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Greece: 3rd Economic Adjustment Programme.

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Global Economic & Market Outlook- Focus Notes (13 October, 2017)

Greece: 3rd Economic Adjustment Programme. Progress and short-term outlook

The present report summarises the latest developments in the implementation of the 3rd Economic Adjustment Programme for Greece and provides an overview of the central issues of the upcoming 3rd review, such as key prior actions, privatisations and the position of the IMF as well as a broad timeline for the period ahead.

Overview of 3rd Economic Adjustment Programme

The 3rd Economic Adjustment Programme programme for Greece that commenced in August 2015 is now in its 3rd year and scheduled to be completed in August 2018. The total amount of funds committed to Greece under the ESM programme are EUR86 billion out of which EUR39.4 billion1 has been disbursed so far. From that amount, EUR5.4 billion was used for the recapitalisation of Greek banks that took place in December 2015 and EUR34 billion for debt servicing and arrears clearance. It is assumed that the total programme disbursement will reach EUR58.6 billion, lower by EUR27.4 billion earmarked in the original envelope. This reduction is attributed to lower bank recapitalisation needs, a higher primary surplus and higher usage of subsectors’ financial resources. The average interest rate on ESM loans to Greece (as of 28 April 2017) stands at 1% while the average weighted maturity of ESM loans to Greece is 32 years.

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