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.
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