14 February, 2011
Representatives of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) gave, on February 11, the green light for the release of a fourth installment of the €110 billion loan to Greece, following a review of the country’s economy.
"Our overall assessment is that the program has made further progress toward its objectives. While there have been delays in some areas, the underlying fiscal and broader reforms necessary to deliver the program’s medium-term objectives are being put in place. However, major reforms still need to be designed and implemented to build a critical mass necessary to secure fiscal sustainability and economic recovery," reads the statement by the troika
However, an ambitious target, set by the troika, for privatization proceeds amounting to € 50 billion in the period 2011-2015, caused the government’s reaction. In a statement, on February12, Government Spokesman George Petalotis said
that "we asked them to help and we are fully honouring our commitments. But we didn't ask for anyone to intervene in our country's domestic affairs."
Following Prime Minister George Papandreou’s telephone conversations with IMF Managing Director Dominique Stauss-Kahn and EU Commissioner for Monetary Affairs, Olli Rehn, the troika issued another statement
on February 12, saying that "we recognize the difficult challenges facing the Greek economy and we have the deepest respect for the tremendous efforts being made by the Greek people."
Source: GREEK NEWS AGENDA issued by the Secretariat Genera