A technical team of the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) 'troika' was visiting the Greek General State Accounts office on Thursday to finalise a review of the current 2011 budget and the draft of the 2012 budget.
The 2012 draft budget will be examined by the troika chiefs and the finance minister when the former return to Athens in mid-September for approval of disbursement of the 8 billion euros 6th tranche of the 110 billion euro EU-IMF bailout loan to Greece.
According to sources, the 'thorn' in the 2011 budget is an overshooting of the budget expenditures coupled by a shortfall in state revenues, as well as a larger fiscal deficit than foreseen in the Memorandum targets caused by a deeper recession than initially anticipated.