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Greek FinMin Goes Ahead With Debt Program Despite Troika's Objections

Media reports on November 7, have stated that the Troika requested from the Greek government to withdraw the law allowing taxpayers to pay their overdue debts in up to 100 installments, as it did not have the Troika’s prior approval before being submitted to Parliament. This specific law was passed by the Greek parliament last month.
The Finance Ministry issued an announcement on Saturday stating that the law will be implemented in response to contradicting media reports.
“The measure that gives the option of paying off debts to the public sector through a settlement of up to 100 installments is a law of the State that will be enforced,” said the Ministry’s announcement.
The coalition government in Greece has voted in favor of this measure, so as to give some form of “relief” to most Greek taxpayers who are experiencing great financial difficulties. The government disagrees with the Troika’s assessment that the new measures, which include discounts on penalties and interest, would add around 1 billion euros to the fiscal gap. The State’s General Accounting Office has been ordered to go over the figures again so Greece can respond to the Troika’s objections.
The Finance Ministry announced that talks with Troika are ongoing and are focused on a wide range of issues.
German Finance Minister, Wolfgang Schaeuble stated that the completion of Greece’s reform program is a prerequisite for the country to exit its memorandum and move ahead to a “new phase.”
As Schaeuble stated “in Greece, the evaluation of the progress made in its reform program cannot be completed yet, as several important parts of its agreed-upon reforms have not been implemented yet, something that is absolutely necessary for the completion of the program.”
An official response from the Greek government has not been given, however sources from the Finance Ministry have commented on Schaeuble’s statement by saying: “Of course. First you complete your evaluation and then you make a new deal.”

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