The Greek government will complete the enactment of measures that were a prerequisite to receive the 130 billion from our lenders with an elastic multi-bill, which will constantly change until its filing today in parliament. Thus, it calms the foreign inspectors arriving in the coming days in order to avoid greater pressure for additional measures to meet the shortfalls in the program so far.
The biggest "thorns" that occupied yesterday’s preparatory meeting of PM Lucas Papademos with finance minister Evangelos Venizelos and deputy ministers F. Sachinidis and P. Oikonomou, are:
- the shortfall in revenue of the 2011 budget, which exceeds 1.3 billion
- the derailment of the budget deficit in 2011, which exceeds the 10% of GDP
- the negotiations for the exchange of Greek bonds
- the multi-bill with the new measures that is being issued today at the
The suspense is rising as to whether additional measures will be needed to cover the revenue shortfalls of 1.3 billion. According to figures from the finance ministry 50 billion euros were received in 2011, against a revised annual target of 51.3 billion. Equally important is the deviation of revenue compared with 2010. Instead of increasing by 0.9%, which was the objective for 2011, it decreased by 1.7% on a yearly basis.
This year's goal for collection of 1 billion euros from the special property fee until February, which will be recorded as a 2011revenue, is considered critical.
The government will raise the difficulty of fulfilling the reforms of the multi-bill to be submitted today in parliament and regards the liberalization of road transport, the establishment of law firms and the new setting for the overdue debts, as embankment in further pressure for measures, as well as the fate of private sector wages.