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European CommissionThe Second Economic Adjustment Programme for Greece. Fourth ReviewThe present supplemental memorandum of understanding contains the followingdocuments:(a) A memorandum of economic and financial policies;(b) A memorandum on specific economic policy conditionality;(c) A technical memorandum of understanding.The memorandum of understanding may be amended upon mutual agreement of the parties inthe form of an Addendum. The addendum will be an integral part of the Memorandum andwill become effective upon signature.Done in Brussels on 24 April 2014 and in Athens on 15 April 2014 in 3 originals in theEnglish language.144
Memorandum of Understanding on Specific Economic Policy ConditionalityGREECEMemorandum of UnderstandingonSpecific Economic Policy ConditionalityThe disbursements of financial assistance to Greece, by the European FinancialStability Facility (EFSF), are subject to quarterly reviews of conditionality for theduration of the arrangement. The release of the tranches is based on observance ofquantitative performance criteria and a positive evaluation of progress made withrespect to policy criteria in Council Decision 2011/734/EU of 12 July 2011 (asamended; hereinafter the Council Decision), and in the Memorandum ofUnderstanding, composed of the Memorandum of economic and financial policies(MEFP) and of this Memorandum of Understanding on Specific Economic PolicyConditionality.The annex on data provision is part of the Memorandum and how well it has beenrespected will be considered in the assessment of compliance.Greece commits to consult with the European Commission, the ECB and the IMFstaff on the adoption of policies falling within the scope of this Memorandumallowing sufficient time for review. The Government publishes a quarterly report inline with Article 4 of the Council Decision.In line with the conclusions of the euro-area summit of 26 October 2011, theGovernment will fully cooperate with the Commission, the ECB and the IMF staffteams to strengthen the monitoring of programme implementation, and will providethe staff teams with access to all relevant data and other information in the Greekadministration.The ownership of the programme and all executive responsibilities in the programmeimplementation remain with the Greek Government.145
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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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