Troika junior officials arrive in Athens on Monday to record the execution course of the Memorandum in the third quarter in 2010. Talks with Greek officials will center on how to rise the significanly low revenues that will require interventions in state companies and organizations, as well as in the broader public sector where further expenses are created. Reports say that a sharp slide in the State guarantee of public organizations (DEKO) loans may bring a new rise of 1.5 billion euros in state deficit. The 2011 state budget will have additional problems. This is one of the reasons the memorandum revised its text which was signed last Tuesday in Brussels. The text provides for the creation of a central registry of all state companies by December.
Disbursal of 2nd Installment
A Troika delegation will visit Athens in October to acknowledge whether Greece is materializing commitments included in the memorandum. If Greece has made good on its promises, the nation will be given the green light for the allocation of the rescue package’s third installment.
In the meantime the second installment of the rescue package mounting to 9 billion euros will be disbursed by tomorrow.
Finance MinisterPapakonstantinou Visits European Capitals to Attract Investors
The Finance Ministry leadership in cooperation with Troika officials, will pay visits to European capitals as of tomorrow. These travels will support efforts to convince other EU nations that Greece is materializing necessary reforms as well as to attract foreign investments. Finance Minister George Papakonstantinou along with other Ministry officials and the Public Debt Management Agency will visit London on Tuesday, Paris on Wednesday and Frankfurt on Thursday. Papakonstantinou will present developments on the Greek economy and the materialization of memorandum commitments.
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