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First Crucial Test for Greece’s Economy

Greece is to face the first crucial test after the signing of the memorandum as EU, EUC and IMF fiscal experts arrive in Athens today. The Troika will audit the numbers ( revenues, state expenditures) and visit Ministries to monitor reforms within the frame of materialization of commitments. In the meantime, draft-bill on social security will be finalized after the visit of Troika inspectors to the Employment Ministry on Wednesday. It is expected to be passed by the Parliament this month. A draft-bill on the public sector and a presidential decree determining lay off ceiling and compensation sum are being drawn.
Prime-minister George Papandreou, in an interview with Austrian state television channel, underlined it was high time for reforms in Greece which we want to become the model of overcoming the financial crisis.
“The group of actions facing first assessment are moving within the given timetable and there is no reason for concern for as long as we are proceeding at this pace”, told newspaper “Real News” Finance Minister George Papakonstantinou. He described as science fiction scenarios about Greece’s bankruptcy and exit from euro common currency and warned speculators that they would simply lose their money.
Furthermore, Mr. Papakonstantinou stressed that the government received a strong mandate for a 4-year term in office and moves ahead without petty partisan considerations. He added that the largest part of opposition forces are unable to contribute creatively for the country’s recovery.

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