Measures of 2.8 billion euros to bring Troika back

The Greek government submitted to Troika package of alternative equivalent measures of 2.8 billion euros to curb their reluctance and have the auditors return to Athens.

According to information, the government prepared a package that includes permanent and structural measures to bridge the gap, which Troika calculates at 1.4 billion euros. The proposals outweigh this gap and thus FinMin Yannis Stournaras hopes to shut mouths at the Eurogroup today, informing his counterparts that there is progress and Athens is not to blame for the delay in the negotiations with lenders.

His mission will not be easy because, according to information from the Ministry of Finance, the measures do not contain active interventions in wages, pensions and taxes that would satisfy the lenders, many issues still remain open and the CoE has put obstacles in measures already implemented based on the memorandum. The Greek side believes that the Troika will have to return to Athens in early February to reach an agreement on the next installments before the Eurogroup on February27.

Lenders expect to hear more measures rather than performance estimates of the current ones to fill the gap between the Greek side and their envoys. The auditors estimate 200 million euros more in revenue losses from maintaining the reduced VAT rate of 13% in catering in 2015, 150 million euros larger shortfall from the new tax on real estate, 800 million euros gap for the pension funds from the gradual reduction in employers' contributions, 400 million from the non-implementation of the measure of 0.2% in the volume of business, and 150 million in pensions of retired army personnel that were not decreased, without even including cuts in salaries of uniformed that CoE annulled.

The Greek FinMin will be hard at work in the Ecofin, Tuesday, which he will preside over for the first time. He will present the work program of the Greek Presidency, where he will promote the plan to implement a unified surveillance mechanism to replace the memorandum and Troika for countries with financial problems like Greece.
 

Stournaras: 2013 allows us to ask for reduction of claims in 2015 - 17


"2013 allows us to ask for a reduction of claims in 2015-2017," Stournaras said speaking at SKY Sunday night.

In view of the Eurogroup meeting Monday, Stournaras explained that the 2013 budget performed better than expected, which, as he stated, "allows us to ask for a reduction of requirements in terms of covering the gaps for 2015-2017."
 
Although as a Eurozone senior officials said there are no open issues to decide upon in the council of finance ministers of the Eurozone Monday, Stournaras is likely to accept the intense pressures of his counterparts for the negotiations with the troika.