The Hellenic Radio (ERA): News in English, 10-06-14

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Troika: First Picture Satisfactory

Troika experts are in Athens to inspect the materialization course of the memorandum signed with the government. Their first meeting was held at the Finance Ministry. Troika delegates described increase in revenues as positive but expressed deep concern over the rise of inflation to 5.4%. We are meeting the targets and have well- grounded hopes that the experts interim report on the implementation of the growth and stability program would be positive said government spokesman. On the basis of existing data, Brussels expressed satisfaction on the materialization course of the memorandum.

Troika representatives are making a general assessment of the economic measures implemented within the framework of the memorandum in order to give green light for the allocation of the second part of the rescue mechanism loan.

The final assessment will be made in a month while the second part of the loan will be given in September.

In their meetings with Finance Minister George Papakonstantinou and other officials, Troika experts expressed high concern at the soaring figure of inflation to 5.4%,in May. They underlined that competition and structural problems in Greece' economy pushed inflation up and not increase in taxes.

We remind that memorandum says inflation will go up 1.9% in 2010, a figure that can not be achieved as inflation has already risen to 5.4%.

A high ranking official at the Finance Ministry said experts appeared positive at the 6% increase in VAT revenues, attributing it to the collection of bills.

Data on the course of orders for industrial products and tourist sector turnover create a climate of reserved optimism over the possibility that recession in 2010 would be lower to 4%, the official anticipation

We are meeting the targets and have well- grounded hopes that the experts interim report on the implementation of the growth and stability program would be positive said government spokesman.He also added that the government does not plan to take additional measures.

Labour Relations & Social Security

The Employment Ministry leadership in its meeting with Troika representatives will make tough negotiations to minimize reductions in compensations for lay offs.

Reliable sources say compensations upon retirement have been secured and talks are being held for slight improvement of private sector employees' compensations in combination with 25% cut of civil servants compensation.

Talks on Wednesday and Thursday will center on supplementary pensions, at least to be paid by healthy funds, retirement age for mothers of underage children and heavy-unhealthy professions. The Ministry is trying to extend transitional period till the implementation of new retirement age limit.

Ìeetings

On Tuesday, Troika experts will visit the General Accounting Office, Public Debt Management Agency, Employment Ministry, Interior Ministry and next the Finance Ministry to discuss issues linked to grown program, Structural Funds and the National Strategic Reference Framework (ESPA)

On Wednesday, they will visit the National Bank, Eurobank and IOBE. They will also collect data from the Hellenic Statistics Agency.

On Thursday, they will visit the Bank of Greece again, the Finance Ministry, Health Ministry. They leave on Friday to draw the interim report and return for inspection in July.

Sources: ÍÅÔ-ÍÅÔ 105.8-ÁNA/ÌPA

Related News: First Crucial Test for Greece's Economy

News item: 37632

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