A troika high-ranking officials' delegation will arrive in Athens November 15 -three days before the government submitted its final draft budget plan for 2011 to Parliament- for a regular review of the Greek economy.

 

The economy will be put at the focus of troika experts and international credit rating firms in the last one-and-a-half months of the year for an assessment of its course ahead of approving a third tranche of an EU/ECB/IMF support mechanism for Greece and at the same time drafting official reports over the country's macro-economic outlook.

Troika experts will assess the course of implementing this year's budget -focusing on a shortfall in budget revenues and structural reforms- and on next year's budget provisions. At the same time, Eurostat is expected to publish its revised figures for the country's fiscal deficit and public debt for the period 2006-2009, with the fiscal deficit expected to surpass 15 pct of GDP in 2009, up from 13.8 pct envisaged in a draft budget plan, after inclusion of deficits by general government agencies (public sector enterprises, municipal authorities, state hospitals).

This development is expected to burden further efforts of fiscal adjustment for the period 2010-2011, with community officials expecting the need for addtional measures in the new budget.

Officials from credit rating firms Fitch and Moody's Investors Service are also expected to visit Athens by the end of November with the aim to re-assessing the Greek economy based on current reforms and fiscal adjustment efforts. Finance ministry officials say international climate is improving for the Greek economy, although final decisions on the country's credit rating were not expected before mid-2011.