Additional measures from Brussels!

The country's lenders are once again putting new issues on the agenda of negotiations on the measures and the sixth tranche. Pressure for new measures that the government will have to take in 2012 is added to the many simultaneous bargaining sessions conducted by states and individuals on the conditions and rewards of providing a new loan.

The information arriving from Brussels indicates that the Troika does not accept any revised targets as the government desired and demanded that the auditors accept as a result of recession. As it appears, when the inspectors return on Sept. 14, they will ask the government to present the outline of the new budget and new measures for 2012 that will cover the new "black hole" of around 1,1 billion euros, which probably will close the season for this year.

On the deficit issue, the auditors accept the revision of this year’s original target at 7,6% of GDP due to "profound" recession in the economy, but disagree on the measure. In other words, while the finance ministry makes a new estimate on a deficit of around 8,1% -8,2% of the GDP, the Troika estimates it at 8,6% -8,7%. But until now it has been unclear whether Greece would be asked to cover this financial gap with new measures or close it with greater effort in 2012.

It should be noted that the deputy Prime Minister Venizelos said two days ago that the implementation of measures already under way will yield more than what the Troika estimates. Now it seems that this extra efficiency will cover the new "black hole" but might not be enough to cover other needs, thus potentially prohibiting any plans for bigger tax breaks for businesses and households.