Memorandum and measures extension until 2015!

The Government and the Troika agreed that despite the extension for debt repayment that will probably be achieved, Greece will abide by the memorandum after 2014.

According to what circles from the Finance ministry have stated, Giorgos Papakonstantinou agreed that Greece will receive added measures that will cover the whole of 2015, will aim at earning 12,77bil euros and will become more specific in the following months, before the agreement with the Troika in March.  

“The aim for the Troika is the middle-term framework of 2012-2015”, emphasized the same sources. “We will make an open and substantive dialogue with economists, political parties and social organizations on the targeted actions and costs required, to be specified for each ministry. This should be implemented by May”.

Primary surplus is the aim in 2015

The goal is to have a 2015 primary surplus in the Greek economy of around 5% of the GDP, instead of the 3% deficit of 2013 and a balanced budget in 2014. "The question now is not the deficit, but where we should aim at beginning to reduce the public debt”, reported sources of the financial staff.

The meetings with the envoys of lenders resulted in three major uncertainties for the Troika: checking for hidden costs and liabilities of the public sector, tax evasion and the course of privatization. As a representative of the financial staff said “I want to see privatization, too!”

Agreement on taxes on “Swiss” capital too

Regarding those that transfer money to Swiss banks, relevant sources admit that “nobody knows how much the Greek capital abroad is. The goal is to move to a bilateral agreement with Switzerland, like England and Germany, under which the banks will be obliged to pay out a percentage of the capital. However, there are safeguards. It will not open accounts, but a certain amount will be collected and Switzerland will manage to cleanse the past and ensure the anonymity of the depositors” said another executive from the financial team.