According to euro bailout fund ESM, Greece will probably not need current programme in full. "We are pleased that loan amount for Greece should remain well below ESM programme cover of 86 billion euros," said ESM chairman Klaus Regling, according to a preliminary report to Handelsblatt.
According to Regling, unfetched funds could partly be used to repay Greece's loans to or creditors. However, precondition for this was that Ans would implement reform conditions and agreed to all euro-states, he restricted.
Since 2010, Greece has been protected from financial collapse by international donors with lending. The current third aid programme, with a volume of up to 86 billion euros, runs in summer 2018. Then, after more than eight years, Greece wants to be able to manage itself again on financial drip – and to borrow at affordable interest rates. The government hopes to recover necessary confidence in financial markets by n. The international creditors, however, are making ir lending arrangements conditional.
To what extent Greece complies with requirements, ESM, EU Commission, European Central Bank and International Monetary Fund want to monitor intensively again from next Monday. First, donors want to examine how public finances are developing. This was experienced by German press agency from districts of Ans finance ministry. A meeting of Eurogroup on 4 December will n discuss current situation. With completion of checks, however, earliest expected in January, Greek media report.
More than one-fifth of joblessESM chief Regling said in Handelsblatt, he hoped for a speedy conclusion of test round: "After major delays in first two programme reviews, we are now encouraged by preparatory work of Greek side for forthcoming third review."
Greece, thanks to a growing economy and declining unemployment, expects better budgetary figures than its creditors demand. The Ministry of Finance expects an economic growth of 2.5 percent in coming year – according to a target increase of 1.6 percent in current year.
In addition, a furr slow decline in unemployment is being made. According to latest estimates, unemployment rate is expected to fall to 20.2 percent by end of 2018. This year it could be 21.7 per cent, which is still one of highest rates among euro countries. The fight against unemployment remains a central task, said Greek Prime Minister Alexis Tsipras to newspapers World and Le Figaro.
Tsipras also expects a scheduled completion of utility program. Meanwhile, Greece is again competitive, he said. His Government European partners worked hard to make this "adventure in August 2018 an end" – and for first time he believed that DieseHoffnung was more than a dream.
Date Of Update: 27 November 2017, 12:03
