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European CommissionThe Second Economic Adjustment Programme for Greece. Fourth Reviewobjectives and criteria in line with the privatization process. Under suchlegislation, the HRADF shall ensure ongoing adherence of such framework ofcooperation, including through taking appropriate action towards Boardmembers and management in the relevant companies.11 The HRADF appoints at least one member to the Board of the companies under Observedits portfolio where it is not represented.12 In line with the Ports Policy Paper, HRADF launches the Expression of Interest Observedfor selling majority shares in the master-concessionaires for Thessaloniki port.13 The Authorities transfer 17% of the shares of PPC held by the government to ObservedHRADF to start preparing the privatisation of the company.14 PPC launches the expression of interest for selling ADMIE. Observed15 The Authorities submit to Parliament legislation for the privatisation of Small ObservedPPC.16 Measures to strengthen the regulator for water. The Authorities strengthen the Observedindependence and operational capacity of the Special Secretariat of Water byrevising legislation enabling the Special Secretary to issue formal decisions onall regulatory matters, by providing him with a fixed–term contract that willensure continuity and independence.17 EYATH - Pass amendment to article 21 of Law 2937/2001, in order to align the Observedprocess of the pricing policy of EYATH SA with that of the other water andsewerage services providers as provided for by Law 4117/2013 and thecomplementary Ministerial Decisions.18 Transfer staff to Special Secretariat for Water (Regulating authority). Observed19 ODIE - Pass legislation on the issues raised by investors as prerequisites to Observedcontinue in the process: GGR harmonisation; lease agreement exemption fromart. 618 of civil code.20 OLP, OLTH & Ports - Pass law related to establishment and staffing of port Observedregulatory authority.21 Egnatia Odos - Issue Ministerial Decision for the toll stations that have been Observedspecified by the technical advisers at main and vertical axes.22 TRAINOSE/ROSCO - Pass legislation to specify licenses and permits for Observedrailway properties and all real estate assets that will be included in theprivatization perimeter of TRAINOSE, ROSCO.23 TRAINOSE/ROSCO - Issue joint Ministerial Decision for the transfer of Observedrolling stock ownership from OSE to HR.24 TRAINOSE/ROSCO - Launch tender for valuation of rolling stock not in use Observedowned by OSE or HR.Revenue administration25 To ensure the complete transfer of selected resources from SDOE to Secretariat Observedgeneral of Public revenue: Revoke the provisions of Article 6 of Law3943/2011 on the origin of SDOE personnel being ex-tax and customs officer.26 Institutional reforms of Secretariat of Public Revenue. Adopt legislation to Observedconsolidate the revenue administration functions and competencies of theGeneral Directorate of Taxation and the General Directorate of Tax Audits andCollection into a new General Directorate of Tax Administration under theSGPR; and abolish the General Directorate of Financial Inspection withinSGPR and replace it with the Internal Affairs Department of SGPR, effectiveend-June 2014.27 The Secretary General for Public Revenue issues a Decision to establish thenew structure of the Secretariat general of the Public revenue administration.ObservedPublic Finance Management28 Adopt legislation permitting the Debt management office to conduct variousmarket operations. Adopt legislation to amend Law n. 2469/1997 on theCommon Capital Fund to allow the Bank of Greece, in its capacity as theadministrator of funds belonging to public sector entities, and PDMA enteringinto repo transactions with respect to general government securities held by thelatter, in compliance with the monetary financing prohibition.Observed76
ANNEX29 Adopt legislation permitting the Debt management office to conduct various Observedmarket operations. Adopt legislation allowing PDMA acting on behalf of theHellenic Republic to issue, manage, settle and then “hold in treasury” securitieswhich can solely be sold in repo transactions with all SSFs and EBFs or bepledged as collateral with financial institutions for risk managementtransactions falling with the PDMA’s hedging mandate. The contracts related tothese operations should clearly specify that the securities cannot be furthertraded by the counterpart for the duration of the contracts and that settlementand payments should be done by the PDMA.30 Amend article G10 of law 4152/2013 to make it fully compliant with Article 10 Observedof the Late Payments Directive.31 Submit to the Parliament an amendment to article 1 of Law 3068/2002 Observedregarding the provision which was added with article 20 of Law 3301/2004 toremove the prohibition provided therein of obtaining an enforceable titleagainst Greek State-bodies and bodies governed by public law in Courts.Public Administration Reform32 Submit to the Council of State the Presidential Decrees needed to finalize the Observedrestructuring process of line ministries (excluding Ministries of Foreign Affairs,Public Order and Citizens’ Protection and National Defense).33 Complete the transfer of a cumulative 25.000 employees to the mandatory Observedmobility scheme. Mandatory transfers of employees of tax authorities will becounted against the target.34 Meet the end-March 2014 target for cumulative 5000 exits. Observed35 Adopt, through the Government Council of Reform, the two-yearObservedAdministrative Reform Action Plan, including the Human Resources Strategy.36 In order to step up the fight against corruption, adopt the agreed legislation to Observedbring the anti-corruption legal framework in line with relevant internationalstandards, including the UN anti-corruption convention, and the OECD andCouncil of Europe anti-corruption conventions and recommendations.Social security reform37 Lower Social Security Contribution rate by 3.9 percentage points. In order to Observedimprove competitiveness, foster employment creation, and to safeguard thelong-term sustainability of the social security system, the Government willadopt legislation to reduce IKA contribution rates by 3.9 percentage points in arevenue-neutral way, inter alia by eliminating unnecessary non-pension andnon-health contributions/expenditures and increasing efficiencies, to beimplemented by 1 July 2014. This rate cut is achieved by mostly reducingemployer-paid non-pension contributions.Financial sector38 Adopt legislation governing the injection of public sector resources into the Observedbanks through the HFSF, under which the HFSF will provide capital to viablebanks that – after having exhausted the possibility to generate capital throughinternal measures and through private capital raising - fail to meet the capitalneeds determined by the stress tests.Labour Market Reform39 To increase incentives for hiring long-term unemployed workers, and as part of Observeda broader package to support long-term unemployed, the government will adoptlegislation that adjusts the statutory minimum wage for long-term unemployed(defined as being unemployed for more than one year) aligning the maturityallowances of white collar workers with the blue-collar ones, in percentageterms, for workers over 25.Business Environment and Competition40 Following the competition assessment in the sectors of food processing, retailtrade, building materials and tourism, the Government adopts legislativeamendments to remove disproportionate regulatory restrictions identified by theCompetition Assessment Toolkit.Observed77
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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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ANNEX 2: MACROECONOMIC FORECASTANNE
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ANNEXTable B1: USE AND SUPPLY OF GO
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ANNEXTable C1: FISCAL ACCOUNTS AND
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ANNEX 3: UPDATED PROGRAMME DOCUMENT
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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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