Global Economic & Market Outlook – Focus Notes (Thursday, December 15, 2016)
2nd Programme Review – State of Play, Dynamics between the Parties Involved
The December 5 Eurogroup did not produce a staff level agreement on the conditionality underlying Greece’s 2nd programme review although it did acknowledge the significant progress that has been achieved. On Wednesday 13 December the mission heads returned to Athens to resume negotiations against a background characterized by an unusual tension in the relationship of all the parties that are involved in Greece’s bailout programme, namely Greece, the European institutions and the IMF. The events of the past few days brought to the fore the different interests of all stakeholders, which will apparently affect various parameters of the programme such as Greece’s medium term fiscal target, the nature of the medium and long term debt relief measures and, ultimately, the timing of the conclusion of the current review.
Below we present the views of the IMF, the European partners and Greece and asses their potential impact on the ongoing review…
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Global Focus Note_December 15_Greece- 2nd programme review
