October 11, 2011
After weeks of often excruciating criticism, Greece has been told it will get its next instalment of rescue aid – a cash infusion that will allow it to stave off bankruptcy – but not without further austerity and pain.
International inspectors dispatched to assess Athens' parlous finances said a new wave of belt-tightening had assured that 2012 budget targets would be attained, securing Greece the funds it needs to cover public payments. However, more cost-cutting would be required in 2013 and 2014.
"Once the eurogroup and the International Monetary Fund's executive board have approved the conclusions of [our] review, the next tranche of €8bn will become available, probably in early November," said the auditors.
Although they said the fiscal target for 2011 was no longer within reach, "partly because of a further drop in GDP but also because of slippages in the implementation of the agreed measures", if the Greek government "determinedly" implemented the austerity programme approved by the European Union, European Central Bank and the IMF, the bodies backing Greece's economic resuscitation, next year's deficit target of €14.9bn could be achieved.
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