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European CommissionThe Second Economic Adjustment Programme for Greece. Fourth ReviewΡar /ΡageAction Deadline Comments Status(Quarterly, within 30 days after the end of each quarter).MoU9.5MoU9.5MoU9.5MoU9.5MoU9.5MoU9.5MoU9.5MoU9.5Data on use of international assistance loans split amongfollowing categories: Financial stability fund, segregatedaccount, debt redemption, interest payments, other fiscalneeds, building of cash buffer; per quarter and cumulative.(Quarterly, by the end of each quarter).Data on public debt and new guarantees issued by thegeneral government to public enterprises and the privatesector.Data on maturing debt (planned redemptions per month,split between short-term (Treasury bills and other shorttermdebt) and long-term (bonds and other long-term debt).Data on planned monthly interest outflows.(Data compiled by the Ministry of Finance).(Monthly, within one month).Data on assets privatised and proceeds collected.(Data compiled by the Ministry of Finance).(Monthly).Data on state-owned enterprises: revenue, costs, payroll,number of employees and liabilities (including maturitiesof public enterprises' debts).(Data compiled by the Ministry of Finance).(Monthly, within three weeks of the end of each month forthe ten largest enterprises.Quarterly within three weeks of the end of each quarter forthe other enterprises.Quarterly for the maturities of state-owned enterprises'liabilities).Monthly statement of the transactions through off-budgetaccounts.(Data compiled by the Ministries of Finance andEducation).(Monthly, at the end of each month).Monthly statement of the operations on the specialaccounts.(Data compiled by the Ministry of Finance).(Monthly, at the end of each month).Report on progress with fulfilment of policyconditionality.(Report prepared by the Ministry of Finance).(Quarterly before the respective review starts).Monthly data on health care expenditure by the socialsecurity funds with a lag of three weeks after the end of therespective quarter.(Data compiled by the Ministries of Labour and Health).(Monthly, within three weeks of the end of each month).To be provided by the Bank of GreeceContinuousContinuousContinuousContinuousContinuousContinuousContinuousContinuousN/AN/AN/AN/AN/AN/AN/AN/AMoU9.7Assets and liabilities of the Bank of Greece.(Weekly, next working day).ContinuousN/AMoU9.7Assets and liabilities of the Greek banking system -aggregate monetary balance sheet of credit institutions.(Monthly, 30 days after the end of each month).ContinuousN/AMoU9.7Evolution of the external funding provided by Greek banksto their subsidiaries abroad.(Monthly, 15 days after the end of each month).ContinuousN/AMoU9.7Report on banking sector liquidity situation.(Weekly, next working day).ContinuousN/AMoU9.7MoU9.7Report on the evolution of financial stability indicators.(Quarterly, 30 days after the publication data of eachquarter).Report on results from the regular quarterly solvencyassessment exercise.(Quarterly, 15 days after the end of each quarter dependingon data availability).ContinuousContinuousN/AN/AMoU9.7Weighted average of Loan-to-value (LTV) ratio for newloans with real estate collateral. (Yearly)ContinuousN/ATo be provided by the Hellenic Financial Stability FundDetailed report on the balance sheet of the FinancialMoU Stability Fund with indication and explanation of changes9.7 in the accounts.(Weekly, next working day).MEFP(Table4)Ministry of Finance to complete a targeted audit of generalgovernment accounts payable, to verify whether anyarrears remain, and to review compliance with theContinuousDecember2013There have been 26 so far targeted audits of publicentities. EC/ECB/IMF assessed the action as notcompleted and requested an update on the paymentsN/APending.130
ANNEXΡar /Ρageconditions set for clearing arrears (structuralbenchmark).Action Deadline Comments Statusof arrears until 2011 and proposals for their audits tobe made to the bodies that create arrears.MEFP(18)(Table4)Government to meet quarterly performance indicators forrevenue administration (structural benchmark).September2013Results up to September 2013 were published.Almost all of the targets were not achieved, howeverthe general picture is better than previously.Pending.MEFP(Table4)Government to meet quarterly performance indicators forrevenue administration (structural benchmark).December2013Relevant data were published. According to IMFreview, targets were not met.Pending.MEFP(21)TMUTable1Move responsibility for payment execution from taxoffices to fiscal audit offices.Issue secondary legislation on firms trading petroleum: (i)Adopt 2 JMDs stipulating the implementation ofinput/output systems to refineries and ships, (ii) Adopt MDon sanctions to petrol stations if they have not installed aninput/output system.January 2014July 2013A circular has been issued (ADA ΒΙΨΠΗ-ΘΨΖ).The system has is fully operational for all, firstorders have been issued and sent to BoG forexecution.(i) The JMD concerning the refineries has beenforwarded for signatures. Technical clarificationswere sent from EC/ECB/IMF regarding the secondJMD of ships,(ii) The second sub-action is observed.Observed.Pending.131
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Occasional Papers are written by th
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OUTLINE OF THE REPORTEXECUTIVE SUMM
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LIST OF GRAPHSGraph 1. Economic cli
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ACKNOWLEDGEMENTSThe report was prep
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European CommissionThe Economic Adj
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1. INTRODUCTION1. INTRODUCTION1. Th
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2. MACROECONOMIC AND FINANCIAL DEVE
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2. Macroeconomic and financial deve
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Chart 3Graph 2.3. Exports of goods
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European CommissionThe Second Econo
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Chart 17Graph 11.1 labour reform in
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Chart 18Graph 13.1. Distance to Fro
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4. DEBT SUSTAINABILITY ANALYSIS AND
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4. Debt sustainability analysis and
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4. Debt sustainability analysis and
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Table 12. List of Milestones to be
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Memorandum of Understanding on Spec
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OCCASIONAL PAPERSOccasional Papers
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No. 46No. 47No. 48No. 49The Western
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No. 80 2011 Pre-accession Economic
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No. 119No. 120No. 121No. 122Possibl
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No. 1582013 Economic and Fiscal Pro
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