Wednesday, March 19, 2014
Statement by the European Commission, the ECB and the IMF on Greece
Press Release No. 14/112
March 19, 2014
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have concluded their review mission to Greece. The teams have reached staff-level agreement with the authorities on policies that could serve as the basis for completion of the review.
The mission and the authorities agreed that the economy is beginning to stabilize and is poised for a gradual resumption of growth, broadly in line with our previous projections. Prices are adjusting and inflation remains well below the euro area average.
Fiscal performance is on track to meet program targets. Preliminary estimates suggest the 2013 primary balance target was met with a substantial margin. While only a small portion of this over-performance will carry over into 2014, we believe that the 2014 fiscal targets will also be met, taking into account the measures being implemented and planned. The authorities reconfirmed their commitment to implement policies needed to achieve the 2015 primary surplus target of 3 percent of GDP, including as needed by extending expiring fiscal measures, such as the solidarity surcharge.