20.1.13

λεπτομέρειες...

The floor on the
  • modified general government primary cash balance, 
  • the ceiling on state budget primary spending, and 
  • the ceiling on the stock of domestic government arrears for end-December 2012 
are all proposed to be adjusted to reflect understandings reached. These new targets are expected to be met

New indicative targets on domestic arrears and privatization proceeds are proposed for 2013, with one exception: for end-September 2013 the floor on privatization proceeds is proposed to be a QPC

To help restore competitiveness: (i) a strategy to reduce social security contribution rates will be adopted by end-November 2013 (reset benchmark from the Extended Arrangement); and (ii) the authorities will eliminate various small fees and taxes (“nuisance taxes”) in the context of the 2014 budget (in September 2013). High and administratively burdensome taxation is a key impediment to competitiveness in Greece, motivating these benchmarks.

by end-June 2013, all noncore banks that are undercapitalized or insolvent will be resolved

by end-February 2013, the authorities will complete their staffing plans and specify targets for mandatory exits from the public sector

The third and fourth reviews under the program are proposed to take place, respectively, on or after February 28 and May 31, 2013. The fifth review, in addition to the various applicable program conditions, will have a focus on overall progress with tax administration reforms, while the sixth review will include a focus on overall progress with privatization (again in addition to various other applicable program conditions).


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