Greece's lenders warn of 'very large' risks to bailout
Monday 17 December 2012
There are "very large" risks to the recently negotiated Greek bailout package, according to a long-awaited report from the European Commission and European Central Bank.
The report detailed the findings of the "troika" of the EC, ECB and the International Monetary Fund on Athens' efforts to meet targets under its €130bn (£105bn) bailout.
The report cleared the path for the Greek government to receive its next tranche of bailout cash, but warned the depression-struck country could still fail to meet the commitments it had given. This is in part because of political resistance and court challenges to the austerity programme.
"The key risks concern the overall policy implementation, given that the coalition supporting the government appears fragile and some components of the programme face political resistance, despite the determination of the government," the report said. "Important budgetary measures are likely to be challenged in courts, which could lead to the need to fill a fiscal gap emerging as a consequence."
Greece's economy is expected to contract by about 6 per cent this year and by a further 4.2 per cent next year. But it is due to grow 0.6 per cent in 2014, the report added.
- 1 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 2 US? China? India? The 10 biggest economies in 2030 will be...
- 3 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...