ocp192_en

European CommissionThe Second Economic Adjustment Programme for Greece. Fourth ReviewTable 2. Bridge table from ESA General Government Balance toProgramme Primary Balance Definition2013 2013(bn EUR)(% of GDP)ESA General government balance -23.1 -12.7%(+) EDP interest expense 7.2 4.0%ESA primary balance -15.9 -8.7%(+) Programme Adjustors 17.3 9.5%(-) Privatization receipts 0.3 0.2%(+) Operations related to banking support 19.7 10.8%(+) Cost of clearing pre-October 2012 tax refunds 0.5 0.3%(+) Adjustment in accounting treatment of PPC property tax 0.4 0.2%(-) ANFA & SMP transfers 2.7 1.5%(-) Greek Loan Facility (GLF) cost reduction 0.3 0.2%Programme primary balance 1.5 0.8%Source: European Commission servicesGraph 15. State primary payments 2013(cumulative, EUR million)Quarterly outcomes and criteriaGraph 16. General Government primary balance2013 (cash basis, cumulative balance, EUR million)Quarterly outcomes and criteria6000050000Performancecriteria 201340003000Performancecriteria 201340000200030000100020000010000-1000Outcome0OutcomeQ1 Q2 Q3 Q4-2000Q1 Q2 Q3 Q420132013Source: GAO and Commission services.Source: GAO and Commission services.Table 3. Fiscal quantitative performance criteria (EUR billion)Mar-13 Jun-13 Sep-13 Dec-13Progr. Actual Progr. Actual Prog. Actual Prog. ActualPerformance criteria1. Floor on the modified general government primary cash balance 1/ 1.5 1.6 -1.2 -0.5 -0.8 3.1 -0.3 0.52. Ceiling on state budget primary spending 1/ 13.9 11.8 26.0 24.1 38.8 36.1 53.2 52.43. Ceiling on the overall stock of central government debt 347.0 309.4 347.0 321.4 335.0 321.9 335.0 321.54. Ceiling on the new guarantees granted by the central government /2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.05. Ceiling on the accumulation of new external payments arrears on external debtcontracted or guaranteed by general government 3/0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.06. Ceiling on the stock of domestic arrears (narrow definition) 3.0 2.6 2.0 1.9 1.0 2.0 0.0 1.3Indicative targets7. Ceiling on the stock of domestic arrears (general government definition) 4.5 7.3 3.0 6.4 1.5 5.8 0.0 3.91/ Applies cumulatively from start of the target's calendar year2/ Applies cumulatively from 1 Oct 20123/ Applies on a continuous basis from program approval.Source: IMF and Commission services.22