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.
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