity, we must give answers to profiteering aspirations and verify the wish and capacity of the Euro Area to secure the euro.
The implementation of Greece’s new program is an important step that will remove uncertainties, increase liquidity and convince the markets that the Euro Area can indeed protect itself and its member states. Combined with our own persistence towards our goals, this can change the mood.
Greece is asked to prove its willingness and commitment. We do it without hesitating to take the necessary measures whenever it is required. Disregarding for the political cost.
But it is only logical and fair that we receive an institutional and political shield in return, not just for Greece but for the Euro Area as a whole and in the end for the international economy itself. It is also important for the Greek people, who are suffering in this difficult adjustment process.”
(capital.gr)
***
Le ultime carte in mano alla Grecia.
Il testo è lo stesso di quello postato stamattina in greco/italian googoliano.
