Troika: Greek report

Some of the highlights from the Troika report on a review of the Greek aid program.

  • Greece has made progress on reducing its imbalances.
  • After an initial strong start, reform implementations have come to a standstill.
  • Continue to see political risks, and administration capacity issues.
  • Re-invigoration needed to prevent unsustainable deficit.
  • Greek recession deeper and longer than projected.
  • Greek GDP seen -3.8% this year and growth for 2012.
  • Sees net borrowing at 10.1% in 2011 and at 8% in 2012.
  • Sees net borrowing at 3.4% of GDP in 2014
  • Sees net debt at +140.5% in 2011 and +144.3% in 2012.
  • Greek Tax collection continues to under-perform.
  • Additional deficit measures amount to +3% of GDP
  • Next aid disbursement cannot take place before financing resolved.
  • Greece will not be able to return to markets in 2012.
  • Cost of market financing remains prohibitive.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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