tag:blogger.com,1999:blog-182830872024-03-13T04:28:42.689-07:00NOT the Majority OpinionGreek reality (elliniki pragmatikotita) (is a state of mind that) exists only in the minds of those that never managed to escape itΙΩΑΝΝΗΣ ΠΑΝΑΡΕΤΟΣhttp://www.blogger.com/profile/03064081874763508334noreply@blogger.comBlogger426125tag:blogger.com,1999:blog-18283087.post-62300356661733671542016-06-29T02:36:00.000-07:002016-06-29T02:36:40.243-07:00The US Supreme Courts decision on Fisher vs University of Texas. <div dir="ltr" style="text-align: left;" trbidi="on">
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The full text can be found <a href="http://stat-athens.aueb.gr/~jpan/SupremeCourts-decision.pdf" target="_blank">here</a>.<br />
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Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-12246252642503498692015-06-25T01:25:00.001-07:002015-06-25T01:25:20.565-07:00The International Statistical Institute (ISI). Statement on Official Statistics in Greece. June 2015 <div dir="ltr" style="text-align: left;" trbidi="on">
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June 12, 2015 <br />
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The International Statistical Institute (ISI) welcomes the <a href="http://ec.europa.eu/eurostat/documents/42577/761078/Statement_ESSC_Reg223_May2015/270ece60-8538-456a-8e51-de356b7a7236">Statement of 21 May by the European Statistical System</a>. With regard to the situation in Greece, the statement draws attention to the reinforced provisions on professional independence in Regulation (EC) No 223/2009 whereby the recruitment of the new President of Greece’s Hellenic Statistical Authority (ELSTAT) must follow a transparent procedure and be based on professional criteria only. <br />
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Transparency and professionalism are two fundamental values that underpin our <a href="http://www.isi-web.org/images/about/Declaration-EN2010.pdf">ISI Declaration on Professional Ethics</a>, which guide statistical activities across the world. <br />
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The ISI also welcomes the proposal from the Greek Appeals prosecutor Antonis Liogas that judicial authorities drop the investigation into claims that the current head of ELSTAT, Andreas Georgiou, inflated the country’s public deficit figure for 2009. Prosecutor Liogas noted that the probe so far has not revealed any evidence suggesting that Georgiou and two other ELSTAT officials accused of wrongdoing massaged the figures. This is the second time that there has been a recommendation for the case to be dropped. The final decision will be taken by a council of appeals court judges. <br />
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The ISI has previously made three statements concerning the statistical issues in Greece, expressing concern over plans to prosecute the current head of ELSTAT Mr. Andreas Georgiou. <a href="http://www.isi-web.org/images/news/20130304ISIGreece-Statement.pdf">In the second statement</a>, dated February 2013, the ISI stated that ‘the charges against Mr. Georgiou and two of his Managers of exaggerating the estimates of Greek government deficit and debt for the year 2009 are fanciful and not consistent with the facts’. <br />
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The principle that ‘official statistics should be prepared using objective methods and following international standards’ is critical to their acceptability by users. Since 2010, Greek Statistics have passed all European quality checks. <br />
<br />
The ISI expresses the hope that justice will prevail in this case and that the threat of prosecution will finally be lifted from Mr Georgiou and his Managers. <br />
<br />
Vijay Nair <br />
President, ISI <br />
<br />
Stephen Penneck <br />
Chair, ISI Advisory Board on Ethics </div>
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Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-886716599918422352015-04-02T01:59:00.001-07:002015-04-02T01:59:43.685-07:00The implications of a Grexit for Greece and for the EU<div dir="ltr" style="text-align: left;" trbidi="on">
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Probably, the best and more balanced analysis that has appeared so far, on the implications of a Grexit.</div>
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By Richard Barwell, senior European economist, Bank of Scotland.<br />
<a href="http://www.wsj.com/articles/richard-barwell-a-eurozone-without-greece-1427917709">WSJ</a>, April 1st 2015<br />
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<b>A Eurozone Without Greece </b><br />
<i>It’s time to think more seriously about this possibility. </i><br />
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By Richard Barwell <br />
April 1, 2015 3:48 p.m. ET <br />
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The 24-hour news cycle is causing a cacophony of speculation about Greece leaving the euro, the so-called Grexit. Amid all the arguments about whether Greece will or should exit, there has been a lot less thought given to what would happen if Greece does return to the drachma. It’s time to think more seriously about this possibility. <br />
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A Greek exit would have far-reaching consequences for the eurozone, weakening the ties that bind the single currency together in some respects, strengthening them in others. On balance the latter will probably dominate, reducing the chance that other countries leave. If Greece leaves the eurozone, it would create a number of precedents that would influence how people vote and politicians behave elsewhere in Europe. <br />
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If the Greek people choose to leave in a referendum, they will send a powerful signal that they, and not the central bankers, officials and politicians in Frankfurt, Brussels and Berlin hold the destiny of the euro in their hands. But if it’s the Greek politicians who make the decision to leave, based on an electoral mandate rather than a referendum, that could make voters elsewhere think twice before voting for antiausterity candidates. <br />
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There will be lessons for politicians about the dangers of brinkmanship, especially if a Grexit happens almost by accident. If the funding problems facing the government and the banks escalate out of control, capital controls would be triggered, making a vote on Greece’s future—whether by Parliamentary elections or a referendum—far more likely. Politicians in smaller economies might in future be more likely to cut a deal with creditors, and politicians in creditor countries might be more likely to offer better deals, including debt relief. After all, Greece would almost certainly unilaterally default on its debts when it leaves. <br />
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Meanwhile, a Grexit would resolve the uncertainty over how to leave the single currency. The euro wasn’t designed with an easily accessible escape hatch. If Greece does leave, it will establish a precedent, but not one that others may wish to emulate, since it might also have to leave the European Union too. <br />
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Most important of all, a Grexit might set an economic precedent. If the Greek economy should recover after leaving the eurozone, it would be much harder to convince others that they should stay. <br />
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However, a painful economic afterlife seems far more likely. The Greek economy would get caught in a pincer, with a sharp and sustained contraction in credit and an increase in uncertainty propelling the economy back into a deep recession. There would be a significant risk of further, lasting damage to the Greek economy through the destruction of jobs and companies. <br />
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Even the sharp depreciation in the currency would be a double-edged sword. There would be a painful squeeze on disposable income as imports become much more expensive. This would at least partly offset the boost to Greek exports, assuming companies elsewhere in the eurozone don’t reroute supply chains out of Greece to avoid invoices billed in drachma. Likewise, it is brave to assume that there would be an influx of foreign capital until the political and economic uncertainty has been resolved. <br />
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Greece would also be giving up the long-run benefits of euro membership, such as increased trade and competition, a more-efficient allocation of resources, a greater capacity to insure against risk that comes from unfettered access to European markets, and the greater stability that comes from delegating the conduct of economic policy to more effective institutions outside of Athens. The complexity of creating credible domestic-policy institutions in the aftermath of a Grexit shouldn’t be underestimated. <br />
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Beyond these near-term challenges, there are two important medium-term consequences to consider. <br />
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A post-Grexit eurozone would be more susceptible to the kind of speculative attack on the currency union that took place in 2012. Given a resumption of sovereign stress in smaller countries, investors would quickly start to demand sizeable compensation for the risk that they may not be paid in euros in a future break-up scenario. Spending would grind to a halt and capital would fly out of the countries concerned. <br />
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The European Central Bank’s most potent policy tool, its quantitative easing program, isn’t designed to deal with this problem, and the instrument that is—the Outright Monetary Transactions program to buy a small set of sovereign bonds in the secondary market—may not be big enough to stabilize markets in a future crisis. The OMT can only be used to save countries that commit to saving themselves by driving through reforms. <br />
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We should expect a political response to fight those forces threatening to pull the eurozone apart. A Grexit could ultimately bring the union closer together, with fiscal union and common debt issuance going hand in hand with binding and credible commitments on structural reforms helping to turn the eurozone into an optimal and far more stable currency area. <br />
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This is all moot if Greece’s leaders hammer out a deal with creditors and avert an exit from the eurozone. But prudent policy makers and investors should spend some time considering how they would answer some of the questions that a Grexit might raise.</div>
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Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-90661074426907836822015-02-05T00:32:00.000-08:002015-02-05T00:32:07.390-08:00A Greek drama: part 3 with SYRIZA at the helm. <div dir="ltr" style="text-align: left;" trbidi="on">
A third option besides a Grexit or renegation: concentrate the European investment plan on (post) crisis countries and release the Euro constraints on innovation.<br />
<br />
Jo Ritzen, IZA Bonn, Maastricht University, Vibrant Europe Forum <br />
<br />
<br />
The Greeks have voted massively for SYRIZA, the party that promised renegotiations between the EU (and the IMF) and the Greek State to roll back austerity. The appeal of SYRIZA to the voter is clear: Greece is suffering: (youth) unemployment is high, good health care is no longer available for many Greeks and there is a lot of poverty, while the expected economic recovery seems to remain around the corner. <br />
<br />
It was a mammoth task to get Greece back on track after in the first part of this Greek drama in 2009 it became clear that successive Greek Governments had cheated. The Greek Government debt was almost twice as high as officially communicated. The financing deficit of the Government was 3 to 4 times higher than hitherto communicated. The country had - according to current standards- already been bankrupt for many years . <br />
<br />
How then to return to normality? Grexit was an option: Greece leaving the European Monetary Union (not the EU) and a restructuring of Greek debt (written off in part and for another part put on the back burner). For Greece Grexit would have amounted to “cold turkey” where all cuts in Government spending which now have been spread out over a number of years would have been applied instantaneously. There are no creditors to give new loans to a bankrupt country which has not reformed. <br />
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Instead of a Grexit the EU and Greece chose for another option: an infusion of funds of the EU and the IMF, such Greek could finance its debt with an interest rate of about 2%, while the funding of the running deficit (expenditure minus government revenue) would be covered by a emergency fund. Greece promised in return that it would enact the necessary austerity measures for the deficit to decline gradually to the 3% norm of the Euro-union. That was part 2 of the drama. <br />
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And now part 3. Renegotiation on the debt is not necessary: this is not the main problem. Negotiations for additional financial help in order to reverse the budget cuts are completely unthinkable: this would not fly with the citizens of the member states who had already trouble with the funding of the emergency fund out of their pockets, however dire the Greek situation is. Grexit is looming again with disastrous consequences for Greece. <br />
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There is a third option next to Grexit or renegotiation, which may be face-saving for SYRIZA and is found in Juncker’s 300 billion Euro investment plan (with a hoped for multiplier of 3), together with a relaxation for the 3% rule for budget deficits of the Euro-union for extra expenditures for innovation. This investment plan led by vice president Kaitanen of the European Commission may help Greece to find again the way towards economic growth and towards more private sector employment. It would also help if the EU would widen its investment plan by allowing additional investments in R&D to be placed outside the 3% rule for government deficits, as advocated by the Vibrant Europe Forum. In this option the agreement between Greece and the EU needs not be changed. In particular, Greece needs to continue with the agreed terms in levying taxes especially for higher incomes, in ensuring the independence of the judiciary and in the transformation of the loss-making state-owned enterprises (a job machine for former politicians) into profitable or at least self-supporting companies. These are essential for sustainable economic growth in Greece. <br />
<br />
Greek dramas generally have five parts. Perhaps this drama can be limited to three. </div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-80454488042464578732014-12-17T23:12:00.000-08:002014-12-17T23:12:14.036-08:00The first round of voting in Greece for President of the Republic<div>
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A summary of my views after yesterday's vote in Parliament (160 voter in favour of the candidate that the government put forward, 135 against, 5 did not show up. 200 are needed in the second round and 180 in the third round (December 29).</div>
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1. The
government got fewer votes than (they) expected (they expected about
165). This has generated a feeling of disappointment among its
supporters. </div>
2. It looks harder now for the government to find the extra 20 votes needed in the third round for a President to be elected.</div>
3. There are some signs this morning of a disagreement between Samaras and Venizelos as to what to do next (Ven appears to favour some kind of a compromise with the opposition). </div>
4. I don't think that the opposition is willing to accept anything short of an immediate general election.</div>
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5. The chance of an early general election looks higher this morning than yesterday.</div>
5. I am not sure that any one really knows what to do AFTER.</div>
6. The EU and the creditors are also puzzled. <br /></div>
My opinion is that Greece is in a mess (within the wider mess of the EU).Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-2216558772355741222014-11-13T23:53:00.000-08:002014-11-13T23:53:24.684-08:00California needs to reinvest in public higher education<h1 class="headline entry-title">
<span style="font-size: small;"><span style="font-weight: normal;">The <a href="http://www.sfgate.com/opinion/openforum/article/California-needs-to-reinvest-in-public-higher-5888598.php?cmpid=twitter-desktop">joint statement</a> of the Presidents of Stanford and Caltech on the need of the state to better finance the University of California.</span></span></h1>
<h1 class="headline entry-title">
<span style="font-size: small;"><span style="font-weight: normal;">I found it of historic significance. The two best private Universities of the world are asking the state, with a well-documented argument, to better finance the best public University of the world for the good of its citizens.</span></span></h1>
<h5 class="byline">
<span class="name">By Thomas F. Rosenbaum and John L. Hennessy</span></h5>
<div class="article-body">
From
our perspectives in the world of private research universities, we have
been watching with mounting alarm the general disinvestment by states
in public higher education. This is painfully true in California, and we
are especially concerned about the impact on the <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22University+of+California%22">University of California</a> and what it bodes for our state’s future.<br />
You might think that as the presidents of Stanford and the <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22California+Institute+of+Technology%22">California Institute of Technology</a>,
we might view UC campuses primarily as rivals. This is not so (except,
perhaps, on the athletic fields). Our campuses and the University of
California are partners in making the state of California the economic
and innovation powerhouse it is today.<br />
As research universities, the <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22University+of+California%2C+Stanford+and+Caltech%22">University of California, Stanford and Caltech</a>
all undertake basic research and translate the discoveries into
products and companies, powering an engine of innovation and economic
growth. Universities act as magnets for talent, making California
schools the destination of choice for many of the most creative people
in the world. The inventions, medical breakthroughs and products that
emerge from their research benefit communities across California and
beyond.<br />
Much of the world-class research conducted on our campuses
is inextricably linked with research emanating from UC. If California
is to remain an economic dynamo, then it needs the full capability of
its research universities to be well supported.<br />
The educational
mission of our institutions is equally important, fostering an engaged
citizenry and educating the next generation of talent and leaders for
our state and our world. Although private research universities such as
ours make significant contributions to education, we cannot match the
sheer scale of public universities like the University of California. <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22Caltech%22">Caltech</a>
and Stanford together enroll roughly 18,000 students; UC enrolls nearly
240,000. California benefits when many of its young people have access
to the quality higher-education opportunities that UC offers.<br />
Unfortunately,
the state has failed to provide adequate, consistent financial support
to UC during most of the last 20 years. Over that period, steep funding
cuts triggered significant tuition increases combined with cuts in
staffing and faculty. The <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22Public+Policy+Institute+of+California%22">Public Policy Institute of California</a>
recently warned in its 2014 report “California’s Future: Higher
Education” of the immediate and long-term dangers of cuts in state
funding to UC. Per-student state funding to the University of California
has fallen by roughly 25 percent over the past 10 years.<br />
Gov. <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22Jerry+Brown%22">Jerry Brown</a>
and the Legislature deserve much credit for getting the California
economy back on track. For the sake of future generations, a priority
now must be to reinvest fully in public higher education, specifically
the University of California.<br />
At Stanford and Caltech, we need the
University of California to continue to be the best public research
university system in the world. Californians deserve no less.<br />
<br />
<em><a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22Thomas+F.+Rosenbaum%22">Thomas F. Rosenbaum</a> is president of the California Institute of Technology. <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22John+L.+Hennessy%22">John L. Hennessy</a> is president of <a href="http://www.sfgate.com/search/?action=search&channel=opinion%2Fopenforum&inlineLink=1&searchindex=gsa&query=%22Stanford+University%22">Stanford University</a>.</em>
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Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-11154563047985235042014-03-26T23:40:00.002-07:002014-03-26T23:40:45.847-07:00Hilary Clinton on Higher Education<span style="background-color: rgba(255, 255, 255, 0);">...Clinton
also said that a problem she sees in much of the world is that
countries have an elementary and secondary system, and a research
university, but "<b>no levels in between ... nothing like technical schools or community colleges.</b>" She said that <b>building these kinds of model</b>s may be one of <b>the most important contributions American higher education can offer</b>...<br /><br /><a href="http://www.insidehighered.com/news/2014/03/25/hillary-clinton-outlines-goals-higher-education-globally-and-us" target="_blank">http://www.insidehighered.com/<wbr></wbr>news/2014/03/25/hillary-<wbr></wbr>clinton-outlines-goals-higher-<wbr></wbr>education-globally-and-us</a></span>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-82145822260842630682014-03-20T07:44:00.000-07:002014-03-20T07:44:38.606-07:00Role and operations of the Troika with regard to the euro area programme countries <div dir="ltr" style="text-align: left;" trbidi="on">
Committee on Economic and Monetary Affairs - PE526.111 <br />
European Parliament resolution of 13 March 2014 on the enquiry on the role and operations of the Troika (ECB, Commission and IMF) with regard to the euro area programme countries (2013/2277(INI)) - P7_TA-PROV(2014)0239<br />
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Source: <a href="http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+20140313+TOC+DOC+XML+V0//EN">http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+20140313+TOC+DOC+XML+V0//EN</a><br />
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<br />
The European Parliament, <br />
<ul style="text-align: left;">
<li>having regard to the Treaty on the Functioning of the European Union, and in particular Article 7, Article 136 in combination with Article 121 , and Article 174 thereof, </li>
<li>having regard to the Charter of Fundamental Rights of the European Union, </li>
<li>having regard to the Treaty on European Union and in particular Article 3 thereof, <a name='more'></a></li>
<li>having regard to Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (OJ L 140, 27.5.2013, p. 1), </li>
<li>having regard to the Treaty establishing the European Stability Mechanism (ESM), </li>
<li>having regard to its resolution of 16 June 2010 on EU 2020 (OJ C 236 E, 12.8.2011, p. 57), </li>
<li>having regard to its resolution of 23 October 2013 on the European Semester for economic policy coordination: implementation of 2013 priorities (Texts adopted, P7_TA(2013)0447), </li>
<li>having regard to its resolution of 4 July 2013 on the European Parliament’s priorities for the Commission Work Programme 2014 (Texts adopted, P7_TA(2013)0332), </li>
<li>having regard to its resolution of 12 June 2013 on strengthening European democracy in the future EMU (Texts adopted, P7_TA(2013)0269), </li>
<li>having regard to its resolution of 20 November 2012 with recommendations to the Commission on the report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup, ‘Towards a genuine Economic and Monetary Union’ (Texts adopted, P7_TA(2012)0430), </li>
<li>having regard to its resolution of 6 July 2011 on the financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken (OJ C 33 E, 5.2.2013, p. 140), </li>
<li>having regard to its resolution of 20 October 2010 on the financial, economic and social crisis: recommendations concerning measures and initiatives to be taken (mid-term report) (OJ C 70 E, 8.3.2012, p. 19), </li>
<li>having regard to Rule 48 of its Rules of Procedure, </li>
<li>having regard to the report of the Committee on Economic and Monetary Affairs and the opinions of the Committee on Budgetary Control and the Committee on Constitutional Affairs (A7-0149/2014), </li>
</ul>
<br />
A. whereas the Troika, consisting of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), originated in the decision of 25 March 2010 by euro area Heads of State and Government to establish a joint programme and to provide conditional bilateral loans to Greece, thereby also building on recommendations from the Ecofin Council, and has since also been operational in Portugal, Ireland and Cyprus; whereas there exists significant involvement of euro area finance ministers in the decisions concerning the detail of the bilateral loans; <br />
<br />
B. whereas the Troika and its role have been defined in Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 and mentioned in the Treaty on the ESM; <br />
<br />
C. whereas the European Court of Justice (ECJ) confirmed in its ruling in the Pringle v Ireland case (Case C-370/12) that the Commission and the ECB can be entrusted with the tasks conferred on them in the ESM Treaty; <br />
<br />
D. whereas, within the Troika, the Commission, acting as an agent of the Eurogroup, is entrusted with negotiating the conditions for financial assistance for euro area Member States ‘in liaison with the ECB’, and, ‘wherever possible together with the IMF’, the financial assistance hereinafter referred to as ‘EU-IMF assistance’, but the Council is politically responsible for approving the macroeconomic adjustment programmes; whereas each member of the Troika followed its own procedural process; <br />
<br />
E. whereas the Troika has been to date the basic structure for negotiation between the official lenders and the governments of the recipient countries, as well as for reviewing the implementation of economic adjustment programmes; whereas for the European side, in case of European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) support the final decisions as regards financial assistance and conditionality are taken by the Eurogroup, which therefore bears the political responsibility for the programmes; <br />
<br />
F. whereas there was a broad political agreement to avoid a disorderly default by Member States in the EU, and especially in the euro area, in order to avoid economic and social chaos resulting in the impossibility to pay pensions and civil servants’ salaries, as well as dire knock-down effects on the economy, the banking system and social welfare, in addition to the sovereign being completely cut off from the capital markets for a prolonged period; <br />
<br />
G. whereas the Troika, together with the Member State concerned, is also responsible for the preparation of formal decisions of the Eurogroup; <br />
<br />
H. whereas several Member States outside the euro area have already received or are receiving EU assistance under Article 143 TFEU, provided by the EU in conjunction with the IMF; <br />
<br />
I. whereas the EU and its Member States created several ad hoc mechanisms to provide financial assistance for euro area countries, first through bilateral loans, including from several non-euro area countries, then through the temporary emergency funds, namely the EFSF and the European Financial Stabilisation Mechanism (EFSM), created for EU Member States in distress, and finally through the ESM, which was meant to replace all the other mechanisms; <br />
<br />
J. whereas the ECJ, referring to Article 13(3) of the ESM Treaty, has recently confirmed (in the Pringle case) that it is the Commission’s duty, by reason of its involvement in the ESM Treaty, to ‘promote the general interest of the Union’ and to ‘ensure that the memoranda of understanding concluded by the ESM are consistent with European Union law’; <br />
<br />
K. whereas the ECJ has also ruled in the Pringle case that the ESM is consistent with the TFEU and has opened the door for a possible integration of that mechanism into the acquis communautaire within the current limits of the Treaties; <br />
<br />
L. whereas a Memorandum of Understanding (MoU) is, by definition, an agreement between the Member State concerned and the Troika, which results from negotiations and by which a Member State undertakes to carry out a number of precise actions in exchange for financial assistance; whereas the Commission signs the MoU on behalf of euro area finance ministers; whereas, however, it is not public knowledge how negotiations have been conducted in practice between the Troika and the relevant Member State and, furthermore, there is a lack of transparency as to the extent to which a Member State seeking assistance has been able to influence the outcome of negotiations; whereas it is stipulated in the ESM Treaty that a Member State requesting assistance from the ESM is expected to address, wherever possible, a request for assistance to the IMF; <br />
<br />
M. whereas the total amount of financial assistance packages in the four programmes is unprecedented, as are the duration, shape and context of the programmes, leading to an undesirable situation where the assistance has almost exclusively replaced the usual financing provided by the markets; thereby shielding the banking sector from losses by transferring large amounts of programme country sovereign debt from the balance-sheet of the private sector to that of the public sector; <br />
<br />
N. whereas the ECJ has stated in its Pringle ruling that the prohibition laid down in Article 125 TFEU ensures that the Member States remain subject to the logic of the market when they enter into debt, since that should prompt them to maintain budgetary discipline, and that compliance with such discipline contributes at Union level to the attainment of a higher objective, namely maintaining the financial stability of the monetary union; whereas, however, the ECJ stresses that Article 125 TFEU does not prohibit the granting of financial assistance by one or more Member States to a Member State which remains responsible for its commitments to its creditors provided that the conditions attached to such assistance are such as to prompt that Member State to implement a sound budgetary policy; <br />
<br />
O. whereas the financial crisis has led to an economic and social crisis; whereas this economic situation and recent developments have had serious and previously unforeseen negative impacts on the quantity and quality of employment, access to credit, income levels, social protection and health and safety standards, and as a result economic and social hardship is unmistakeable; whereas these negative impacts could have been considerably worse without the EU-IMF financial assistance and whereas the action at European level has helped prevent the situation from deteriorating even further; <br />
<br />
P. whereas Article 151 TFEU provides that action taken by the EU and its Member States must be consistent with the fundamental social rights laid down in the 1961 European Social Charter and the 1989 Community Charter of the Fundamental Rights of Workers, in order to improve, inter alia, the social dialogue; <br />
<br />
Q. whereas Article 152 TFEU states that ‘the Union recognises and promotes the role of the social partners at its level, taking into account the diversity of national systems’ and that it ‘shall facilitate dialogue between the social partners, respecting their autonomy’; <br />
<br />
R. whereas the costs of services to service users are rising in some Member States, which means that many people are no longer able to afford an adequate level of service to meet their basic needs, including access to vital treatment; <br />
<br />
S. whereas the Task Force for Greece was set up to strengthen the capacity of the Greek administration to design, implement and enforce structural reforms in order to improve the competitiveness and functioning of the economy, society and administration and create the conditions for sustained recovery and job creation, as well as to speed up the absorption of EU Structural and Cohesion Funds in Greece and to utilise critical resources to finance investment; <br />
<br />
T. whereas, in its resolution of 20 November 2012 Parliament called for high standards of democratic accountability at national and Union level to be applied to the EU institutions which are members of the Troika; whereas such accountability is imperative for the credibility of the assistance programmes, and, notably, requires a closer involvement of the national parliaments, as well as necessitating that the EU members of the Troika be heard in the European Parliament on the basis of a clear mandate before taking up their duties and to be subject to regular reporting to and democratic scrutiny by Parliament; <br />
<br />
U. whereas the programmes were in the short run primarily meant to avoid a disorderly default and stop speculation on sovereign debt; whereas the medium-term aim was to ensure that the money that was lent would be reimbursed, thus avoiding a large financial loss that would rest on the shoulders of the taxpayers of the countries which are providing the assistance and guaranteeing the funds; whereas this also requires the programme to deliver sustainable growth and effective debt reduction in the medium and long term; whereas the programmes were not suited to comprehensively correcting macroeconomic imbalances which had accumulated, in some cases over decades; <br />
<br />
<b>Economic situation in programme countries at the beginning of the crisis </b><br />
<br />
1. Considers that the precise triggers for the crises differed in all four Member States, even though common patterns can be observed such as the rapid increase in capital inflows and a build-up of macroeconomic imbalances across the EU during the years preceding the crisis; points out that excessive private and/or public debt, which had risen to a level which became unsustainable, and over-reaction by financial markets combined with speculation and a loss of competitiveness, played a crucial role, and that none of these could have been prevented by the existing EU economic governance framework; further notes that the sovereign debt crises in all cases have been strongly correlated to the global financial crisis caused by lax regulation and misbehaviour of the financial industry; <br />
<br />
2. Notes that Europe's public finances were already in a poor state before the crisis, and that since the 1970s the level of Member States' public debt has gradually crept upwards under the impact of the various economic downturns the EU has experienced; notes that the costs of recovery plans, falling tax revenues and high welfare expenditure have caused both public debt and the ratio of public debt to GDP to rise in all Member States, although not to a uniform degree across the Union ; <br />
<br />
3. Recalls the triangle of interlinked vulnerabilities, whereby the unbalanced fiscal policy of some Member States has amplified the pre-crisis public deficits and the financial crisis has contributed significantly to a further ballooning of those deficits, followed by tensions in sovereign debt markets in some Member States; <br />
<br />
4. Points out that the recent financial, economic and banking crisis is the most severe since World War II; acknowledges that without action being taken at European level, the crisis could have had even more severe consequences; notes in this respect that the former ECB President Jean-Claude Trichet has pointed out in a public hearing his concern that without swift and forceful action the sovereign debt crisis might have triggered a crisis of the scale of the Great Depression of 1929; <br />
<br />
5. Notes that, prior to the beginning of the EU-IMF assistance programme initiated in the spring of 2010, there was a dual fear associated with the 'insolvency' and 'non-sustainability' of the public finances of Greece as a result of the constantly declining competitiveness of the Greek economy and long-run fiscal derailment, resulting from low effective corporate tax collection, with the government deficit reaching 15,7 % of GDP in 2009, up from -6,5 % in 2007, and the debt-to-GDP ratio continuing on an upward trend since 2003 when it stood at 97,4 %, reaching 107,4 % in 2007, 129,7 % in 2009 and 156,9 % in 2012; is of the opinion that the problematic situation of Greece was also due to statistical fraud in the years preceding the setting-up of the programme; welcomes the decisive action by the Greek government to urgently and effectively address these problems, including by establishing the independent Hellenic Statistical Authority in March 2010; notes that the gradual uncovering of statistical fraud in Greece had an impact on the need to readjust multipliers, forecasts and proposed measures; recalls that because of the European Parliament’s insistence Eurostat (the statistical office of the European Union) is now endowed with powers and means to deliver a solid basis of reliable and objective statistics; <br />
<br />
6. Notes that Greece entered recession in Q4 2008; notes that the country experienced six quarters of negative GDP growth rate in the seven leading up to the assistance programme being activated; notes the close correlation between the effects of the financial crisis and the rise in government debt on the one hand, and the increase in the national debt and the economic downturn on the other, with public debt increasing from EUR 254.7 billion at the end of Q3 2008 to EUR 314,1 billion at the end of Q2 2010; <br />
<br />
7. Notes that following the Greek government’s request for financial assistance in April 2010, the markets started to reassess the economic fundamentals and the solvency of other euro area Member States, and subsequently tensions on Portuguese sovereign bonds quickly drove up Portugal’s refinancing costs to unsustainable levels; <br />
<br />
8. Notes that the economic data first used by the government during the negotiations had to be revised; <br />
<br />
9. Notes that, prior to the beginning of the EU-IMF assistance programme, the Portuguese economy had suffered from low GDP and productivity growth for a number of years, as well as large capital inflows, and that these patterns, combined with an acceleration of expenditure, particularly discretionary spending, consistently above GDP growth, and the impact of the global financial crisis, had resulted in a large fiscal deficit and high public and private debt levels together with contagion from the Greek crisis, driving up Portugal's refinancing costs in the capital markets to unsustainable levels and effectively cutting the public sector from access to those markets; stresses that in 2010, before financial assistance was sought in 7 April 2011, Portugal's growth rate had declined to 1,9 % and its fiscal deficit had reached 9,8 % (2010), its debt level 94 % (2010) and its current account deficit 10,6 % of GDP, with the unemployment rate standing at 12 %; notes in this context that the overall macroeconomic fundamentals deteriorated very rapidly, from reasonably good levels in 2007 before the crisis – when Portugal's growth rate was 2,4 %, its fiscal deficit 3,1 %, its debt level 62,7 % and its current account deficit 10,2 % of GDP, with the unemployment rate standing at 8,1% – to a deep and unprecedented recession; <br />
<br />
10. Notes that, before the EU-IMF assistance programme, the Irish economy had just suffered a banking and economic crisis of unprecedented dimensions that resulted largely from the exposure of the Irish financial sector to the US ‘subprime crisis’, irresponsible risk-taking by Irish banks and the widespread use of asset-backed securities, which, following the blanket guarantee and the subsequent bailout, had the effect of cutting the public sector off from access to the capital markets, causing Irish GDP to fall by 6,4 % in 2009 (1,1 % in 2010) from a positive growth level of 5 % of GDP in 2007, unemployment to increase from 4,7 % in 2007 to 13,9 % in 2010, and the General Government Fiscal Balance to experience a deficit, peaking at 30,6 % in 2010, as a result of Irish government support for the banking sector, down from a surplus of 0,2 % in 2007; notes that the banking crisis partly resulted from inadequate regulation, very low tax rates and an oversized banking sector; recognises that private losses of Irish banks were taken on to the balance of the Irish sovereign, in order to avoid a breakdown of the Irish banking system and also to minimise the risks of contagion across the euro area as a whole, and that the Irish government acted in the wider interests of the Union in responding to its banking crisis; further notes that in the decade prior to the assistance programme the Irish economy experienced a prolonged period of negative real interest rates; <br />
<br />
11. Points out the non-existence of fiscal imbalances prior to the crisis in Ireland and to the extremely low level of public debt; also stresses the extended level of flexibility of the labour market prior to the crisis; notes that the troika initially requested the lowering of wages; draws attention to a non-sustainable banking model and a tax system which was overly dependent on the income from taxing a housing and asset bubble, depriving the state of income when those bubbles burst; <br />
<br />
12. Notes that around 40 % of Irish GDP was injected into the banking sector by the taxpayer at a time when bail-in was not available as it had given rise to considerable debate within the troika; <br />
<br />
13. Calls for the full implementation of the June 2012 commitment by EU leaders to break the vicious circle between banks and sovereigns and to further examine the situation of the Irish financial sector in a manner that substantially alleviates Ireland's heavy burden of bank debt; <br />
<br />
14. Notes that when it came to PSI in Greece, the knock-on effects on the Cyprus banking system, which was already on the verge of collapse because of a failing banking model, were not sufficiently considered and it is also suggested that assets relating to some larger Member States were again protected; <br />
<br />
15. Notes that in May 2011, Cyprus lost access to international markets due to the significant deterioration in public finances as well as the heavy exposure of the Cypriot banking sector to the Greek economy and the restructuring of public debt in Greece, which led to sizeable losses in Cyprus; recalls that years before the beginning of the EU-IMF assistance programme in 2013, serious concerns regarding systemic instability in the Cypriot economy had been raised, owing inter alia to its overleveraged and risk-seeking banking sector and its exposure to highly indebted local property companies, the Greek debt crisis, the downgrading of Cypriot government bonds by international rating agencies, the inability to refund public expenditure from the international markets, and the reluctance of the Cypriot public authorities to restructure the troubled financial sector, opting instead to rely on a massive injection of capital by Russia; recalls also that the situation has been made more complex by the over-reliance on savings coming from Russian citizens and by the recourse to a loan from the Russian authorities; further notes that in 2007, the Cypriot public debt-to-GDP ratio stood at 58,8 %, rising to 86,6 % in 2012, while in 2007 there was a general government surplus of 3,5 % of GDP which nonetheless became a deficit of -6,4 % by 2012; <br />
<br />
<b>EU-IMF financial assistance, content of the MoUs and policies implemented </b><br />
<br />
16. Notes that the initial request for financial assistance was made by Greece on 23 April 2010 and that the agreement between the Greek authorities on the one side and the EU and IMF on the other was adopted on 2 May 2010, in the relevant MoUs containing the policy conditionality for EU-IMF financial assistance; further notes that, following five reviews and the insufficient success of the first programme, a second programme had to be adopted in March 2012, which has been reviewed three times since; notes that the IMF did not take effectively into account the objections of one third of its board members in regard to the distribution of benefits and burdens resulting from the first Greek programme; <br />
<br />
17. Notes that the first agreement of May 2010 could not contain provisions for a restructuring of the Greek debt, despite it being first proposed by the IMF, which, in line with its usual practice, would have preferred an early debt restructuring; recalls the ECB's reluctance to consider any form of debt restructuring in 2010 and 2011 on the grounds that it would have led to the crisis having a contagion effect on other Member States, as well as its refusal to participate in the restructuring agreed in February 2012; notes that the Central Bank of Greece contributed in November 2010 to intensifying market turmoil by publicly warning investors that ECB liquidity operations could no longer be taken for granted in the case of Greek sovereign debt; further notes that there was a commitment by Member States that their banks would retain their exposure to the Greek bond markets, which they were unable to maintain; <br />
<br />
18. Notes that Portugal’s initial request for financial assistance was made on 7 April 2011 and that the agreement between the Portuguese authorities on the one side and the EU and IMF on the other was adopted on 17 May 2011 in the relevant MoUs containing the policy conditionality for EU-IMF financial assistance; further notes that the Portuguese programme has since been reviewed regularly to adjust the targets and objectives, given the unattainable initial goals, leading to the successful tenth review of Portugal's economic adjustment programme, with good prospects for completion of the programme soon; <br />
<br />
19. Recalls the bilateral pressure reportedly exerted by the ECB on the Irish authorities prior to the initial agreement between the latter and the EU and IMF being adopted on 7 December 2010 and 16 December 2010, respectively in the relevant MoUs containing the policy conditionality for EU-IMF assistance; notes that the programme was largely based on the Irish Government's own National Recovery Plan 2011-2014 published on 24 November 2010; further notes that the Irish programme has since been reviewed regularly, leading to a twelfth and final review on 9 December 2013, and that this programme was completed on 15 December 2013; <br />
<br />
20. Notes that the European Council decided on 29 June 2012 to allow the ESM the option of recapitalising banks directly, following a regular decision and provided an effective single supervisory mechanism is established; further notes that the operational framework for a direct recapitalisation instrument, subject to conditionality, was defined by the Eurogroup on 20 June 2013; <br />
<br />
21. Notes that thinking on bail-in has evolved over time; in the case of Ireland in 2010, the bail-in of senior bondholders was not an option available to the Irish authorities, while in Cyprus in 2013, the bail-in of insured depositors was put forward as a policy measure, which increased the disparity between the instruments used to alleviate the banking and sovereign debt crises; <br />
<br />
22. Notes that Cyprus made its initial request for financial assistance on 25 June 2012, but that differences of positions as regards the conditionality, as well as the rejection by the Cypriot Parliament on 19 March 2013 of an initial draft programme which included bail-in of insured depositors on the grounds that it was contrary to the spirit of European law since it envisaged haircut of small deposits of less than EUR 100 000, delayed the final agreement on the EU-IMF assistance programme until 24 April (EU) and 15 May 2013 (IMF) respectively, with the Cypriot House of Representatives finally endorsing the agreement on 30 April 2013; notes that there were initial competing programme proposals in the case of Cyprus between different members of the Troika, and highlights the lack of sufficient explanation as to how the inclusion of insured depositors was signed off by the European Commission and EU finance ministers; furthermore, regrets the fact that the Cypriot authorities referred to difficulties in convincing the Troika representatives of their concerns during the negotiation process, as also the fact that the Cypriot Government was reportedly obliged to accept the bail-in instrument on bank deposits in view of the exceptionally high level of private debt in relation to GDP; points out that while the Central Bank of Cyprus (CBC) and a ministerial committee were heavily involved in the negotiation and design of the financial assistance programme and finally the Governor of the CBC co-signed the MoU with the Minister of Finance, it must be noted that there was extremely limited time for any further negotiation in detail of aspects of the MoU; <br />
<br />
23. Notes the serious side-effects of the application of the bail-in, which include the imposition of capital controls; stresses that the Cypriot real economy continues to face major challenges as the severing of credit lines is bearing down on the productive sectors of the economy; <br />
<br />
24. Notes that the IMF is the global institution tasked with providing states experiencing balance of payments problems with conditional financial assistance; points out that all the Member States are members of the IMF and therefore have the right to request its assistance, in cooperation with the EU institutions, in the light of assessment of the interests of the EU and the Member State in question; notes that in view of the magnitude of the crisis, sole reliance on the financial means of the IMF would not have been sufficient to tackle the problems of the countries in need of financial assistance; <br />
<br />
25. Notes that the IMF has clearly pointed out the risks of the Greek programme, in particular with respect to debt sustainability; observes that in addition to accepting that the programme be devised and negotiated by the troika, the IMF decided to modify its Exceptional Access Policy (EAP) criterion on debt sustainability in order to make it possible to lend to Greece, Ireland and Portugal; <br />
<br />
26. Draws attention to the concerns expressed with regard to oversight by the ECB of emergency liquidity assistance (ELA); considers the solvency concept employed by the ECB to be lacking in transparency and predictability; <br />
<br />
27. Notes the unpreparedness of the EU and the international institutions for a sovereign debt crisis of large magnitude, as well as its differentiated origins and consequences within the euro area, stemming from, among other factors, what is the most serious financial crisis since 1929; regrets the absence of a viable legal basis to deal with a crisis of this nature; acknowledges the efforts made to respond quickly and resolutely, but regrets the fact that the Council has consistently refused to develop a long-term, comprehensive and systemic approach; deplores the fact that the EU Structural Funds and EU policies aiming at long- term economic convergence within the Union have not effectively delivered; <br />
<br />
28. Points out that the cofinancing rates for the EU Structural Funds were topped up to 95 % for some of the Member States which have been most affected by the crisis and which have received financial assistance under an adjustment programme; stresses that local and national administrations need to be strengthened in order to cope with the implementation of EU legislation and programmes, thus speeding up the absorption of Structural Fund monies; <br />
<br />
29. Acknowledges, despite the above, that the immense challenge which the Troika faced in the lead-up to the crisis was unique as a result of, inter alia, the poor state of public finances, the need for structural reforms in some Member States, insufficient regulation of financial services at European and national level, and large macroeconomic imbalances built up over many years, as well as policy and institutional failures and the fact that most traditional macroeconomic instruments such as budgetary policy or external devaluation were not available due to the constraints of monetary union and the incomplete nature of the euro area; notes, moreover, the considerable time pressure arising due partly to the fact that requests for financial assistance were generally made at a time when countries were already close to default and had already lost access to the markets, while legal obstacles had to be cleared, fear of a meltdown of the euro area was palpable, there was a patent need to reach political agreements and take decisions on reforms, the world economy was in a severe downturn, and a number of countries that were to contribute financial support had seen their own public and private debt increase in alarming ways; <br />
<br />
30. Denounces the lack of transparency in the MoU negotiations; notes the need to evaluate whether formal documents were clearly communicated to and considered in due time by the national parliaments and the European Parliament and adequately discussed with the social partners; further notes the possible negative impact of such practices, which involve keeping information behind closed doors on citizens’ rights, on the stability of political situation in the countries concerned and the trust of citizens in democracy and the European project; <br />
<br />
31. Notes that the recommendations contained in the MoUs are at odds with the modernisation policy drawn up in the form of the Lisbon strategy and the Europe 2020 strategy; further notes the fact that Member States with MoUs are exempt from all European Semester reporting processes, including reporting under the anti-poverty and social inclusion targets, and do not receive Country Specific Recommendations aside from implementation of their MoUs; recalls that the MoUs need to be adapted in order to take into account the practice and institutions for wage formation and the national reform programme of the Member State concerned in the context of the Union’s strategy for growth and jobs as set out in Regulation (EU) No 472/2013 (Article7(1)); urges that this be done where it is not yet the case; points out, however, that this can be partly explained, even if not fully justified, by the fact that programmes had to be implemented under considerable time pressure in a difficult political, economic and financial environment; <br />
<br />
32. Regrets the inclusion in the programmes for Greece, Ireland and Portugal of a number of detailed prescriptions for health systems reform and expenditure cuts; regrets the fact that the programmes are not bound by the Charter of Fundamental Rights of the European Union or by the provisions of the Treaties, notably Article 168(7) TFEU; <br />
<br />
33. Points out that the EU finance ministers approved the macroeconomic adjustment programmes; <br />
<br />
<b>The current economic and social situation </b><br />
<br />
34. Regrets that the measures implemented have led in the short term to a rise in income distribution inequality; notes that there has been an above-average rise in such inequalities in the four countries; notes that cuts in social benefits and services and rising unemployment resulting from measures contained in the programmes intended to address the macroeconomic situation, as well as wage reductions, are raising poverty levels; <br />
<br />
35. Points to the unacceptable level of unemployment, long-term unemployment and youth unemployment in particular in the four Member States under assistance programmes; stresses that the high youth unemployment rate imperils the opportunities for future economic development, as demonstrated by the flow of young migrants from southern Europe as well as from Ireland, which risks causing a brain drain; recalls that education, training and a strong scientific and technological background have been systematically identified as the critical path for the structural catching up of these economies; therefore welcomes the recent initiatives at EU level regarding youth education and employment, the Erasmus+ programme, the Youth Employment Initiative, and the 6 billion EUR for the EU Youth Guarantee Scheme, but calls for an even stronger political and economic focus on addressing these issues; stresses that competences related to employment remain primarily with the Member States; therefore encourages the Member States to further modernise their national education systems and to engage in addressing youth unemployment; <br />
<br />
36. Welcomes the end of the programme in Ireland, in so far as the Troika missions have stopped and the country was able to successfully access bond markets on 7 January 2014, as well as the expected end for Portugal; recognises the unprecedented fiscal adjustment in Greece, yet regrets the uneven results in Greece despite unprecedented reforms having been undertaken; acknowledges the very demanding efforts that have been requested from individuals, families, enterprises and other institutions of the civil societies of the countries under adjustment programmes; notes the first signs of partial economic improvements in certain programme countries; points out, however, that the persistently high unemployment rates weigh on economic recovery, and that continued and ambitious efforts are still needed both at national and at EU level; <br />
<br />
<b>The Troika: the economic dimension and the theoretical basis and impact of decisions </b><br />
<br />
37. Stresses that adequate country-specific as well as eurozone-wide economic models, built on prudent assumptions, independent data, involvement of stakeholders and transparency, are necessary in order to produce credible and efficient adjustment programmes, while acknowledging that economic forecasts usually contain a degree of uncertainty and unpredictability; deplores the fact that adequate statistics and information have not always been available; <br />
<br />
38. Welcomes the fact that financial assistance achieved in the short run the objective of avoiding a disorderly default on sovereign debt that would have had extremely severe economic and social consequences which would have arguably been worse than the current ones, as well as spillover effects for other countries of an incalculable magnitude, and possibly the forced exit of countries from the euro area; notes, however, that there is no guarantee this will be avoided in the long run; also notes that the financial assistance and adjustment programme in Greece has not prevented either an orderly default or a contagion effect of the crisis on other Member States, and that market confidence was restored and spreads on sovereign debt started to come down only when the ECB supplemented actions already taken with the Outright Monetary Transactions (OMT) programme in August 2012; deplores the economic and social downturn which became evident when the fiscal and macroeconomic corrections were put in place; notes that the economic and social consequences would have been worse without the EU-IMF financial and technical assistance; <br />
<br />
39. Notes that from the onset the Troika published comprehensive documents on the diagnosis, the strategy for overcoming the unprecedented problems, a set of policy measures drawn up together with the national government concerned, and economic forecasts, all of which are updated on a regular basis; notes that these documents did not permit the public to form an overall view of the negotiations and thus that this does not constitute sufficient means of accountability; <br />
<br />
40. Deplores the sometimes overoptimistic assumptions made by the Troika, especially as far as growth and unemployment are concerned, deriving inter alia from the insufficient recognition of cross border spillovers (as recognised by the Commission in its report ‘Fiscal consolidations and spillovers in the Euro area periphery and core’), political resistance to change in some Member States, and the economic and social impact of adjustment; deplores the fact that this also affected the Troika’s analysis of the interplay between fiscal consolidation and growth; notes that as a result fiscal targets could not be fulfilled within the timeframe foreseen; <br />
<br />
41. Understands from the hearings that a strict relationship exists between the length of the adjustment programme and the help made available through the dedicated funds such as the ESM, meaning that a longer adjustment period would inevitably have meant substantially larger amounts to be made available and guaranteed by the other euro area countries and the IMF, something which was not considered politically feasible in view of the already very high amounts involved; points out that the length of the adjustment programmes and the reimbursement periods are distinctly longer than in usual IMF financial assistance programmes; <br />
<br />
42. Welcomes the reduction of structural deficits in all programme countries since the start of their respective assistance programmes; regrets that these have not yet led to a reduction in the ratios of public debt to GDP; notes that the ratio of public debt to GDP has instead sharply increased in all programme countries, as the receipt of conditional loans naturally leads to an increase of public debt and as policy implemented has a recessive impact in the short term; further believes that the accurate estimation of fiscal multipliers is of crucial importance for fiscal adjustment to be successful in reducing the debt-to-GDP ratio; notes that progression towards more sustainable levels of private debt is also necessary for long-term stability; acknowledges that it typically takes several years before structural reforms can make a significant contribution to raising output and employment; <br />
<br />
43. Considers that fiscal multipliers are difficult to assess with certainty; recalls in this respect that the IMF admitted to underestimating the fiscal multiplier in its growth forecasts prior to October 2012; notes that this period encompasses the conclusions of all but one of the initial memoranda of understanding under enquiry in this report; recalls that the European Commission stated in November 2012 that forecast errors were not due to the underestimation of fiscal multipliers; points out however that the Commission stated in its reply to the questionnaire that "fiscal multipliers tend to be larger at the current juncture than in normal times"; understands that fiscal multipliers are partly endogenous and evolve in changing macroeconomic conditions; points out that this expression of public disagreement between the European Commission and the IMF on the size of the fiscal multiplier was not followed up with a joint stance being taken by the troika; <br />
<br />
44. Points out that while the IMF's stated objective in its assistance operations within the frame of the Troika is internal devaluation, including through wage and pension cuts, the Commission has never explicitly endorsed this objective; notes that the objective emphasised by the Commission in all four programme countries under enquiry has rather been fiscal consolidation; recognises these priority differences between the IMF and the Commission and takes note of this preliminary inconsistency of goals between the two institutions; notes that it was commonly decided to rely on a mix of both instruments as well as structural reforms, with other measures complementing this approach; notes that the combination of fiscal consolidation and restrictive wage policy has depressed both public and private demand; notes that the objective of reforming both the industrial base and the institutional structures in programme countries, rendering them more sustainable and effective, has received less attention than the above-mentioned objectives; <br />
<br />
45. Considers that too little attention has been paid to alleviating the negative economic and social impact of adjustment strategies in the programme countries; recalls the origins of the crises; deplores the fact that too often the one-size-fits-all approach to crisis management has not fully considered the balance in the economic and social impact of the prescribed policy measures; <br />
<br />
46. Stresses that national-level ownership is crucial, and that failure to implement agreed measures has consequences in terms of the expected results, inducing additional hardship over an even longer period for the country concerned; takes note of the IMF's experience that country ownership could be seen as the single most important factor in the success of any financial assistance programme; stresses however that national-level ownership cannot be achieved without proper democratic legitimacy and accountability at both national and EU level; highlights in this regard the fact that deliberation by national parliaments of the budgets and laws for implementing economic adjustment programmes is crucial for providing accountability and transparency at national level; <br />
<br />
47. Stresses that enhanced gender equality is an important key to building stronger economies and that this factor should never be overlooked in economic analyses or recommendations; <br />
<br />
<b>The Troika: the institutional dimension and democratic legitimacy </b><br />
<br />
48. Notes that because of the evolving nature of the EU’s response to the crisis, the unclear role of the ECB in the Troika and the nature of the Troika decision-making process, the Troika’s mandate has been perceived as being unclear and lacking in transparency and democratic oversight; <br />
<br />
49. Points out, however, that the adoption of Regulation (EU) No 472/2013 on 21 May 2013, constitutes a first – even though insufficient – step in codifying the surveillance procedures to be employed in the euro area for countries experiencing financial difficulties, and that it confers a mandate on the Troika; welcomes inter alia: the provisions regarding the evaluation of the sustainability of the government debt; the more transparent procedures regarding the adoption of macroeconomic adjustment programmes, including the need to integrate adverse spillover effects as well as macroeconomic and financial shocks and the scrutiny rights devolved to the European Parliament; the provisions regarding the involvement of social partners; the requirements to take explicit account of national practices and institutions for wage formation; the need to ensure sufficient means for fundamental policies, such as education and healthcare; and the exemptions granted to Member States under assistance from the relevant requirements of the Stability and Growth Pact; <br />
<br />
50. Takes note of the Eurogroup President’s statement that the Eurogroup gives a mandate to the Commission to negotiate on its behalf the details of the conditions attached to the assistance, while taking into account Member States' views on key elements of the conditionality and, in view of their own financial constraints, on the extent of financial assistance; notes that the above-mentioned procedure whereby the Eurogroup confers a mandate on the Commission is not specified in EU law, as the Eurogroup is not an official institution of the European Union; stresses that despite the Commission acting on behalf of the Member States, the ultimate political responsibility for the design and approval of the macroeconomic adjustment programmes lies with EU finance ministers and their governments; deplores the absence of EU-level democratic legitimacy and accountability of the Eurogroup when it assumes EU-level executive powers; <br />
<br />
51. Points out that the rescue mechanisms and the Troika were of an ad hoc nature, and regrets that there was no appropriate legal basis available for setting up the Troika on the basis of Union primary law, which led to the establishment of intergovernmental mechanisms in the form of the EFSF, and eventually the ESM; calls for any future solution shall be based on Union primary law; acknowledges that this might lead to the need for a Treaty change; <br />
<br />
52. Is alarmed by the admission by the former President of the Eurogroup before the European Parliament that the Eurogroup endorsed the recommendations of the Troika without extensive consideration of their specific policy implications; stresses that, if accurate, this does not discharge euro area finance ministers from their political responsibility for the macroeconomic adjustment programmes and the MoUs; points out that this admission sheds a worrying light on the blurred scope of the 'technical advising' and 'Eurogroup agency' roles devolved to both the Commission and the ECB in the framework of the design, implementation and assessment of assistance programmes; deplores, from that perspective, the lack of any clear and accountable case-by-case mandates from the Council and the Eurogroup to the Commission; <br />
<br />
53. Questions the dual role of the Commission in the Troika as both an agent of Member States and an EU institution; asserts that there is a potential conflict of interest within the Commission between its role in the Troika and its responsibility as guardian of the Treaties and the acquis communautaire, especially in policy areas such as competition and state aid policy and social cohesion, and with regard to Member States’ wage and social policy, an area in which the Commission has no competence, as well as respect for the Charter of Fundamental Rights of the European Union; points out that such a situation contrasts with the Commission’s normal role, which is to act as an independent principal protecting the EU interest and ensuring the implementation of EU rules within the limits established by the Treaties; <br />
<br />
54. Points equally to the potential conflict of interest between the current role of the ECB in the Troika as ‘technical advisor’ and its position as creditor of the four Member States, as well as its mandate under the Treaty as it has made its own actions conditional on decisions it is itself part of; nonetheless, welcomes its contribution in addressing the crisis but requests that potential ECB conflicts of interest, especially as regards crucial liquidity policy, are carefully scrutinised; notes that throughout the crisis the ECB has had crucial information on the health of the banking sector and financial stability in general, and that with this in mind it has subsequently exerted policy leverage on decision-makers, at least in the cases of the Greek debt restructuring, where the ECB insisted that CACs were to be removed from government bonds it held, the Cypriot ELA operations, and the Irish non-inclusion of senior-bondholders in the bail-in; calls on the ECB to publish the letter of 19 November 2010 from Jean-Claude Trichet to the then Irish Finance Minister, as requested by the European Ombudsman; <br />
<br />
55. Notes that the ECB’s role is not sufficiently defined, as it is stated in the ESM Treaty and Regulation (EU) No 472/2013 that the Commission should work ‘in liaison with the ECB’, thus reducing the ECB to an advisory role; notes that the Eurogroup asked for the involvement of the ECB as a provider of expertise to complement the views of the other Troika partners, and that the ECJ has ruled in the Pringle case that the tasks allocated to the ECB by the ESM Treaty are in line with the various tasks which the TFEU and the Statute of the ESCB [and the ECB] confer on the ECB provided that a certain number of conditions are permanently fulfilled; points to the responsibility of the Eurogroup in allowing the ECB to act within the Troika, but recalls that the ECB’s mandate is circumscribed by the TFEU to the areas of monetary policy and financial stability and that involvement of the ECB in the decision-making process related to budgetary, fiscal and structural policies is not foreseen by the Treaties; recalls that Article 127 TFEU provides that, without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; <br />
<br />
56. Points to the generally weak democratic accountability of the Troika in programme countries at national level; notes, however, that this democratic accountability varies between countries, depending on the will of national executives and the effective scrutiny capacity of national parliaments, as demonstrated in the case of the refusal of the original MoU by the Cypriot parliament; notes, however, that when consulted, national parliaments were faced with the choice between eventually defaulting on their debt or accepting Memoranda of Understanding negotiated between the Troika and national authorities; points out that the MoU was not ratified by the national parliament in Portugal; notes with concern that the fact that the Troika is made up of three independent institutions with an uneven distribution of responsibility between them, coupled with differing mandates, as well as negotiation and decision-making structures with different levels of accountability, has resulted in a lack of appropriate scrutiny and democratic accountability of the Troika as a whole; <br />
<br />
57. Regrets the fact that by reason of its statutes the IMF cannot appear formally before or report in writing to national or European parliaments; notes that the IMF’s governance structure foresees accountability towards the 188 member countries via the IMF Board; stresses that the IMF’s involvement as lender of last resort providing up to one third of the funding places the institution in a minority role; <br />
<br />
58. Notes that, following preparatory work by the Troika, formal decisions are made, separately and in accordance with their respective legal statutes and roles, by the Eurogroup and the IMF, who thus respectively acquire political responsibility for Troika actions; further notes that a crucial role is now accorded to the ESM as the organisation responsible for deciding on financial assistance granted by eurozone member states, thus putting national executives of member states of the euro area, including the governments of those directly concerned, at the centre of any decisions taken; <br />
<br />
59. Notes that the democratic legitimacy of the troika at national level derives from the political responsibility of Eurogroup and ECOFIN members before their respective national parliaments; regrets that the troika lacks means of democratic legitimacy at EU level because of its structure; <br />
<br />
60. Deplores the way EU institutions are being portrayed as the scapegoat for adverse effects in Member States' macroeconomic adjustment, when it is the Member States' finance ministers who bear the political responsibility for the Troika and its operations; stresses that this may lead to increased Euroscepticism although responsibility lies with the national and not the European level; <br />
<br />
61. Calls on the Eurogroup, the Council and the European Council to assume full responsibility for the operations of the Troika; <br />
<br />
62. Points out that the ESM is an intergovernmental body which is not part of the European Union legal structure and is bound by the unanimity rule in the regular procedure; believes that for this reason a spirit of mutual commitment and solidarity is required; notes that the ESM Treaty has introduced the principle of loan conditionality, in the form of a macroeconomic adjustment programme; points out that the ESM treaty does not define further the content of conditionality or adjustment programmes, thus allowing great leeway in recommending such conditionality; <br />
<br />
63. Expects the national courts of auditors to fully assume their legal responsibilities with regard to certifying the legality and regularity of financial transactions and the effectiveness of supervisory and control systems; calls on the supreme audit institutions, in this connection, to reinforce their cooperation, in particular by exchanging best practices; <br />
<br />
<b>Proposals and recommendations </b><br />
<br />
64. Welcomes the willingness of the Commission, the ECB, the President of the Eurogroup, the IMF, the national governments and central banks of Cyprus, Ireland, Greece and Portugal, as well as the social partners and representatives of civil society, to cooperate and participate in the evaluation by Parliament of the role and operations of the Troika, including by answering the detailed questionnaire and/or participating in formal and informal hearings; <br />
<br />
65. Deplores the fact that the European Council did not sufficiently take into account the proposals contained in its resolution of 6 July 2011 on the financial, economic and social crisis; emphasises that implementing them would have fostered economic and social convergence in the Economic and Monetary Union and would have afforded measures to coordinate economic and budgetary policy full democratic legitimacy; <br />
<br />
<b>The short to medium term </b><br />
<br />
66. Calls, as a first step, for the establishment of clear, transparent and binding rules of procedure for the interaction between the institutions within the Troika and the allocation of tasks and responsibility therein; strongly believes that a clear definition and division of tasks is needed in order to enhance transparency and to enable a stronger democratic control over and underpin the credibility of the work of the Troika; <br />
<br />
67. Calls for the development of an improved communication strategy for ongoing and future financial assistance programmes; urges that this concern be given the utmost priority, as inaction on this front will ultimately damage the image of the Union; <br />
<br />
68. Calls for a transparent evaluation of the awarding of contracts to external consultants, the lack of public tenders, the very high fees paid and the potential conflicts of interests; <br />
<br />
<b>Economic and social impact </b><br />
<br />
69. Recalls that the Parliament’s position on Regulation (EU) No 472/2013 entailed introducing provisions requiring the macroeconomic adjustment programmes to include contingency plans in case baseline forecast scenarios should not materialize and in case of slippage due to circumstances outside the control of the Member State under assistance, such as unexpected international economic shocks; stresses that such plans are a prerequisite for prudent policymaking, given the fragility and poor reliability of economic models underpinning programme forecasts as illustrated in all Member States under assistance programmes; <br />
<br />
70. Urges the EU to closely monitor the financial, fiscal and economic evolution in the Member States and to create an institutionalised system of positive incentives to duly reward those who meet best practices in this regard and those who fully comply with their adjustment programmes; <br />
<br />
71. Demands that the Troika take stock of the current debate on fiscal multipliers and consider revision of the MoUs on the basis of the latest empirical results; <br />
<br />
72. Asks the Troika to proceed to new debt sustainability assessments and, as a matter of urgency, to address the need to reduce the Greek public debt burden as well as the severe capital outflows from Greece, which are contributing significantly to the vicious circle characterising the current economic depression in the country; recalls that a number of possibilities exist for a debt restructuring, besides a haircut on bond principals, including bond swapping, extending bond maturities and reducing coupons; believes the different possibilities for debt restructuring should be carefully weighed; <br />
<br />
73. Insists that the MoUs must be made to respect, where this is not the case, the objectives of the European Union, i.e. the promotion of employment and improved living and working conditions, so as to make possible their harmonisation while the improvement is being maintained, as well as proper social protection, dialogue between management and labour, the development of human resources with a view to lasting high employment and the combating of exclusion, as stated in Article 151 TFEU; supports the cautious prolongation of fiscal adjustment timeframes that have already been fulfilled in the memoranda as fears of general meltdown receded; supports considering further adjustments in light of further macroeconomic developments; <br />
<br />
74. Regrets that the burden has not been shared among all who acted irresponsibly and that the protection of bondholders was seen as an EU necessity in the interests of financial stability; asks the Council to activate the framework it decided on the treatment of legacy assets so as to breakdown the vicious circle between sovereigns and the banks and alleviate the public debt burden in Ireland, Greece, Portugal and Cyprus; urges the Eurogroup to deliver on its commitment to examine the situation of the Irish financial sector with a view to further improving the sustainability of the adjustment in Ireland, and, having regard to all of the above, urges the Eurogroup to make good on the commitment to Ireland to deal with this bank debt burden; believes special consideration should be given to the application of the Stability and Growth Pact to relevant legacy debt, since the latter is perceived in Ireland as unfair and as burdening the country under the flexibility provisions of the reformed pact; considers that in the longer term the distribution of the costs should reflect distribution of the protected bondholders; takes note of the Irish authorities' demand for a transfer of a share of public debt corresponding to the cost of the bailout of the financial sector to the ESM; <br />
<br />
75. Recommends that the Commission, the Eurogroup and the IMF should explore further the concept of 'contingent convertible bonds', where the returns of newly issued sovereign debt in Member States under assistance are linked to economic growth; <br />
<br />
76. Recalls the need for measures to safeguard tax revenues, in particular for programme countries, as enshrined in Regulation (EU) No 472/2013 of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (the Gauzès report), by taking ‘measures in close cooperation with the Commission and in liaison with the ECB and, where appropriate, with the IMF, aiming to reinforce the efficiency and effectiveness of revenue collection capacity and the fight against tax fraud and evasion, with a view to increasing its fiscal revenue’; recalls that effective steps to fight and prevent fiscal fraud both within and outside the EU should be taken rapidly; recommends implementing measures that would make all parties contribute fairly to tax revenues; <br />
<br />
77. Calls for the publication of the use made of bail-out funds; stresses that the quantity of funds channelled to finance the deficits, fund the government and repay private creditors should be clarified; <br />
<br />
78. Calls for an effective involvement of social partners in the design and implementation of adjustment programmes, current and future; believes that agreements reached by social partners in the framework of the programmes should be respected insofar as they are compatible with the programmes; emphasises that Regulation (EU) No 472/2013 provides that assistance programmes shall respect national practices and institutions for wage formation; <br />
<br />
79. Calls for the involvement of the EIB in the design and implementation of investment- related measures in order to contribute to economic and social recovery; <br />
<br />
80. Regrets that the programmes are not bound by the Charter of Fundamental Rights of the European Union, the European Convention of Human Rights and the European Social Charter, due to the fact that they are not based on Union primary law; <br />
<br />
81. Stresses that the European institutions need to respect Union law, including the Charter of Fundamental Rights of the European Union, under all circumstances; <br />
<br />
82. Stresses that pursuing economic and financial stability in the Member States and the Union as a whole must not undermine social stability, the European social model or the social rights of EU citizens; stresses that involvement of the social partners in the economic dialogue at European level, as provided for in the Treaties, must be on the political agenda; calls for the necessary involvement of the social partners in the design and implementation of current and future adjustment programmes; <br />
<br />
<b>The Commission </b><br />
<br />
83. Calls for full implementation and full ownership of Regulation (EU) No 472/2013; calls on the Commission to start interinstitutional negotiations with Parliament in order to define a common procedure for informing the competent committee of Parliament on the conclusions drawn from the monitoring of the macroeconomic adjustment programme, as well as the progress made in the preparation of the draft macroeconomic adjustment programme provided for in Article 7 of Regulation (EU) No 472/2013; reminds the Commission to conduct and publish ex-post evaluations of its recommendations and its participation in the Troika; asks the Commission to include such assessments in the review report foreseen in Article 19 of Regulation (EU) No 472/2013; reminds the Council and the Commission that Article 16 of Regulation (EU) No 472/2013 provides that Member States in receipt of financial assistance on 30 May 2013 shall be subject to that Regulation as from that date; calls on the Council and the Commission, in conformity with Article 265 TFEU, to act in order to streamline and align the ad hoc financial assistance programmes with the procedures and acts referred to in Regulation (EU) No 472/2013; calls on the Commission and the co-legislators to draw the relevant lessons from the troika experience when designing and implementing the next steps of the EMU. including when revising Regulation (EU) No 472/2013; <br />
<br />
84. Reminds the Commission and the Council of its position adopted in plenary regarding Regulation (EU) No 472/2013; emphasises in particular that it has laid down provisions in this position which increase further the transparency and accountability of the decision-making process leading to the adoption of macroeconomic adjustment programmes, providing for a clearer and well-delimitated mandate and overall role for the Commission; asks the Commission to reassess such provisions and integrate them into the framework in case of a future proposal to amend Regulation (EU) No 472/2013; recalls, from that perspective, that the preparation of future assistance programmes shall be placed under the responsibility of the Commission, which should seek advice, where appropriate, from third parties such as the ECB, the IMF or other bodies; <br />
<br />
85. Requests full accountability of the Commission in line with and beyond Regulation (EU) No 472/2013 when it acts in its capacity as a member of the EU assistance mechanism; requests that the Commission representatives in that mechanism be heard by Parliament before taking up their duties; demands that they be subjected to regular reporting to Parliament; <br />
<br />
86. Proposes that for each programme country the Commission should sets up a ‘growth task force’ consisting inter alia of experts from (inter alia) the Member States and the EIB, in association with representatives of the private sector and civil society in order to allow ownership, to suggest options to promote growth which would complement fiscal consolidation and structural reforms; this task force would have the objective of restoring confidence and therefore enabling investments; the Commission should build on the experience of the ‘twinning’ instrument for cooperation between public administrations of Member States and of beneficiary countries; <br />
<br />
87. Is of the opinion that the situation of the euro area as a whole (including spillover effects on other Member States resulting from national policies) should be better taken into account when looking at the Macroeconomic Imbalances Procedure (MIP) or when the Commission is drafting the AGS; <br />
<br />
88. Believes that the MIP should also clearly assess any Member State's overreliance on a particular sector of activity; <br />
<br />
89. Asks the Commission to proceed to a thorough examination in the light of state aid rules of the liquidity provisions of the ESCB; <br />
<br />
90. Instructs the Commission, in its capacity of ‘guardian of the Treaties’, to present by the end of 2015, a detailed study of the economic and social consequences of the adjustment programmes in the four countries, in order to provide a precise understanding of both the short-term and long-term impact of the programmes, thus enabling the resulting information to be used for future assistance measures; asks the Commission to use all relevant consultative bodies, including the Economic and Financial Committee, the Employment Committee and the Social Protection Committee, when drafting this study, and to fully cooperate with Parliament; believes the report of the Commission should also reflect the assessment of the European Agency of Fundamental Rights; <br />
<br />
91. Calls on the Commission and Council to ensure the involvement of all relevant Directorate -Generals (DGs) of the Commission and national ministries in the MoU discussions and decisions; highlights in particular the role DG Employment has to play alongside DG ECFIN and DG MARKT in ensuring that the social dimension is a key consideration in the negotiations and that the social impact is also taken into account; <br />
<br />
<b>The ECB </b><br />
<br />
92. Requests that in any reform of the Troika framework the ECB’s role is carefully analysed, in order to align it with the ECB mandate; requests especially that the ECB be given the status of a silent observer with a transparent and clearly defined advisory role while, not allowing it to be a full negotiation partner and discontinuing the practice of the ECB co-signing mission statements; <br />
<br />
93. Asks the ECB to conduct and publish ex-post evaluations of the impact of its recommendations and its participation in the Troika; <br />
<br />
94. Recommends that the ECB update its guidelines on Emergency Liquidity Assistance (ELA) and its collateral framework regulations, in order to enhance the transparency of liquidity provisions in Member States under assistance and increase the legal certainty surrounding the solvency concept used by the ESCB; <br />
<br />
95. Calls on the ECB and the national central banks (NCBs) to publish comprehensive information on ELAs in a timely fashion, including on the conditions for support such as solvability, the way the ELAs are financed by the NCBs, the legal framework and their practical functioning; <br />
<br />
<b>The IMF </b><br />
<br />
96. Believes that after years of experience in designing and implementing financial programmes, the European institutions have acquired the necessary know-how to design and implement them by themselves, with the IMF’s involvement being redefined along the lines proposed in this report; <br />
<br />
97. Calls for any future involvement of the IMF in the euro area to remain optional; <br />
<br />
98. Calls on the IMF to redefine the scope of any future involvement on its part in EU-related assistance programmes, such that it becomes a catalytic lender providing minimum financing and expertise to the borrowing country and the EU institutions while retaining the option of exit in case of disagreement; <br />
<br />
99. Asks the Commission, in accordance with Article 138 TFEU, to propose appropriate measures to ensure unified representation of the euro area within the international financial institutions and conferences and particularly in the IMF, in order to replace the current system of individual Member State representation at the international level; notes that this requires a change in the statutes of the IMF; <br />
<br />
100. Calls for the consultation of Parliament on the involvement of the IMF in the euro area on an ad hoc basis; <br />
<br />
<b>The Council and the Eurogroup </b><br />
<br />
101. Calls for a reassessment of the decision-making process of the Eurogroup so as to include appropriate democratic accountability at both national and European levels; calls for European guidelines to be established in order to ensure appropriate democratic control over the implementation of measures at national level which take into account the quality of employment, social protection, health and education and ensure access for all to social systems; proposes that being the permanent chair of the Eurogroup should be a full-time responsibility; suggests that the chair be one of the Vice-Presidents of the Commission, to be accountable to Parliament; calls, in the short run, for the establishment of a regular dialogue between the Troika and Parliament; <br />
<br />
102. Calls on the Eurogroup, the Council and the European Council to assume full responsibility for the operations of the Troika; is concerned, in particular, to improve the accountability of decisions of the Eurogroup with regard to financial assistance, as finance ministers bear the ultimate political responsibility for macroeconomic adjustment programmes and their implementation while often neither being directly accountable to their national parliament nor the European Parliament for specific decisions; believes that before financial assistance is granted the President of the Eurogroup should be heard before the European Parliament and the EU finance ministers in their respective parliament; stresses that the President of the Eurogroup and the finance ministers should both be required to regularly report to the European Parliament and national parliaments; <br />
<br />
103. Urges all Member States to increase their national ownership in the European Semester's workings and decisions and to carry out all measures and reforms they have agreed to in the context of the country-specific recommendations (CSRs); recalls that the Commission has identified a significant degree of progress in comparison with previous years in only 15 % of the approximately 400 CSRs; <br />
<br />
<b>The ESM </b><br />
<br />
104. Stresses that with the phasing-out of the Troika, an institution will need to take over the scrutiny of ongoing reforms; <br />
<br />
105. Emphasises that the creation of the EFSF and the ESM outside the institutions of the Union represents a setback in the development of the Union, essentially at the expense of Parliament, the Court of Auditors and the Court of Justice; <br />
<br />
106. Demands that the ESM be integrated in the Union's legal framework and evolve towards a Community-based mechanism, as provided for in the ESM Treaty; demands that it be made accountable to the European Parliament and the European Council, including with respect to decisions to grant financial assistance as well as decisions to grant new loan tranches; acknowledges that as long as Member States make direct contributions from their national budget to the ESM, they should approve financial assistance; calls for the ESM to be further developed, with adequate lending and borrowing capacities, and for the establishment of a dialogue between the ESM board and the European social partners and the integration of the ESM into the EU budget; calls on the members of the ESM, until the above becomes reality, to abstain from the unanimity requirement in the short run in order to allow standard decisions to be taken by a qualified majority rather than by unanimity, and to allow for precautionary assistance to be given; <br />
<br />
107. Asks the Council and the Eurogroup to respect the commitment made by the President of the European Council to negotiate an interinstitutional arrangement with the European Parliament in order to establish an appropriate interim mechanism for increasing the accountability of the ESM; calls also in that context for greater transparency in the proceedings of the ESM Governing Council; <br />
<br />
108. Underlines that the ECJ 'Pringle' case-law and jurisprudence opens up the possibility of bringing the ESM within the Community framework, with a constant Treaty on the basis of Article 352 TFEU; calls, therefore, on the Commission to put forward, by the end of 2014, a legislative proposal with that objective; <br />
<br />
<b>The medium to long term </b><br />
<br />
109. Calls for the memoranda to be placed within the framework of Community legislation so as to promote a credible and sustainable consolidation strategy, thus also serving the objectives of the Union’s growth strategy and the declared social cohesion and employment objectives; recommends that for assistance programmes to be vested with appropriate democratic legitimacy, the negotiation mandates should be submitted to a vote in the European Parliament, and that Parliament should be consulted on the resulting MoUs; <br />
<br />
110. Reiterates its call for decisions related to the strengthening of the EMU to be taken on the basis of the Treaty on European Union; takes the view that departure from the Community method with increased use of intergovernmental agreements (such as contractual agreements) divides, weakens and challenges the credibility of the Union, including the euro area; is aware that full respect of the Community method in further reforms of the Union assistance mechanism might require treaty change, and stresses that any such changes must fully involve the EP and be subject to a convention; <br />
<br />
111. Is of the opinion that the option of a Treaty change allowing for the extension of the scope of the present Article 143 TFEU to all Member States, instead of being restricted to non-euro Member States, should be explored; <br />
<br />
112. Calls for the creation of a European Monetary Fund (EMF) on the basis of Union law, which would be subject to the Community method; believes that such an EMF should combine the financial means of the ESM geared to supporting countries experiencing balance of payments problems or facing state insolvency with the resources and experience that the Commission has acquired over the last few years in this field; points out that such a framework would avoid the possible conflicts of interest inherent to the Commission's current role as an Eurogroup agent and its much more encompassing role of 'guardian of the treaty'; believes that the EMF should be subjected to the highest democratic standards of accountability and legitimacy; believes that such a framework would ensure transparency in the decision-making process and that all institutions involved are made fully responsible and accountable for their actions; <br />
<br />
113. Is of the opinion that a treaty revision will be required in order to fully anchor the EU crisis prevention and resolution framework on the basis of legally sound and economically sustainable grounds; <br />
<br />
114. Is of the opinion that the option of developing a mechanism with clear procedural steps for countries which are in danger of insolvency should be explored, following the rules of the 6-pack and the 2-pack; in this context, encourages the IMF, and asks the Commission and the Council to bring the IMF to a common position in order to reignite the debate around an international sovereign debt restructuring mechanism (SDRM) with a view to adopting a fair and sustainable multilateral approach in this domain; <br />
<br />
115. Summarises its recommendation that the respective roles and tasks of each participant in the Troika should be clarified in the following ways: <br />
<br />
(a) a European Monetary Fund, which would combine the financial means of the ESM and the human resources that the Commission has acquired over the last few years, would take over the Commission's role, allowing the latter to act in conformity with Article 17 of the TEU and in particular to act as guardian of the Treaties; <br />
<br />
(b) the ECB would participate as a silent observer during the negotiation process, in order to enable it to raise strong concerns in its advising role to the Commission, and later to the European Monetary Fund if appropriate; <br />
<br />
(c) the IMF, should its involvement be strictly necessary, would be a marginal lender and therefore could leave the programme if in disagreement; <br />
<br />
116. Considers that the work started with this report should be followed up; calls on the next Parliament to pursue the work of this report and to develop further its key findings and to investigate further; <br />
<br />
117. Instructs its President to forward this resolution to the European Council, the Council, the Eurogroup, the Commission, the European Central Bank and the IMF. </div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-25931683525488070862013-12-20T00:45:00.001-08:002013-12-20T00:49:36.493-08:00Tennessee's formula for awarding $826 million to HE institutionsI found it<a href="http://www.businessweek.com/articles/2013-12-19/u-dot-s-dot-college-performance-ratings-planned-by-education-department?utm_medium=referral&utm_source=t.co#p2"> here</a> and I thought it was interesting. Simple enough and useful.<br />
It covers institutions of all levels of higher education (Universities, Technical Colleges and Community Colleges).<br />
<br />
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<a href="http://4.bp.blogspot.com/-cVTZ1Qoemv4/UrQB06wZHgI/AAAAAAAAAIg/3Ax1tRi5j7Q/s1600/Tennessee.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-cVTZ1Qoemv4/UrQB06wZHgI/AAAAAAAAAIg/3Ax1tRi5j7Q/s1600/Tennessee.jpg" /></a></div>
<br />Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-7649497442517159172013-11-24T03:11:00.003-08:002013-11-24T03:11:46.076-08:00UC Berkeley Lecturer Alexander Coward on college education and strikes<br />
<ul>
<li>I<a href="http://alumni.berkeley.edu/california-magazine/just-in/2013-11-21/cal-lecturers-email-students-goes-viral-why-i-am-not"> copy</a> here the e-mail sent to UC Berkeley math students by the Lecturer Alexander Coward to explain the importance of College Education and why he was going to teach next day and not participate in the University of California workers’ strike action.</li>
</ul>
<blockquote>
Dear All,
<br />
As some of you may have heard, there is some strike activity taking place on campus tomorrow.
<br />
I want to let you know that I will not be striking, which means that I
will be, so-to-speak, crossing a picket line. Moreover, I know that two
of your GSIs have decided to strike, but because I happen to be free in
the afternoon when they teach, and because I enjoy teaching smaller
classes from time to time and I haven’t had a chance to in a while, I’ll
be covering those sections. If you were planning to see me at office
hours tomorrow afternoon, then feel free to come to one of the sections
I’ll be covering. I will be in Stephens 230c from 2:10 to 4pm, Cory Hall
285 from 4:10pm to 5pm, and Evans Hall 6 from 5:10pm-6pm.
<br />
The reason for me taking this decision is extremely simple: We have 7
class days left until the end of the course. Despite the fact that we’ve
made good time and are likely to finish the syllabus with a few
lectures in hand for review, class hours are valuable and your education
is too important to just cancel a class if we don’t have to. Whatever
the alleged injustices are that are being protested about tomorrow, it
is clear that you are not responsible for those things, whatever they
are, and I do not think you should be denied an education because of
someone else’s fight that you are not responsible for. I say this with
no disrespect whatsoever to the two GSIs who have decided to strike.
Societies where people stand up for what they believe in are generally
better than societies where people do not, sometimes dramatically so.
Further, I cannot discount the possibility that I may be in the wrong on
this and they may be right. I have certainly been on the wrong side of
political judgements before and I’m sure I will be again. However from a
practical point of view I’ve made my decision and you should all turn
up to class and discussion tomorrow as normal.
<br />
Beyond practical matters, I think it’s also worth reflecting a little
on the broader relationship between politics and your education, and I
think I have some important things to share on this topic that may be
helpful to you.
<br />
I do this with some trepidation. Normally I try to avoid talking about
politics with my students and also my professional colleagues because
people have a wide variety of views, sometimes held with great
conviction and feeling. If I was to get into a political disagreement
with one of you or one of my colleagues, it might get in the way of or
distract us from the central mission we have of working together to give
you a great education.
<br />
However sometimes political events reach into our lives without our
invitation or control, and we have no choice but to engage with each
other about politics. Many times in history it has done so with far more
violence and disruption than a strike, and it is wise to be
psychologically prepared for this fact.
<br />
If I’ve learned one thing about politics since I was your age, it is
this: Politics, like most things in life worth thinking about, including
mathematics, is very big, very complicated, and very interconnected.
I’ve lived and worked in four countries on four continents, all with
societies set up differently both politically and socially. I’ve
discovered that there is no unique or obviously best way of setting up
society. For every decision and judgement you reach, there are people
who benefit and people who lose out. It’s the same with the way I teach
my classes. I know that for every decision I make about how to teach you
there are some of you who benefit and there are others who would do
better if I did things differently. There is no way of getting around
that. Every judgement you make in life is a question of balancing
different interests and ideals. Reasonable good people can disagree on
political questions like whether to strike or not, and they can disagree
about far more contentious topics also.
<br />
All this may sound like speaking in platitudes. However it is a point
worth making to all of you because you are so young. One of the nice
things about being young is that your thinking can be very clear and
your mind not so cluttered up with memories and experiences. This
clarity can give you a lot of conviction, but it can also lead you
astray because you might not yet appreciate just how complicated the
world is. As you get older you tend to accumulate life experiences to
learn from, and this is the source of wisdom, but the trouble is that
the lessons we glean from life do not all point in the same direction.
Sometimes it is hard to tease the correct learning from the experiences
life throws at us.
<br />
So what are we to do with the fact that when we are young we lack a
lot of the perspective we need to make definitive judgements about what
is right, but that as we get older our judgements tend to be informed by
our experiences, and these experiences guide us in contradictory ways,
both between different people and within the same person?
<br />
I don’t know.
<br />
However one thing I do know is that you are not going to be able to
avoid making these kinds of judgements, just as I cannot avoid making a
judgment about whether to strike or not. Like it or not, I have to make a
political choice, and I have to talk to you about it. For me, the
choice not to strike is quite easy, but for you the kinds of judgements
and choices you are going to face in your lives are going to be far from
easy; they are going to be of a complexity and importance that will
rival that faced by any previous generation. To an extent that you may
not yet appreciate, the world is changing incredibly quickly. In just a
decade, since I was your age, the internet and telecommunications has
truly transformed the way we live, not just in rich countries but around
the world. When I was an undergraduate, if I wanted to check my email I
went to a little room in the basement to use a computer, and if I
wanted to learn something I went to a library. The kinds of
breakthroughs we are seeing in biotechnology remind me of the way people
were talking about electricity in 1900. Of course I don’t know - nobody
knows - but my guess is that biotechnology in the 21st century could be
similarly transformative to the way the full power of electricity only
hit prime-time in the 20th century. The recent controversy about the NSA
has shown that the role of information technology on society can be, or
at least might become, double edged. There is climate change, another
controversial and difficult topic, the exact impact of which we do not
yet know. These are just a few of the challenges we can see, and we
should remember that history has a habit of throwing curve balls at each
generation that nobody saw coming. And among all this tumult, our
search for common human peace and happiness on some level becomes more
difficult, though no less important. A previous generation dodged the
bullet of nuclear armageddon when things looked bleak, but for your
generation the bullets are coming thicker and faster than ever before.
The potential all of you in your generation are going to have for both
good and harm is tremendous.
<br />
I suspect many of you have heard sentiments along these lines before.
However I also suspect that many of you will think something in response
along the lines of `I know all that, but these things are for someone
else to figure out, not me.’
<br />
That is a mistake.
<br />
One of the things you can lose track of when you attend a top tier
university like Berkeley is just how exceptional and amazing you really
are. I’m blown away every time I talk to you. The way you ask
penetrating questions, the way you improved so much between midterm 1
and 2, the way you challenge me to be a better teacher, it just knocks
my socks off. You really are amazing. I’ve taught students all over the
world, and I’ve never seen a group of students so talented. I’m not just
talking about some of you. I’m talking about all of you. It’s a
privilege to be your professor. Sadly, however, I know many of you don’t
feel that way. The difficulty you all face is that as you look around
at all your fellow students, it’s easy to have your eye drawn by people
doing better than you. Or rather, I should say people who look like
they’re doing better than you. In reality the true extent of how much
people are learning can be difficult to measure. Sometimes failures and
adversity are better preparations for long term success than
effortless progress.
<br />
Why am I telling you all this?
<br />
I’m telling you this because you all need to know that there is not
some great pool of amazing people in some other place who are going to
shape the way our species navigates the coming decades. The simple fact
is that, like it or not, technology is going to change the way we live
in the future, and you’re going to have to solve some very hard
problems, as well as figure out how best to use new technology for good,
while at the same time facing human dangers that have haunted humanity
throughout history.
<br />
Part of the work of your generation is going to be technological,
using scientific ideas to serve the interests of society, and part of
the work is going to be fundamentally human, tied inexorably with
qualities of the human condition - human emotion - that dominate the
whole of history. These things are not separate, but are inexorably
linked, and you are in a better place to understand that connection
than me.
<br />
I can’t tell you what your particular role should be in the new
realities of the 21st century. It’s up to you to decide if you want to
make the focus of your life technological, focused on new innovations to
drive society forward, or essentially human, focused on the age-old
struggles of trying to get along, work together, and find happiness, or
some combination of the two.
<br />
However I can tell you this:
<br />
Whatever you decide to do with your life, it’s going to be really, really complicated.
<br />
Science and technology is complicated. History and politics is
complicated. People are complicated. Figuring out how to be happy, and
do simple things like take care of our kids and maintain friendships and
relationships, is complicated.
<br />
In order for you to navigate the increasing complexity of the 21st
century you need a world-class education, and thankfully you have an
opportunity to get one. I don’t just mean the education you get in
class, but I mean the education you get in everything you do, every book
you read, every conversation you have, every thought you think.
<br />
You need to optimize your life for learning.
<br />
You need to live and breath your education.
<br />
You need to be *obsessed* with your education.
<br />
Do not fall into the trap of thinking that because you are surrounded
by so many dazzlingly smart fellow students that means you’re no good.
Nothing could be further from the truth.
<br />
And do not fall into the trap of thinking that you focusing on your
education is a selfish thing. It’s not a selfish thing. It’s the most
noble thing you could do.
<br />
Society is investing in you so that you can help solve the many
challenges we are going to face in the coming decades, from profound
technological challenges to helping people with the age old search for
human happiness and meaning.
<br />
That is why I am not canceling class tomorrow. Your education is
really really important, not just to you, but in a far broader and wider
reaching way than I think any of you have yet to fully appreciate.
<br />
See you tomorrow,
<br />
Alexander
<br />
</blockquote>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-30780697485484632862013-09-09T01:24:00.000-07:002013-12-20T00:50:53.936-08:00Fundamental problems of the Center-Left<span style="background-color: rgba(255, 255, 255, 0);">Two center-left governments on opposite sides of the globe (Australia, Norway) are losing power this month, despite both presiding over commodity-fuelled booms while other economies sank into crisis. </span><br />
<span style="background-color: rgba(255, 255, 255, 0);"><br /></span><a href="http://mobile.reuters.com/article/idUSBRE98002R20130901?irpc=932">Source</a>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-79464585977197669152013-09-04T03:13:00.000-07:002013-09-04T03:13:25.948-07:00WANTED: A MIRACLE IN GREECE (Collier, Sep 20, 1947)<div dir="ltr" style="text-align: left;" trbidi="on">
Nothing less will defeat economic collapse and Communist inroads<br />
<br />
By PAUL A. PORTER <br />
Collier’s - Sep 20, 1947<br />
<br />
TODAY an almost forgotten American mission has got to perform a miracle—or fail in its job. The miracle is to save Greece from economic disintegration and the inroads of Communism. The fight to save Greece is just beginning. The announcement of plans is not enough. What will go on in Greece this month and next is infinitely more important than are the debates which commanded the headlines last March and April. <br />
<br />
Last January, I went to Greece as head of a mission charged with reporting on the economic situation and with determining what outside assistance would be necessary for the survival of the Greek nation. I know at firsthand the complicated and discouraging conditions which today are confronting Dwight Griswold and the American Mission for Aid to Greece. And I feel strongly that the American people should know precisely what these conditions are. <br />
<br />
During a trip through the lovely Greek countryside, a peasant I talked with typified the Greek national psychosis. He was a weary and discouraged man, prematurely old, his face lined and wrinkled, his hands upturned in a gesture of mute despair. <br />
<br />
"Four times in my lifetime my home has been destroyed," he said, "—by the Turks, the Bulgars, the Nazis and the guerrillas. Why should I build it up again?" <br />
<br />
This hopelessness is typical. The whole country, from top to bottom, is in the grip of a gray, unrelieved, profound lack of faith in the future--a lack of faith which produces simple inertia for the present. From the large textile manufacturers in Athens to the small shopkeepers and farmers in the northernmost part of Macedonia, people are paralyzed by uncertainty and fear. Businessmen will not invest. Storekeepers will not lay in supplies. Peasants will not repair their ruined houses. One official told me that 150,000 homes had been totally destroyed in Greece and that only 1,300 had been rebuilt in 1946. <br />
<br />
My most depressing experience in Greece was a visit to Kalavryta, the Lidice of Greece. This was the village high up a narrow gorge near the Gulf of Corinth where, in December, 1943, a small band of Greek resistance forces ambushed a squadron of Nazi occupation troops. The German reprisal was an unbelievable act of horror and brutality. The 1,200 men of the village were herded into an open field, where from the vantage point of higher ground, they were forced to watch their homes and shops burned from the incendiary volleys fired simultaneously into each structure. When the conflagration reached its height and the Greeks sought to break away from their Nazi guards, machine guns from concealed emplacements massacred the helpless lot of them. <br />
<br />
Meantime, the women, old men and children were concentrated in the largest building—a school. It was the last to be ignited. Legend has it that the screams of the women and children were too much for an Austrian officer and he shot the lock off the door. Liberated from the blazing school, the survivors fled to the hills and returned later that night to recover the bodies of their men on the hillside, and buried them in the village cemetery. <br />
<br />
The despair in Greece today is crucial, because our whole program of aid is based on the assumption that the people will be able to snap out of the prevailing inertia. We are not stepping up the amount of outside assistance enough to make the future much different from the past. During 1946, Greece got about $330,000,000 from UNRRA and the British; our aid of $350,000,000 barely exceeds this. And, at the same time, we are banking on the ability of the Greeks to more than double their exports. So, far from having too liberal an amount of money for use in Greece, we are operating on an exceedingly narrow margin. Indeed it may soon become apparent that estimates of $350,000,000 which my group made are too conservative, and that additional funds may be necessary. Mr. Griswold will find that conditions have rapidly worsened since the first mission went out last January. There has since been a widespread drought which has substantially reduced local grain production. The military activity has been stepped up. And our own price level has risen to shade the value of the dollars Congress has made available. The $350,000,000 loan will not go as far as we had hoped and planned. At best, we will get up to the minimum reconstruction level. At worst, we may have trouble maintaining a level of decent subsistence. If the American mission is to end this deep sense of national hopelessness, it must resolve two controversial situations—the civil war and the present government. <br />
<br />
One winter day in Macedonia, as I was standing on a riverbank, hundreds of low-flying geese suddenly appeared out of the clouds, flying in formation and honking wildly as they came. I remarked casually to a Greek standing with me that they must have fine shooting in Macedonia. <br />
<br />
"Men have been so busy shooting one another in this part of the world," he answered sadly, "that they have had no time for the geese." <br />
<br />
So long as this state of mind continues, the prospects for economic reconstruction are dim. You cannot devote your full energies to repairing docks, building bridges and maintaining roads when you are likely to be shot in the back any moment. The greatest obstacle to the reconstruction of Greece is the continuance of the civil war. There can be no permanent solution of Greece's economic future until the present military burden is reduced—until money and men are released for productive purposes. There can be no permanent solution of Greece's psychological paralysis until the menace of external aggression is removed. I am convinced that the Russians know this even better than we do. The Communists know that the revival of guerrilla warfare will put us badly on the spot in Greece—so they are working overtime to revive it. That is why, it seems to me, Russia's U.N. delegate Andrei Gromyko vetoed the U.S. proposal to establish a semipermanent frontier commission in the Balkans. <br />
<br />
The plain fact appears to be that the U.S.S.R. does not want a pacification of frontier conditions in the Balkans. For such pacification will be an almost indispensable condition for American success in helping bring about Greek economic recovery. <br />
<br />
This brings up the question of the Greek government. The present regime obviously must constitute the set of tools through which we work. We cannot kick ofl: by naming a new team. Adoption of these means would contradict the ultimate ends we wish to accomplish in Greece and elsewhere; furthermore, blatant intervention of this kind would supply potent ammunition to Soviet propaganda about American imperialism. <br />
<br />
But we can—and must—do something to sharpen these tools. Chief among these tools is the Greek civil service. The late King George of Greece, in my first talk with him, referred to many government employees as "camp followers" and "coffeehouse politicians" and described the whole civil service as a kind of pension system for political hacks. These were harsh words, but not unwarranted. The civil service is overexpanded, underpaid and demoralized. The low salaries have been augmented by a completely baffling system of extra allowances by which a few civil servants probably get as much as four times their base pay. At the same time the bulk of them do not get a living wage. Many of them are forced to supplement their government pay by taking outside jobs. Imagine the effects in Washington if officials in government departments worked part time for local lawyers or lobbyists or industrialists. <br />
<br />
The curiously short working week— usually 33_hours, consisting of mornings only for 6 days a week—facilitates the economic double life which so many government workers lead. The result is complete disorganization. I have never seen an administrative structure which, for sheer incompetence and ineffectiveness, was so appalling. The civil service simply cannot be relied upon to carry out the simplest functions of government— the collection of taxes, the enforcement of economic regulations, the repair of roads. <br />
<br />
Thus the drastic reform of the civil service is an indispensable condition to getting anything else done in Greece. But the civil service is just the beginning. There is the far more intricate and explosive question of the political leadership of the country. <br />
<br />
Candor will compel me to make some frank statements about this government, but what would you have America do? Would you have prayed with Henry Wallace for the defeat of the Greek aid bill so that you could exchange the present inefficient, rightwine regime for a police state on the Tifo model? I rather doubt it. Because whatever it is, the present Greek government is not a totalitarian dictatorship, and besides, it does not seem to me that the nature of the government is relevant to the question of external aggression. We can't take the position that it is all right to commit acts of aggression against governments we do not like, and only bad to commit such acts against goverrments we approve. <br />
<br />
There is within Greece a vigorous and critical political opposition. There is a free press. The Communist paper is published daily in Athens, and each morning in my mailbox I received an English translation of the mimeographed bulletin of the EAM bitterly denouncing the present regime. It is not at all a liberty-loving regime in the American sense, but it is paradise next to its neighbors of the north and their much vaunted "new democracy." Obviously the existence of freedom of expression is no excuse for other governmental delinquencies. But it does signal the possibility of peaceful and democratic change. <br />
<br />
On the other hand, the fact remains that this present government has not, on the record, shown any affirmative philosophy or any inclination to do the things necessary to end their nation's travail. On my first day in Greece, I had a talk with General J. G. W. Clark, the intelligent and somewhat sardonic head of the British Economic Mission. <br />
<br />
"When visitors on arriving in a new country," he began by saying, "run into a sandstorm or a hurricane, they are always told how unusual the weather is. But the situation you are running into here in Athens—the monetary crisis, the possible civil service strike, the pending fall of the government—is the normal postwar political climate of Greece. <br />
<br />
So far as I could see, the Greek government had no effective policy except to plead for foreign aid to keep itself in power, loudly citing Greece's wartime sacrifices and its own king-size antiCommunism as reasons for granting the foreign aid in unlimited quantities. It intends, in my judgment, to use foreign aid as a way of perpetuating the privileges of a small banking and commercial clique which constitutes the invisible power in Greece. <br />
<br />
The reaction to President Truman's speech of March 12th, calling for aid to Greece, was characteristic. In January and February of 1946, desperation had produced a spate of good intentions and noble resolutions within the Greek government; but the instant effect of the assurance of American aid was not to stimulate the government to further efforts, but to give it the relaxed feeling that it was delivered from the necessity of having to do anything at all. So it declared a national holiday; there was dancing in the streets. And at the same time it shelved a plan for the immediate export of surplus olive oil—a plan which had stepped on the toes of some private traders. <br />
<br />
Demetrios Maximos, the present Prime Minister, is a kindly, well-intentioned old man, with, I think, an earnest desire to help his sufiEering people. He is very small and frail, with a mustache and a goatee, carefully dressed and wearing oldfashioned button shoes. He speaks English with precision and is something of a scholar. But, though a man of good will, Maximos is a prisoner of the errors of his predecessors and of more forceful men in his own cabinet. <br />
<br />
The Influential Tsaldaris - Pre-eminent among these is the VicePremier and Foreign Minister, Constantin Tsaldaris. A Greek politician of long standing, Tsaldaris has avowedly embraced the principles of a generous amnesty policy toward the guerrillas, has constantly urged the fullest participation by the United Nations in Greece's border difficulties, and in general has been a persistent pleader abroad for the Greek cause. Yet his conduct of internal affairs when he was Prime Minister was not such as to advance Greek recovery significantly. His administration was characterized by the abandonment of measures of domestic economic policy which might have been of some real benefit to the masses of Greek people. <br />
<br />
But even Tsaldaris advocates another election in Greece when and if the border is stabilized. He professes to recognize that the Greek people are weary of the game of political musical chairs, where the same personalities merely shift their positions when a cabinet crisis develops. There have been seven changes in the Greek government since liberation, but Tsaldaris and his Populist (extreme right) cohorts remain dominant. <br />
<br />
An even more controversial figure is General Napoleon Zervas, the Minister of Public Order. During the war Zervas ran a small "resistance" group around whose activities hangs the smell of Nazi collaboration. Today Zervas is foremost among those who want to exploit the present situation, not only to eliminate Communist-inspired aggression from across the borders, but apparently to rub out everyone in Greece who is critical of the present government. He is undoubtedly the figure behind the recent wave of arrests which took in not just Communists, but, according to informed observers in Athens, anti-Communist liberals as well. <br />
<br />
I was told in Washington recently by a well-informed Greek friendly to the present regime that these after-dark roundups of Zervas' were not the repressive tactics of a police state, but only legitimate precautions of self-preservation. Of the 1,600 arrested in this last raid, more than 500 were subsequently released, he told me with great pride, because there was no basis for the charges against them. <br />
<br />
Then, behind the government, is a small mercantile and banking cabal, headed by Pesmazoglu, governor of the National Bank of Greece and a shrewd and effective operator. This cabal is determined above all to protect its financial prerogatives, at whatever expense to the economic health of the country. Its members wish to retain a tax system rigged fantastically in their favor. They oppose exchange controls, because these might prevent them from salting away their profits in banks in Cairo or Argentina. They would never dream of investing these profits in their country's recovery. <br />
<br />
The shipping interests are in a particularly scandalous position. Today the Greek merchant marine is enjoying a boom and the shipowners are raking in the profits. But the bankrupt Greek government is benefiting almost not at all from this prosperity. Seamen's earnings continue to come into Greece, but owners' profits for the most part are locked away elsewhere. <br />
<br />
Any enterprise should be expected to pay a fair amount of taxes to the government under whose protection it operates —and particularly in this case, where the Greek shipowners are making most of their profits out of Liberty ships sold to them by the U. S. Maritime Commission after the Greek government had guaranteed the mortgages. The yearly earnings of a Greek-owned Liberty ship will probably run between $200,000 and $250,000. Of this, only the ridiculously small amount of $8,000 goes to the government in taxes. Foreign experts have urged the government to raise the tax requirements to about $30,000. But the political strength of the shipowners has prevented any effective action. <br />
<br />
It will be the job of our mission to get action out of this government. In their efforts, the members of the mission can expect that the book will be thrown at them. They will receive every conceivable excuse and will be held up by every conceivable form of bureaucratic obstructionism and incompetence. <br />
<br />
General Zervas will cry that the big thing is to fight the Communists by arresting every liberal, and the Communists will help him by spurring on the civil war. <br />
<br />
And another, more insidious, form of pressure will be brought against the members of the mission. The social lobby—the smart international set, with its headquarters at Cannes, St. Moritz and the Kolonaki Square of Athens— will begin to operate. Many of them are charming people, speaking excellent English, who will be genuinely anxious to be of service to the American mission, but who, above all, will seek to convert the mission into another means of safeguarding their own prerogatives. <br />
<br />
I still remember one ornate dinner when a leading banker entertained me in his luxurious Athens apartment. There were three liveried butlers, several magnificent wines, astoundingly good food. One guest during dinner became rhapsodical over the beauties of marine life and the high sport of spear-fishing under water with goggles. The contrast between the superb feast in the apartment and the starving children in the streets was simply too pat and cruel. <br />
<br />
These are the obstacles which the American mission faces in Greece. Can we succeed in achieving our objectives? <br />
<br />
Such a prophecy depends on how we measure success, and will require a great deal of elaboration of what really constitutes our objectives. We cannot evaluate progress in Greece by usual Western standards. There will be no quick or easy solution of the many social or economic maladjustments. My own brief experience in Greece convinces me that the American people will be greatly in the debt of Mr. Griswold and his colleagues if an atmosphere can be created and maintained wherein the Greek people have an opportunity in the near future for free political choices. <br />
<br />
This raises the delicate problem of the intervention by one nation in the internal affairs of another. We have to face that question frankly. British officials freely admitted to me that the British Economic Mission served no useful purpose because its functions were merely advisory and it had no sanctions with which to enforce its recommendations. "Our fatal error," said one official, "was to condone incompetence because of political considerations." Yet obviously we cannot treat Greece as if it were a colonial possession or a conquered country. <br />
<br />
My own answer to that question is provisional and pragmatic. I feel that the Greek state, in having requested assistance and supervision, is to that extent setting a limitation on its own sovereignty. If we are to make a heavy investment in Greek recovery, it is common sense to suppose that this implies the means to make the recovery effective. <br />
<br />
These actualities have been recognized by the Greek government and embodied in the Greek note of June 15th to the United States and the U.S.-Greek aid agreement of June 20th. The note and the agreement spell out specific objectives of reform and reconstruction. It will be the legitimate business of the American mission to take all the steps necessary to secure compliance with the terms of the contract. To get down to cases, if a Greek minister resists or obstructs measures necessary for Greek recovery, or perverts American aid to antidemocratic purposes, I cannot believe that our mission would stand by impotent. <br />
<br />
"The mission should make sure that the Greek people are kept fully informed of American aims and efforts and of the nature of the difficulties encountered," one of the wisest of living Greeks said to me. "If the practice followed up to now is continued—that of shielding the incompetence and unwillingness to cooperate of Greek ministers behind a veil of secrecy—the mission may lose the initiative in Greece. The mission must establish direct contact with the Greek people from the very beginning and appeal to public opinion for active support. I see no other means of exerting pressure for necessary measures that are bound to be strongly resisted by the present Greek regime." <br />
<br />
The first step, of course, is to bring an end to the present internal warfare and to refute the Soviet propaganda line that the U.S. is financing a civil war in Greece. The best available means of doing this is to have a real amnesty. The Maximos cabinet was finally prevailed upon to adopt an amnesty program which looked plausible on paper; but, as a member of the Greek cabinet told me, the appointment of General Zervas as Minister of Public Order completely destroyed anyone's inclination to take the programs seriously. The amnesty must have enough safeguards to bring out of the hills everyone who is not an outright Communist agent. <br />
<br />
Then we must follow through on the program of economic reconstruction. The American mission will supervise closely the money spent for this. Then, over a longer period, will come political democratization. A program of political reconstruction and reform cannot, in its nature, be put into effect overnight. It is dependent on the restoration of economic stability, and so must be a step-by-step process. Once the economic program begins to roll, we can do our best to foster and develop elements of the center and the non-Communist left. <br />
<br />
There are democratic resources in Greece which have not yet been fully tapped. Damaskinos, the archbishop of Greece, a man witli a massive, disinterested wisdom on political conditions, carries great moral force in all camps. Sophoulis, the head of the Liberal party, though past the prime of his active political life, also has great moral stature in the country. Varvaressos, the Greek representative in the International Bank, is a man of conspicuous ability; and some of the younger politicians, like Kanellopoulos and the younger Venizelos, show promise. <br />
<br />
These Elements Inspire Hope <br />
<br />
There are forces of real democratic vitality in the country at large. The agricultural co-operative movement seemed to me an unusually robust and promising movement. The student movement has vigor; and, if Clinton Golden, formerly of the C.1.0. and now on Dwight Griswold's staff, can free the trade-union movement from the grip, on the one hand, of government stooges, and, on the other, of Communists, that may well develop into a bulwark of democracy. <br />
<br />
We are facing a situation unprecedented in our history," and we will simply have to develop a new and American means of coping with it. The British formula in such cases was always collaboration with the native ruling classes —buying their support by confirming them in their power to exploit the masses, and relying upon them to hold the people down with gendarmery and whips. <br />
<br />
This formula is not only repugnant to American traditions. It is also impractical. No system would deliver the Greek people more speedily into the arms of the Russians. We must work out a formula for starting from the bottom and working up—not starting from the top and working down. Russia is standing patiently by, hoping to get into Greece by a base on balls. It is confident that Greek incompetence and Greek reaction, combined with American inexperience and American gullibility, will doom the efforts of the American mission. We will soon be so frustrated by inefficiency, vacillation and simple knavery, Russia hopes, that we will grow disgusted and indifferent and finally walk out. Then guess who will walk in! <br />
<br />
I think Americans have enough resourcefulness and perseverance to lick the problem. If we are defeated in Greece, it will be a crushing moral and strategic blow to our new international role solar plexus. But, if we can leave Greece in a state of economic and political health, we will have brought new hope and new faith to freedom-loving people everywhere in the world. <br />
<br />
THE END </div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com2tag:blogger.com,1999:blog-18283087.post-8455118659314742652013-09-04T03:03:00.001-07:002013-09-04T03:03:30.443-07:00Assessing the Impact and Phasing of Multi-year Fiscal Adjustment: A General Framework<div dir="ltr" style="text-align: left;" trbidi="on">
Ran Bi, Haonan Qu, and James Roaf <br />
<a href="http://stat-athens.aueb.gr/~jpan/IMF-WP182-2013.pdf">IMF Working Paper, 182, June 2013</a></div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-70990478872864393812013-08-02T01:57:00.000-07:002013-08-02T01:57:52.759-07:00Spain attempts to reform the higher education and research system<div dir="ltr" style="text-align: left;" trbidi="on">
Source: <a href="http://www.timeshighereducation.co.uk/news/spain-grapples-with-reform-of-stagnant-system/1/2006038.article">http://www.timeshighereducation.co.uk/news/spain-grapples-with-reform-of-stagnant-system/1/2006038.article</a><br />
<br />
Next month Antonio Cabrales will leave his homeland with a heavy heart. Unlike others departing recession-hit Spain, the professor of economics at Carlos III University of Madrid is not emigrating for purely economic reasons.<br />
<br />
Although a 20 per cent real terms pay cut recently imposed on Spain’s academics may have hastened Cabrales’ departure, he says that his main reason for moving to University College London, where he takes up a new post in September, is Spain’s stagnant university system.<br />
<br />
Cabrales, who boasts a formidable record in teaching and research, says he believes that Spain’s academy offers few incentives or rewards for its most talented and hard-working academics.<br />
<br />
With professorial salaries largely controlled by the state, there is “little difference [in pay] between someone who is extremely productive and someone who does nothing”, Cabrales claims.<br />
<br />
“That is why I’m leaving to come to the UK. I’ve been waiting for 20 years for things to change, but I’ve stopped waiting.”<br />
<br />
In fact, moves are finally afoot to address some of the issues troubling Cabrales.<br />
<br />
A panel of experts appointed by the Council of Ministers, which is the Cabinet of the federal government, delivered its long-awaited review of Spanish higher education earlier this year. It proposes major reforms to university governance, academic pay and research funding.<br />
<br />
It was commissioned to address widespread concern that almost two decades of heavy state investment in higher education had failed to yield significant results.<br />
<br />
Not a single Spanish university features in the top 200 of the <a href="http://www.timeshighereducation.co.uk/world-university-rankings/2012-13/world-ranking">Times Higher Education World University Rankings</a>, and no Spanish citizen has won a Nobel prize in the sciences in the past 100 years.<br />
<br />
“Spain has thrown a lot of money at research,” observes Luis Garicano, professor of economics and strategy at the London School of Economics and a member of the higher education review panel.<br />
<br />
“There has been a ton of cash spent on infrastructure – Spanish laboratories and university buildings are much bigger and better than those at UK universities.<br />
<br />
“We also spent money on attracting talent from abroad, but we are now in a moment of massive financial constraint.”<br />
<br />
What the country’s sector needs now is not large-scale investment but rather fundamental reforms of universities, Garicano argues.<br />
<br />
Taking executive power out of the hands of academics and giving it to smaller, UK-style university councils is one of the panel’s key recommendations.<br />
<br />
“The only way to succeed as a president at the moment is to allow people not to work,” insists Garicano, who says that Spanish rectors avoid making tough decisions because they will be voted out if they become unpopular with staff.<br />
<br />
Under a new structure proposed by the expert panel, rectors would not be elected by staff and students. They would instead be chosen by a slimmed-down university council (a maximum of 25 members in contrast to 40-plus members under the current system), of which only half would be academics from the institution. At present, nearly all university governors are academics.<br />
<br />
A quarter of council members would be “distinguished individuals with no political ties” selected by regional governments, which provide a large proportion of higher education funding. Others would be business leaders or academics from other institutions chosen by the governing board.<br />
<br />
Centralising executive power in the hands of university rectors is seen as a way to allow them to tackle weaknesses in the Spanish system, such as the issue of the absentee academics who still draw a full professorial salary.<br />
<br />
At many institutions, highly paid lawyers and politicians who began their professional life in the academy remain on the payroll but contribute little to academic life, says Garicano.<br />
<br />
“It’s old-fashioned absenteeism. Several ministers in Spain are full professors because it’s a very prestigious role, but [they] will never teach or publish anything,” he adds.<br />
<br />
Rectors would also be empowered to pay higher salaries to high-flying or especially dedicated professors who choose to opt out of the civil-servant status traditionally held by academics.<br />
<br />
This route would allow universities to reduce the red tape, including a lengthy accreditation process, that has prevented Spanish universities from hiring the best academics from across the world, Garicano claims.<br />
<br />
“If Albert Einstein had applied to a Spanish university after his seminal 1905 research papers, he could not have been appointed professor – that is still true today,” Garicano says of the arcane box-ticking required to achieve tenure.<br />
<br />
“You could have the best scientist in the world and they could not get a professorial post in Spain.”<br />
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<br /></div>
<h3 style="text-align: left;">
<b>Panel moots REF-style assessment</b></h3>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
Allied with plans to give universities more autonomy and flexibility, the review panel recommends the introduction of a funding model similar to the UK’s research excellence framework to reward world-class research and provide accountability for research expenditure.<br />
<br />
“There are some outstanding academics doing great research, but they are fighting the system,” Garicano argues.<br />
<br />
“As it stands, you have a lot of academics doing pretend research, writing papers no one will ever read to achieve their numbers, and not doing any teaching either,” he explains.<br />
<br />
Introducing a more competitive method of funding research would inevitably mean that some universities receive more money than others – a system likely to create about “four or five world-class universities and a lot of very good teaching universities”, Garicano predicts.<br />
<br />
“It is very much against the egalitarian spirit of the country, where every university has to be the same,” he acknowledges.<br />
<br />
But will ministers kick the commission’s provocative recommendations into the long grass as the government seeks to deal with the country’s dire economic situation?<br />
<br />
Garicano thinks that unlikely, believing that austerity has only strengthened arguments for his panel’s proposals to promote, attract and retain Spain’s most talented academics.<br />
<br />
“What happens now is you fire all the people who are young and good but on short-term contracts, while all the people who have been there for ever keep their jobs,” he explains.<br />
<br />
“There is no merit involved in these austerity cuts.”<br />
<br />
Highly rated young scientists trained at top US universities who returned to Spain under its early career programme have been particularly hard hit by budget cuts, says Cabrales.<br />
<br />
“Postdoctoral researchers also want to come back to Spain, but there is no possibility of it,” he adds.<br />
<br />
“One of the best young physicists in Europe, [a Spanish academic] who had won a big prize, was recently in the news because he could not come back because one of the few reinsertion posts had been cut.<br />
<br />
“That is the difficulty with flat cuts. You should cut those things that are not so important, but that is not happening.”</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<br /></div>
<h3 style="text-align: left;">
Aid cuts decried by students’ union</h3>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
However, it seems that the reforms, put forward in February, may be delayed while the Education Ministry fights other battles, particularly over a proposal to introduce higher grade requirements for university students claiming financial aid.<br />
<br />
Student groups have argued that the plan under discussion could prevent as many as 83,000 young people from attending university and could cause more than 30,000 students now in the system to lose their grants as richer self-funded students gain admission on lower marks.<br />
<br />
“The ministry wants to set up two doors for us to enter our higher education system – one for the rich and one for the poor,” says Inés Sánchez, secretary general of CREUP, Spain’s national students’ union.<br />
<br />
Nevertheless, Garicano argues that raising tuition fees – a proposal he made to the review panel, which rejected it as unpalatable – might be the best way to address the woes of Spain’s universities.<br />
<br />
Garicano, co-founder of Nada es Gratis (“No Free Lunch”), a blog dedicated to economic analysis of Spain’s problems, says a UK-style system of income-contingent repayable loans and grants would help to establish Spain as a global player in higher education.<br />
<br />
“Students should be the first ones to realise the system right now is not preparing them properly for the world,” he says.<br />
<br />
<br />
<br /></div>
</div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-13852073227345639542013-07-31T23:49:00.000-07:002013-07-31T23:49:20.622-07:00The Second Economic Adjustment Programme for Greece (March 2012)<div dir="ltr" style="text-align: left;" trbidi="on">
Occasional Paper 94, March 2012<br />
<br />
European Commission<br />
Directorate-General for Economic and Financial Affairs<br />
<br />
You can read the full report <a href="http://stat-athens.aueb.gr/~jpan/2nd-EconAdjusProgrramme-March2012.pdf">here</a>. </div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-19223718280514550262013-06-25T07:38:00.000-07:002013-06-25T07:38:09.486-07:00US Supreme Court: FISHER. UNIVERSITY OF TEXAS AT AUSTIN ET AL<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
SUPREME COURT OF THE UNITED STATES <br />
<br />
Syllabus <br />
<br />
FISHER v. UNIVERSITY OF TEXAS AT AUSTIN ET AL. <br />
<br />
CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT </div>
<br />
No. 11–345. Argued October 10, 2012—Decided June 24, 2013 <br />
<br />
<div style="text-align: justify;">
The University of Texas at Austin considers race as one of various factors in its undergraduate admissions process. The University, which is committed to increasing racial minority enrollment, adopted its current program after this Court decided Grutter v. Bollinger, 539 U. S. 306, upholding the use of race as one of many “plus factors” in an admissions program that considered the overall individual contribution of each candidate, and decided Gratz v. Bollinger, 539 U. S. 244, holding unconstitutional an admissions program that automatically awarded points to applicants from certain racial minorities. Petitioner, who is Caucasian, was rejected for admission to the University’s 2008 entering class. She sued the University and school officials, alleging that the University’s consideration of race in admissions violated the Equal Protection Clause. The District Court granted summary judgment to the University. Affirming, the Fifth Circuit held that Grutter required courts to give substantial deference to the University, both in the definition of the compelling interest in diversity’s benefits and in deciding whether its specific plan was narrowly tailored to achieve its stated goal. Applying that standard, the court upheld the University’s admissions plan. (<a href="http://www.supremecourt.gov/opinions/12pdf/11-345_l5gm.pdf">... full text</a>)</div>
</div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-55821826485685375412013-06-10T08:04:00.000-07:002013-06-10T08:04:07.080-07:00IMF: GREECE: EX POST EVALUATION OF EXCEPTIONAL ACCESS UNDER THE 2010 STAND-BY ARRANGEMENT <div dir="ltr" style="text-align: left;" trbidi="on">
June 2013, International Monetary Fund <br />
<a href="http://www.imf.org/external/pubs/ft/scr/2013/cr13156.pdf">IMF Country Report No. 13/156 </a><br />
<br />
<b> EXECUTIVE SUMMARY </b><br />
<br />
<div style="text-align: justify;">
The primary objective of Greece’s May 2010 program supported by a Stand-By Arrangement (SBA) was to restore market confidence and lay the foundations for sound medium-term growth through strong and sustained fiscal consolidation and deep structural reforms, while safeguarding financial sector stability and reducing the risk of international systemic spillovers. Greece was to stay in the euro area and an estimated 20-30 percent competitiveness gap would be addressed through wage adjustment and productivity gains. <br />
<br />
There were notable successes during the SBA-supported program (May 2010–March 2012). Strong fiscal consolidation was achieved and the pension system was put on a viable footing. Greece remained in the euro area, which was its stated political preference. Spillovers that might have had a severe effect on the global economy were relatively well-contained, aided by multilateral efforts to build firewalls. <br />
<br />
However, there were also notable failures. Market confidence was not restored, the banking system lost 30 percent of its deposits, and the economy encountered a much-deeper-than-expected recession with exceptionally high unemployment. Public debt remained too high and eventually had to be restructured, with collateral damage for bank balance sheets that were also weakened by the recession. Competitiveness improved somewhat on the back of falling wages, but structural reforms stalled and productivity gains proved elusive. <br />
<br />
Given the danger of contagion, the report judges the program to have been a necessity, even though the Fund had misgivings about debt sustainability. There was, however, a tension between the need to support Greece and the concern that debt was not sustainable with high probability (a condition for exceptional access). In response, the exceptional access criterion was amended to lower the bar for debt sustainability in systemic cases. The baseline still showed debt to be sustainable, as is required for all Fund programs. In the event, macro outcomes were far below the baseline and while some of this was due to exogenous factors, the baseline macro projections can also be criticized for being too optimistic. <br />
<br />
The report considers the broad thrust of policies under the program to have been appropriate. Rapid fiscal adjustment was unavoidable given that the Greece had lost market access and official financing was as large as politically feasible. Competiveness-boosting measures were also essential, as were fiscal structural reforms to support deficit reduction. However, the depth of ownership of the program and the capacity to implement structural reforms were overestimated. <br />
<br />
Greece’s SBA suggests the need to explore the case for refining the Fund’s lending policies and framework to better accommodate the circumstances of monetary unions. A particular challenge is to find ways to translate promises of conditional assistance from partner countries into formal program agreements. <br />
<br />
There are also political economy lessons to be learned. Greece’s recent experience demonstrates the importance of spreading the burden of adjustment across different strata of society in order to build support for a program. The obstacles encountered in implementing reforms also illustrate the critical importance of ownership of a program, a lesson that is common to the findings of many previous EPEs. <br />
<br />
Other lessons drawn concern the need to find ways to streamline the Troika process in the future and for Fund staff to be more skeptical about official data during regular surveillance. The detailed nature of the structural fiscal conditionality in the Greek program also bears scrutiny given the premium attached to parsimony in Fund conditionality. (...<b><a href="http://www.imf.org/external/pubs/ft/scr/2013/cr13156.pdf">Full report</a></b>)</div>
</div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/13677480948201746948noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-13577438166529672582013-04-30T04:23:00.000-07:002013-04-30T04:24:44.956-07:00Comparison of salaries of University Professors around the world<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
This is the best information available <a href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx">I have found</a>, so far.
<br />
<ul>
<li>
<b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#Introduction" title="Salary Comparison">Introduction</a></b>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#Information"><b>Information on salaries across countries</b></a>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#AverageSalaries"><b>Average gross salaries</b></a>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#SalariesCostLiving"><b>Salaries adjusted to the cost of living</b></a>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#SalariesGDP"><b>Salaries compared to GDP per capita</b></a>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#SalariesExperienceGender"><b>Salary progression by experience and gender</b></a>
</li>
<li>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#Bibliography"><b>References</b></a>
</li>
</ul>
<ul>
<li>
<div>
<a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryEconomistsUS.aspx" title="Salaries in Economics in US Academia 2010-11"><b>Salaries in economics in US academia 2010-11 (dedicated page)</b></a>
</div>
</li>
</ul>
<br />
<h2>
<b><a href="http://www.blogger.com/null" id="Introduction" name="Introduction">Introduction</a></b>
</h2>
The following sections present comparative
data on salaries. After some general obervations about the relation
between salaries and the organisation of university systems in different
countries, we provide figures for different countries in absolute
terms, adjusted to the cost of living and compared to GDP per capita. We
also show salary progression by experience and gender.
<br />
These sections are constantly being updated
with new information, given the wide interest in salary issues. As with
all the ACO web pages, we invite you to send us comments and useful
information and links on salaries in academia. To comment <a href="mailto:mwpacademic.careers@eui.eu" title="contact us">contact us</a> by email.
<br />
<br />
<h2>
<b><a href="http://www.blogger.com/null" id="Information" name="Information">Information on salaries across countries</a></b>
</h2>
Comparing salaries across countries requires
some preliminary observations. Salary levels vary both across and within
countries. Depending on national legislation and university governance,
salary levels can be either fixed rigidly by the state or decided by
universities.
<br />
In 2007, Bruegel calculated 'setting autonomy'
by ten European countries and assigned values between 0 and 1. Many
countries (Belgium, Germany, Ireland, Italy, Spain and Switzerland) had
no autonomy (0). Sweden was the country with the highest autonomy (1),
and The Netherlands (0.2), Denmark (0.5) and the UK (0.8) are located in
between. The total for the ten European was 0.3 (Bruegel, 2007: 5).
<br />
Another issue is salary dispersion. There may
be significant variations of salary at entry-level positions in
universities in systems where universities are more or less free to set
their own wages. Even within the same system salaries may vary according
to seniority and/or merit. In systems where salaries progress mainly
with seniority this progression is visible and can be measured. This is
not true in those countries where salaries are fixed according to merit
(e.g. record of publications).
<br />
In liberalised systems where universities are
free to set their own wages, salary growth can be influenced not only by
the dynamics of internal competition in the academic market, but also
by external competition by non-academic agents, including private
economic actors.
<br />
Overall, we can say that salaries are higher
in systems where either 1) universities are autonomous, compete in the
academic market and use salaries to attract and build a strong faculty,
or 2) the state fixes high salaries. The UK and the US are typical
examples of the first model. Switzerland is a good example of the second
model. Universities from these three countries also dominate in the
Shangai system for ranking universities.
<br />
<br />
<h2>
<a href="http://www.blogger.com/null" id="AverageSalaries" name="AverageSalaries">Average gross salaries</a>
</h2>
The table below provides a comparison of
avarage gross salaries across countires. Titles of academic positions
differ form country to country but for means of comparison we have
unified them into five categories. In countries where the position or
its equivalent does not exist, the space is left blank. For more
information on salaries as well as the start and maximum salary level,
follow the link to the individual country pages.
<br />
Note that Ph.D. Candidate is included as a
position, even though it is mostly in the Scadinavian countries that
Ph.D. Candidates are considered employees with contractual rights
equivalent to other academic positions.
<br />
<div>
<b><br />
</b>
</div>
<div>
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" summary="Data Table">
<tbody>
<tr>
<td colspan="6" valign="top"><b></b>
<br />
<h2>
<b><b>Average Gross Salaries, €/month</b></b>
</h2>
</td>
</tr>
<tr>
<td valign="top"><div>
<br />
<b>PhD</b></div>
</td>
<td valign="top"><div>
<br />
<b>Postdoc</b></div>
</td>
<td valign="top"><div>
<b>Junior Lecturer/<br />
Assistant Professor</b>
</div>
</td>
<td valign="top"><div>
<b>Senior Lecturer/<br />
Associate Professor</b></div>
</td>
<td valign="top"><div>
<br />
<b>Full<br />
Professor</b></div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/BelgiumFlanders.aspx"><b>Belgium </b></a>(2007)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
4.318
</div>
</td>
<td valign="top"><div>
5.138
</div>
</td>
<td valign="top"><div>
6.625
</div>
</td>
</tr>
<tr>
<td valign="top"><a href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/Canada.shtml"><b>Canada </b></a>(2007)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
4.856
</div>
</td>
<td valign="top"><div>
6.096
</div>
</td>
<td valign="top"><div>
7.145
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Denmark.aspx"><b>Denmark</b></a> (2007)</td>
<td valign="top"><div>
3.152
</div>
</td>
<td valign="top"><div>
4.560
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
5.499
</div>
</td>
<td valign="top"><div>
6.974
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Finland.aspx"><b>Finland </b></a>(2007)
</td>
<td valign="top"><div>
2.290
</div>
</td>
<td valign="top"><div>
3.220
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.420
</div>
</td>
<td valign="top"><div>
5.218
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/France.aspx"><b>France </b></a>(2007)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
2.500
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.000
</div>
</td>
<td valign="top"><div>
4.500
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Italy.aspx"><b>Germany </b></a>(2007)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.277
</div>
</td>
<td valign="top"><div>
3.744
</div>
</td>
<td valign="top"><div>
4.546
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Ireland.aspx"><b>Ireland </b></a>(2004)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
5.250
</div>
</td>
<td valign="top"><div>
6.400/7.700*
</div>
</td>
<td valign="top"><div>
9.750
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Israel.aspx"><b>Israel </b></a>(2007)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
2.650
</div>
</td>
<td valign="top"><div>
3.029/3.597*
</div>
</td>
<td valign="top"><div>
4.733
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Italy.aspx"><b>Italy </b></a>(2004)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
1.500
</div>
</td>
<td valign="top"><div>
2.500
</div>
</td>
<td valign="top"><div>
4.000
</div>
</td>
<td valign="top"><div>
5.500
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Netherlands.aspx"><b>Netherlands </b></a>(2004)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.974
</div>
</td>
<td valign="top"><div>
5.541
</div>
</td>
<td valign="top"><div>
6.544
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Norway.aspx"><b>Norway</b></a> (2005)
</td>
<td valign="top"><div>
3.203
</div>
</td>
<td valign="top"><div>
3.950
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
4.330
</div>
</td>
<td valign="top"><div>
5.297
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Poland.aspx"><b>Poland </b></a>(2006/2007)</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
586
</div>
</td>
<td valign="top"><div>
1.127
</div>
</td>
<td valign="top"><div>
1.758
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Russia.aspx"><b>Russia </b></a>(2007)</td>
<td valign="top"><div>
250
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
600**
</div>
</td>
<td valign="top"><div>
900/1.100***
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Spain.aspx"><b>Spain </b></a>(2003)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
1.584
</div>
</td>
<td valign="top"><div>
2.250
</div>
</td>
<td valign="top"><div>
2.750
</div>
</td>
<td valign="top"><div>
3.584
</div>
</td>
</tr>
<tr>
<td valign="top"><b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/Sweden.aspx" title="Sweden">Sweden </a></b>(2006)
</td>
<td valign="top"><div>
2.365
</div>
</td>
<td valign="top"><div>
3.317
</div>
</td>
<td valign="top"><div>
3.142
</div>
</td>
<td valign="top"><div>
3.800
</div>
</td>
<td valign="top"><div>
5.145
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/UnitedKingdom.aspx"><b>UK </b></a>(2007)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.813
</div>
</td>
<td valign="top"><div>
4.766
</div>
</td>
<td valign="top"><div>
5.842
</div>
</td>
<td valign="top"><div>
6.353
</div>
</td>
</tr>
<tr>
<td valign="top"><a href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/Ukraine.shtml"><b>Ukraine </b></a>(2006)
</td>
<td valign="top"><div>
50
</div>
</td>
<td valign="top"><div>
100
</div>
</td>
<td valign="top"><div>
200
</div>
</td>
<td valign="top"><div>
400
</div>
</td>
<td valign="top"><div>
1.000
</div>
</td>
</tr>
<tr>
<td valign="top"><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/AcademicCareersbyCountry/USA.aspx"><b>USA </b></a>(2006)
</td>
<td valign="top"><div>
--
</div>
</td>
<td valign="top"><div>
3.708
</div>
</td>
<td valign="top"><div>
4.820
</div>
</td>
<td valign="top"><div>
5.785
</div>
</td>
<td valign="top"><div>
8.529
</div>
</td>
</tr>
</tbody>
</table>
<div>
</div>
<div>
* These figures refer to respectively 'senior lecturer' and 'associate professor' positions.<br />
** This figure refers to the undifferentiated 'lecturer' position.<br />
** These figures refer to respectively the 'professor' and 'chair' positions.
</div>
<div>
</div>
<div>
All figures are gross. For taxing comparisons see: <a href="http://www.oecd.org/document/17/0,2340,en_2649_34533_38148433_1_1_1_1,00.html">http://www.oecd.org</a>. All countries provide different social benefits, social security, child care, family allowance, etc, to their citizens.
<br />
The salaries are provided by institutions or ministries in the respective countries.
<br />
For more detailed information salary levels see the individual country links.
<br />
Note that in the different countries there
are various ways to top the salary with bonuses and other means of
income. This is especially true in the case of Spain and the U.S. where
the salaries comparatively seem very low, but the actual salary can be
much higher depending on the productivity and outside activities of the
individual.
<br />
<label> </label>
</div>
<div>
<label></label>
<br />
<h2>
<label><label><b><a href="http://www.blogger.com/null" id="SalariesCostLiving" name="SalariesCostLiving">Salaries adjusted to the cost of living</a></b></label> </label>
</h2>
In April 2007 the European Commission
published a comparison of researchers salaries across Europe, based on
an online survey. The following chart gives the average salaries
adjusted to the cost of living in each country:<br />
<br />
Average weighted total yearly salary per countries (2006 in €)
</div>
<table border="1" cellpadding="0" cellspacing="0" summary="Data Table">
<tbody>
<tr>
<td valign="top"><b>Country</b>
</td>
<td valign="top"><b>Average weighted total yearly salary adjusted</b>
</td>
<td valign="top"><b>Country</b>
</td>
<td valign="top"><b>Average weighted total yearly salary adjusted</b>
</td>
</tr>
<tr>
<td valign="top"><b>Austria</b>
</td>
<td valign="top">62.406
</td>
<td valign="top"><b>Latvia</b>
</td>
<td valign="top">10.488
</td>
</tr>
<tr>
<td valign="top"><b>Belgium</b>
</td>
<td valign="top">58.462
</td>
<td valign="top"><b>Lithuania</b>
</td>
<td valign="top">13.851
</td>
</tr>
<tr>
<td valign="top"><b>Bulgaria</b>
</td>
<td valign="top">3.556
</td>
<td valign="top"><b>Luxembourg</b>
</td>
<td valign="top">63.865
</td>
</tr>
<tr>
<td valign="top"><b>Croatia</b>
</td>
<td valign="top">16.671
</td>
<td valign="top"><b>Malta</b>
</td>
<td valign="top">28.078
</td>
</tr>
<tr>
<td valign="top"><b>Cyprus</b>
</td>
<td valign="top">45.039
</td>
<td valign="top"><b>Netherlands</b>
</td>
<td valign="top">59.103
</td>
</tr>
<tr>
<td valign="top"><b>Czech</b> <b>Republic</b>
</td>
<td valign="top">19.620
</td>
<td valign="top"><b>Norway</b>
</td>
<td valign="top">58.997
</td>
</tr>
<tr>
<td valign="top"><b>Denmark</b>
</td>
<td valign="top">61.355
</td>
<td valign="top"><b>Poland</b>
</td>
<td valign="top">11.659
</td>
</tr>
<tr>
<td valign="top"><b>Estonia</b>
</td>
<td valign="top">11.748
</td>
<td valign="top"><b>Portugal</b>
</td>
<td valign="top">29.001
</td>
</tr>
<tr>
<td valign="top"><b>Finland</b>
</td>
<td valign="top">44.635
</td>
<td valign="top"><b>Romania</b>
</td>
<td valign="top">6.286
</td>
</tr>
<tr>
<td valign="top"><b>France</b>
</td>
<td valign="top">50.879
</td>
<td valign="top"><b>Slovakia</b>
</td>
<td valign="top">9.178
</td>
</tr>
<tr>
<td valign="top"><b>Germany</b>
</td>
<td valign="top">56.132
</td>
<td valign="top"><b>Slovenia</b>
</td>
<td valign="top">27.756
</td>
</tr>
<tr>
<td valign="top"><b>Greece</b>
</td>
<td valign="top">25.685
</td>
<td valign="top"><b>Spain</b>
</td>
<td valign="top">34.908
</td>
</tr>
<tr>
<td valign="top"><b>Hungary</b>
</td>
<td valign="top">15.812
</td>
<td valign="top"><b>Sweden</b>
</td>
<td valign="top">56.053
</td>
</tr>
<tr>
<td valign="top"><b>Iceland</b>
</td>
<td valign="top">50.803
</td>
<td valign="top"><b>Switzerland</b>
</td>
<td valign="top">82.725
</td>
</tr>
<tr>
<td valign="top"><b>Ireland</b>
</td>
<td valign="top">60.727
</td>
<td valign="top"><b>Turkey</b>
</td>
<td valign="top">16.249
</td>
</tr>
<tr>
<td valign="top"><b>Israel</b>
</td>
<td valign="top">42.552
</td>
<td valign="top"><b>United Kingdom</b>
</td>
<td valign="top">56.048
</td>
</tr>
<tr>
<td valign="top"><b>Italy</b>
</td>
<td valign="top">36.201
</td>
</tr>
</tbody>
</table>
<div>
</div>
<div>
Source: European Commission, 2007: 43.<br />
<br />
The report found bropad differences between
salaries in the EU and associated countries, which however were reduced
once salaries were adjusted to the cost of living in each country. As
expected, countries with a high cost of living were those that paid
researchers better. Low-medium salary levels were reported in Eastern
Europe and the Mediterranean region, while high-very high salaries were
paid in Central Europe and the Nordic countries.
<br />
A few countries (Austria, The Netherlands,
Israel, Switzerland and Luxembourg) offered avarage salaries in line
with the U.S. considering the cost of living.
<br />
Other countries outside the EU (Australia,
India, Japan) all have average higher remuneration than the EU-25 area
considering the cost of living. In Australia and Japan salaries are
similar to those of the U.S. The only country in which the average
salary was well below the EU was China.
<br />
See the <a class="sys_21" href="http://www.eui.eu/Documents/MWP/AcademicCareers/SalaryComparisonEUreport2007.pdf">report</a> for further info
<br />
</div>
<h2>
<b><a href="http://www.blogger.com/null" id="SalariesGDP" name="SalariesGDP">Salaries compared to GDP per capita</a></b>
</h2>
The ratio between the average salary for
researchers and the average GDP per capita (adjusted to the cost of
living) varies from country to country. Data show different degrees of
investment on research by different countries. For example, with
declining values Japan, the UK and the US all provide researchers with
salaries higher than their country GDP per capita. Spain and Sweden pay
around the same as the average GDP, and Italy pays less.
<br />
<br />
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" /> <br />
<br />
<a class="sys_21" href="http://www.eui.eu/Documents/MWP/AcademicCareers/SalariesVersusGDP.pdf">Click here to see the graph</a><br />
<br />
<br />
<div>
<b></b>
<br />
<h2>
<b><b><a href="http://www.blogger.com/null" id="SalariesExperienceGender" name="SalariesExperienceGender">Salary progression by experience and gender</a></b></b>
</h2>
The table draws on the Commission's study
and reports researchers' annual salary average in the EU and associated
countries by gender and years of experience.
<br />
The table draws on the Commission's study and
reports researchers' annual salary average in the EU and associated
countries by gender and years of experience.
</div>
Total country annualy salary of researchers in
EU25 and associated countries, by gender and level of experience (2006,
all currencies in purchasing power parities)
<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" summary="Data Table">
<tbody>
<tr>
<td valign="top"><b>Country/years</b><br />
<b>of experience<br />
(by gender)</b>
</td>
<td valign="top"><b> 0-4 y.<br />
Female<br />
Male</b>
</td>
<td valign="top"><b> 5-7 y.<br />
Female<br />
Male</b>
</td>
<td valign="top"><b> 8-10 y.</b><br />
<b>Female<br />
Male</b>
</td>
<td valign="top"><b> 11-15 y.</b><br />
<b>Female<br />
Male</b>
</td>
<td valign="top"><b> >15 y.<br />
Female<br />
Male</b>
</td>
</tr>
<tr>
<td valign="top"><b>Austria</b>
</td>
<td valign="top">34.473 <br />
37.244
</td>
<td valign="top">41.921 <br />
50.446
</td>
<td valign="top">49.369 <br />
63.648
</td>
<td valign="top">56.817 <br />
76.850
</td>
<td valign="top">64.266 <br />
90.052
</td>
</tr>
<tr>
<td valign="top"><b>Belgium</b>
</td>
<td valign="top">27.767<br />
26.802
</td>
<td valign="top">35.079<br />
40.933
</td>
<td valign="top">42.392<br />
55.064
</td>
<td valign="top">49.705<br />
69.195
</td>
<td valign="top">57.018<br />
83.326
</td>
</tr>
<tr>
<td valign="top"><b>Bulgaria</b>
</td>
<td valign="top">2.045<br />
1.961
</td>
<td valign="top">2.668<br />
2.689
</td>
<td valign="top">3.292<br />
3.417
</td>
<td valign="top">3.915<br />
4.144
</td>
<td valign="top">4.539<br />
4.872
</td>
</tr>
<tr>
<td valign="top"><b>Croatia</b>
</td>
<td valign="top">9.862<br />
9.458
</td>
<td valign="top">12.665<br />
12.124
</td>
<td valign="top">15.468<br />
15.541
</td>
<td valign="top">18.270<br />
19.922
</td>
<td valign="top">21.073<br />
25.537
</td>
</tr>
<tr>
<td valign="top"><b>Cyprus</b>
</td>
<td valign="top">22.234<br />
21.208
</td>
<td valign="top">28.051<br />
32.147
</td>
<td valign="top">33.867<br />
43.086
</td>
<td valign="top">39.684<br />
54.025
</td>
<td valign="top">45.500<br />
64.964
</td>
</tr>
<tr>
<td valign="top"><b>Czech</b> <b><br />
Republic</b>
</td>
<td valign="top">7.478<br />
10.728
</td>
<td valign="top">10.792<br />
15.015
</td>
<td valign="top">14.105<br />
19.301
</td>
<td valign="top">17.419<br />
23.587
</td>
<td valign="top">20.733<br />
27.874
</td>
</tr>
<tr>
<td valign="top"><b>Denmark</b>
</td>
<td valign="top">43.117<br />
42.852
</td>
<td valign="top">51.460<br />
52.204
</td>
<td valign="top">59.804<br />
61.556
</td>
<td valign="top">68.147<br />
70.908
</td>
<td valign="top">76.490<br />
80.260
</td>
</tr>
<tr>
<td valign="top"><b>Estonia</b>
</td>
<td valign="top">4.825<br />
7.691
</td>
<td valign="top">6.939<br />
10.068
</td>
<td valign="top">7.636<br />
12.444
</td>
<td valign="top">8.334<br />
14.821
</td>
<td valign="top">9.053<br />
17.198
</td>
</tr>
<tr>
<td valign="top"><b>Finland</b>
</td>
<td valign="top">23.369<br />
28.886
</td>
<td valign="top">29.776<br />
36.724
</td>
<td valign="top">36.182<br />
44.563
</td>
<td valign="top">42.589<br />
52.401
</td>
<td valign="top">48.996<br />
60.239
</td>
</tr>
<tr>
<td valign="top"><b>France</b>
</td>
<td valign="top">30.223<br />
30.726
</td>
<td valign="top">38.859<br />
39.225
</td>
<td valign="top">47.494<br />
50.075
</td>
<td valign="top">56.129<br />
63.926
</td>
<td valign="top">64.765<br />
81.608
</td>
</tr>
<tr>
<td valign="top"><b>Germany</b>
</td>
<td valign="top">22.143<br />
25.716
</td>
<td valign="top">35.969<br />
38.731
</td>
<td valign="top">49.795<br />
51.746
</td>
<td valign="top">63.621<br />
64.761
</td>
<td valign="top">77.447<br />
77.776
</td>
</tr>
<tr>
<td valign="top"><b>Greece</b>
</td>
<td valign="top">13.462<br />
11.823
</td>
<td valign="top">19.131<br />
18.370
</td>
<td valign="top">24.800<br />
24.917
</td>
<td valign="top">30.469<br />
31.464
</td>
<td valign="top">36.138<br />
38.011
</td>
</tr>
<tr>
<td valign="top"><b>Hungary</b>
</td>
<td valign="top">6.902<br />
10.706
</td>
<td valign="top">10.152<br />
13.244
</td>
<td valign="top">13.401<br />
15.783
</td>
<td valign="top">16.650<br />
18.322
</td>
<td valign="top">19.899<br />
20.861
</td>
</tr>
<tr>
<td valign="top"><b>Iceland</b>
</td>
<td valign="top">45.664<br />
44.713
</td>
<td valign="top">50.070<br />
50.073
</td>
<td valign="top">52.273<br />
55.432
</td>
<td valign="top">54.475<br />
60.792
</td>
<td valign="top">58.881<br />
66.152
</td>
</tr>
<tr>
<td valign="top"><b>Ireland</b>
</td>
<td valign="top">26.428<br />
20.290
</td>
<td valign="top">39.691<br />
41.073
</td>
<td valign="top">52.954<br />
61.856
</td>
<td valign="top">66.217<br />
82.639
</td>
<td valign="top">79.480<br />
103.422
</td>
</tr>
<tr>
<td valign="top"><b>Israel</b>
</td>
<td valign="top">16.329<br />
13.523
</td>
<td valign="top">22.407<br />
20.453
</td>
<td valign="top">28.486<br />
30.933
</td>
<td valign="top">34.564<br />
46.783
</td>
<td valign="top">40.643<br />
70.754
</td>
</tr>
<tr>
<td valign="top"><b>Italy</b>
</td>
<td valign="top">12.244<br />
12.760
</td>
<td valign="top">19.777<br />
23.488
</td>
<td valign="top">27.310<br />
34.216
</td>
<td valign="top">34.844<br />
44.944
</td>
<td valign="top">42.377<br />
55.672
</td>
</tr>
<tr>
<td valign="top"><b>Latvia</b>
</td>
<td valign="top">12.000<br />
-
</td>
<td valign="top">14.667<br />
-
</td>
<td valign="top">17.335<br />
-
</td>
<td valign="top">20.002<br />
-
</td>
<td valign="top">22.670<br />
-
</td>
</tr>
<tr>
<td valign="top"><b>Lithuania</b>
</td>
<td valign="top">7.356<br />
6.836
</td>
<td valign="top">8.286<br />
9.068
</td>
<td valign="top">9.216<br />
11.299
</td>
<td valign="top">10.146<br />
13.531
</td>
<td valign="top">11.076<br />
15.763
</td>
</tr>
<tr>
<td valign="top"><b>Luxembourg</b>
</td>
<td valign="top">24.742<br />
43.578
</td>
<td valign="top">40.365<br />
53.864
</td>
<td valign="top">55.988<br />
64.150
</td>
<td valign="top">71.611<br />
74.436
</td>
<td valign="top">87.234<br />
84.722
</td>
</tr>
<tr>
<td valign="top"><b>Malta</b>
</td>
<td valign="top">24.364<br />
21.364
</td>
<td valign="top">27.267<br />
23.746
</td>
<td valign="top">30.169<br />
26.393
</td>
<td valign="top">33.071<br />
29.336
</td>
<td valign="top">35.974<br />
32.606
</td>
</tr>
<tr>
<td valign="top"><b>Netherlands</b>
</td>
<td valign="top">22.518<br />
31.921
</td>
<td valign="top">35.655<br />
47.095
</td>
<td valign="top">48.792<br />
62.269
</td>
<td valign="top">61.929<br />
77.443
</td>
<td valign="top">75.066<br />
92.617
</td>
</tr>
<tr>
<td valign="top"><b>Norway</b>
</td>
<td valign="top">49.031<br />
52.829
</td>
<td valign="top">54.174<br />
58.346
</td>
<td valign="top">59.316<br />
63.864
</td>
<td valign="top">64.459<br />
69.381
</td>
<td valign="top">69.602<br />
74.898
</td>
</tr>
<tr>
<td valign="top"><b>Poland</b>
</td>
<td valign="top">5.921<br />
8.453
</td>
<td valign="top">8.088<br />
10.166
</td>
<td valign="top">10.255<br />
12.226
</td>
<td valign="top">12.421<br />
14.703
</td>
<td valign="top">14.588<br />
17.682
</td>
</tr>
<tr>
<td valign="top"><b>Portugal</b>
</td>
<td valign="top">10.512<br />
12.051
</td>
<td valign="top">14.693<br />
17.541
</td>
<td valign="top">20.535<br />
25.532
</td>
<td valign="top">28.702<br />
37.164
</td>
<td valign="top">40.115<br />
54.095
</td>
</tr>
<tr>
<td valign="top"><b>Romania</b>
</td>
<td valign="top">3.813<br />
2.476
</td>
<td valign="top">4.696<br />
4.474
</td>
<td valign="top">5.785<br />
6.473
</td>
<td valign="top">7.126<br />
8.472
</td>
<td valign="top">8.778<br />
10.471
</td>
</tr>
<tr>
<td valign="top"><b>Slovakia</b>
</td>
<td valign="top">5.547<br />
5.895
</td>
<td valign="top">6.794<br />
7.187
</td>
<td valign="top">8.041<br />
8.762
</td>
<td valign="top">9.287<br />
10.681
</td>
<td valign="top">10.534<br />
13.021
</td>
</tr>
<tr>
<td valign="top"><b>Slovenia</b>
</td>
<td valign="top">16.424<br />
17.976
</td>
<td valign="top">22.502<br />
22.372
</td>
<td valign="top">28.581<br />
27.844
</td>
<td valign="top">34.659<br />
34.654
</td>
<td valign="top">40.737<br />
43.130
</td>
</tr>
<tr>
<td valign="top"><b>Spain</b>
</td>
<td valign="top">16.416<br />
17.228
</td>
<td valign="top">22.858<br />
22.955
</td>
<td valign="top">29.300<br />
30.586
</td>
<td valign="top">35.742<br />
40.754
</td>
<td valign="top">42.184<br />
54.301
</td>
</tr>
<tr>
<td valign="top"><b>Sweden</b>
</td>
<td valign="top">28.591<br />
28.012
</td>
<td valign="top">41.900<br />
42.655
</td>
<td valign="top">55.209<br />
57.298
</td>
<td valign="top">68.518<br />
71.941
</td>
<td valign="top">81.827<br />
86.584
</td>
</tr>
<tr>
<td valign="top"><b>Sweden</b>
</td>
<td valign="top">28.591<br />
28.012
</td>
<td valign="top">41.900<br />
42.655
</td>
<td valign="top">55.209<br />
57.298
</td>
<td valign="top">68.518<br />
71.941
</td>
<td valign="top">81.827<br />
86.584
</td>
</tr>
<tr>
<td valign="top"><b>Switzerland</b>
</td>
<td valign="top">39.599<br />
40.862
</td>
<td valign="top">55.711<br />
61.075
</td>
<td valign="top">71.823<br />
81.288
</td>
<td valign="top">87.935<br />
101.501
</td>
<td valign="top">104.047<br />
121.714
</td>
</tr>
<tr>
<td valign="top"><b>Turkey</b>
</td>
<td valign="top">7.674<br />
8.634
</td>
<td valign="top">10.707<br />
11.387
</td>
<td valign="top">13.740<br />
15.016
</td>
<td valign="top">16.773<br />
19.803
</td>
<td valign="top">19.806<br />
26.116
</td>
</tr>
<tr>
<td valign="top"><b>United<br />
Kingdom</b>
</td>
<td valign="top">25.411<br />
29.060
</td>
<td valign="top">37.461<br />
38.608
</td>
<td valign="top">49.511<br />
51.293
</td>
<td valign="top">61.561<br />
68.146
</td>
<td valign="top">73.611<br />
90.536
</td>
</tr>
</tbody>
</table>
<div>
</div>
<div>
Source: European Commission, 2007: 47<br />
<br />
Here too the report found wide differences
between countries. For example, in the UK one can expect a high
progression moving from the first (0-4) to the last (>15) stage of
the career stages considered by the report. At the same time, Denmark
offers higher salaries already in the first stage but progression is
limited (around 90%) compared to the UK (around 235%).
<br />
Women earn less than men, with significant
differences in all the countries. In some (Estonia, Czech Republic,
Israel and Portugal) the gap is above 35%. In others (Bulgaria, Greece,
Denmark, Iceland, Norway and Malta) it is below 15%.
<br />
See the <a class="sys_21" href="http://www.eui.eu/Documents/MWP/AcademicCareers/SalaryComparisonEUreport2007.pdf">report</a> for more info.
<br />
<br />
<b></b>
<br />
<h2>
<b><b><a href="http://www.blogger.com/null" id="Bibliography" name="Bibliography">Bibliography</a></b></b>
</h2>
Bruegel (2007), 'Why Reform Europe's Universities?', Policy Brief Series, 2007/04.
<br />
European Commission (2007), <a class="sys_21" href="http://www.eui.eu/Documents/MWP/AcademicCareers/SalaryComparisonEUreport2007.pdf">Study on the Remuneration of Researchers in the Public and Private Commercial Sectors</a> (pdf).<br />
<br />
<br />
<h1>
Salaries in Economics in US Academia 2010-11
</h1>
<div class="large">
</div>
<ul>
<li>
<a href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryComparisons.aspx#Introduction" title="Salary Comparison"><b>Introduction</b></a>
</li>
<li>
<b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryEconomistsUS.aspx#SalariesTenure" title="Salary in Economics in US Academia 2010-11">Salaries of tenure-track academic economists by degree-granting institution</a></b>
</li>
<li>
<b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryEconomistsUS.aspx#SalariesAssFullProf" title="Salary in Economics in US Academia 2010-11">Salaries of Associate and Full Professors at PhD-granting institutions</a></b>
</li>
<li>
<b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryEconomistsUS.aspx#EmploymentAssistants" title="Salary in Economics in US Academia 2010-11">Employment conditions for new Assistant Professors</a></b>
</li>
<li>
<b><a class="sys_0 sys_t166590" href="http://www.eui.eu/ProgrammesAndFellowships/AcademicCareersObservatory/CareerComparisons/SalaryEconomistsUS.aspx#References" title="Salary in Economics in US Academia 2010-11">References</a></b>
</li>
</ul>
<br />
<h2>
<a href="http://www.blogger.com/null" id="Introduction" name="Introduction">Introduction</a>
</h2>
The American academic market for young
economists is undoubtedly the most interesting and sought after. Salary
packages are competitive in most universities, and not necessarily in
the top-ranked ones.
<br />
Each year, <a href="http://www.aeaweb.org/index.php">The American Economic Association</a>
sends out to selected institutions the Universal Academic Questionnaire
(UAQ), an annual survey of US economics departments. The American
Economic Review: Papers and Proceedings includes a few tables assembled
from the latest UAQ responses. Even though the accuracy of these results
depends on the willingness of individual departments to collaborate, it
is, nonetheless, a good indication of the working conditions to be
expected in the American job market for economists.
<br />
All the figures in the tables below refer to
academic-year salaries (calendar-year salaries are converted into
academic-year salaries by multiplying by 0.818) and in USD. 1 USD =
0.734 Euros on 28 September 2011. The number of surveyed institutions is
indicated in round parentheses; satndard deviations for salaries in
square parentheses.
<br />
<br />
<h2>
<a href="http://www.blogger.com/null" id="SalariesTenure" name="SalariesTenure">Salaries of tenure-track academic economists by degree-granting institution</a>
</h2>
The US academic market for economics is highly
segmented and either focuses on teaching activities (institutions
granting mainly BA and MA degrees) or on research activities as well
(most institutions granting PhD degrees).
<br />
The Table below shows the salaries of tenured
faculty at different institutions, based on the highest degree awarded
in economics. Of course, universities granting research-based degrees
(PhD) attract the most talented economists and offer the best salary
packages.
<br />
<br />
<div style="text-align: left;">
</div>
<b></b>US academic-year salaries of tenure-track academic economists
<br />
<table cellpadding="0" cellspacing="0" class="dataTableLeft" summary="Tenure-track academic economists ">
<caption>
</caption>
</table>
<b>(2010-11)</b><br />
<br />
<table>
<tbody>
<tr>
<th>
</th>
<th> Full Prof
</th>
<th>Associate Prof
</th>
<th>Assistant Prof
</th>
</tr>
<tr>
<th>PhD Institutions
</th>
<td>$159,816 (76)
<br />
[$41,772]
</td>
<td>$117,231 (76)
<br />
[$30,821]
</td>
<td>$100,451 (83)
<br />
[$13,471]
</td>
</tr>
<tr>
<th> MA Institutions
</th>
<td> $106,953 (33)
<br />
[$14,998]
</td>
<td>$84,803 (31)
<br />
[$12,429]
</td>
<td>$79,492 (40)
<br />
[$11,743]
</td>
</tr>
<tr>
<th> BA Institutions
</th>
<td> $103,262 (148)
<br />
[$23,987]
</td>
<td>$80,382 (30)
<br />
[$14,571]
</td>
<td>$74,677 (37)
<br />
[$15,393]
</td>
</tr>
</tbody>
</table>
<br />
<h2>
<a href="http://www.blogger.com/null" id="SalariesAssFullProf" name="SalariesAssFullProf">Salaries of Associate and Full Professors at PhD-granting institutions</a>
</h2>
The <a href="http://www.nationalacademies.org/nrc/">National Research Council</a> (NRC) rankings of economics graduate programs divide programs into tiers. The top three tiers include:
<br />
<ul>
<li>
Tier 1 (ranked 1-6): Chicago, Harvard, MIT, Princeton, Stanford and Yale;
</li>
<li>
Tier 2 (ranked 7-15): Columbia, Michigan,
Minnesota, Northwestern, Pennsylvania, Rochester, California-Berkeley,
UCLA, and Wisconsin-Madison;
</li>
<li>
Tier 3 (ranked 16-30): Illinois-Urbana,
Boston University, Brown, Cornell, Duke, Iowa, Maryland, Michigan State,
New York University, North Carolina, Texas-Austin, Virginia,
California-San Diego, University of Washington, and Washington
University-St. Louis.
</li>
</ul>
Not unsurprisingly, as the Table below shows,
the lower Tier (lower numbers), the lower the average salary.
<br />
<br />
<div style="text-align: left;">
</div>
<b></b>US academic-year salaries of tenure-track Associate and Full Professors in PhD granting universities by NRC Tiers (2010-11)
<br />
<table cellpadding="0" cellspacing="0" class="dataTableLeft" summary="Associate and Full Prof Salaries">
<caption>
</caption>
</table>
<br />
<br />
<table>
<tbody>
<tr>
<th>
</th>
<th>Full Prof
</th>
<th>Associate Prof
</th>
</tr>
<tr>
<th>Tiers 1-2 (ranks 1-15)
</th>
<td> $224,010 (6)
<br />
[$47,750]
</td>
<td>$151,417 (5)
<br />
[$46,188]
</td>
</tr>
<tr>
<th> Tier 3 (ranks 16-30)
</th>
<td> $180,518 (8)
<br />
[$29,605]
</td>
<td>$133,932 (8)
<br />
[$34,314]
</td>
</tr>
<tr>
<th> Tier 4 (ranks 31-48)
</th>
<td> $171,024 (9)
<br />
[$38,446]
</td>
<td>$131,678 (9)
<br />
[$27,492]
</td>
</tr>
<tr>
<th> Tier 5 (ranks 49+)
</th>
<td> $140,714 (45)
<br />
[$26,216]
</td>
<td>$104,758 (42)
<br />
[$17,791]
</td>
</tr>
</tbody>
</table>
<br />
<br />
<h2>
<a href="http://www.blogger.com/null" id="EmploymentAssistants" name="EmploymentAssistants">Employment conditions for new Assistant Professors</a>
</h2>
The Table below provides a fuller description
of the employment conditions of newly hired Assistant Professors at US
academic institutions offering different degrees in economics. In
addition to the salary, compensations include: guaranteed summer
compensation (over all years), other cash benefits to employees, such as
a signing bonus. They do not include fringe benefits, moving expenses,
computer that remains the property of the institution. Finally, the
Table also summarizes the teaching load for each new Assistant Professor
(courses per year), which is inversely correlated to the highest degree
on offer.
<br />
<br />
<div style="text-align: left;">
</div>
<b></b>Employment conditions for new Assistant Professors (2010-11)
<br />
<table cellpadding="0" cellspacing="0" class="dataTableLeft" summary="AssistantProf">
<caption>
</caption>
</table>
<br />
<br />
<table>
<tbody>
<tr>
<th>
</th>
<th> Salary
</th>
<th>Add. compensation
</th>
<th>Teaching load
</th>
</tr>
<tr>
<th> PhD Institutions
</th>
<td>$111,878 (83)
<br />
[$28,422]
</td>
<td>$39,378 (81)
<br />
[$21,423]
</td>
<td>3.5 (86)
<br />
[2.4]
</td>
</tr>
<tr>
<th> MA Institutions
</th>
<td> $83,834 (26)
<br />
[$10,659]
</td>
<td>$14,333 (7)
<br />
[$10,571]
</td>
<td>4.6 (35)
<br />
[0.7]
</td>
</tr>
<tr>
<th> BA Institutions
</th>
<td> $73,431 (10)
<br />
[$12,660]
</td>
<td>$4,214 (9)
<br />
[$2,644]
</td>
<td>5.8 (11)
<br />
[1.4]
</td>
</tr>
</tbody>
</table>
<br />
<h2>
<a href="http://www.blogger.com/null" id="References" name="References">References</a>
</h2>
<b>Scott, C. S. and Siegfried, J. J. (2011)</b>:
“American Economic Association Universal Academic Questionnaire Summary
Statistics”, American Economic Review: Papers & Proceedings 101
(664–667).
</div>
</div>
Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com3tag:blogger.com,1999:blog-18283087.post-55244577469139581952013-02-20T09:42:00.000-08:002013-02-20T09:45:21.691-08:00Nepotism in Italy (and the Italian Universities)Nepotism is a problem found in most of the southern European Countries.<br />
<br />
Here is an account about Italy <a href="http://www.bbc.co.uk/news/magazine-21507168">from the BBC</a>.<br />
<br />
<div class="introduction" id="story_continues_1">
<i>The family may be central
to Italian business life, but many economists believe that nepotism -
the practice of giving jobs to family members - is preventing talented
young people from finding work, and holding the country back. </i></div>
<i>
</i><i>To get a job in Italy, is it what you know or who you know
that counts? It's a commonly asked question here - and one with an
obvious answer, if you believe most young graduates milling around the
university campuses. In fact many wonder why I've even bothered to ask. </i><br />
<i>
</i><i>"If you have connections, you know the right people, you can
have the job that you like," shrugs Giorgio at the University of Genoa,
who told me he planned to go overseas to pursue his studies. "Yes, it's
crucial to know someone, to be recommended," adds another.</i><br />
<i>
</i><i>None of the young people I met seemed to think their own
family connections would amount to much, and all said they found this
tough and demotivating as their final exams approached.</i><br />
<i>
</i><br />
<div class="story-feature wide ">
<i><br /></i> <br />
<h2>
<i>Keeping it in the family</i></h2>
<ul>
<li><i> The practice of naming a nephew (nipote) or other relative as chief minister was standard among Renaissance popes</i></li>
<li><i> It gave an old man a young, energetic assistant to help him cope with the demands of office</i></li>
<li><i> Pope Paul lll (pictured with his grandsons) was one notorious nepotist</i></li>
<li><i> On gaining the papal throne in 1534 he appointed two grandsons, both in their teens, as cardinals</i></li>
</ul>
</div>
<i> </i><br />
<div id="story_continues_2">
<i>Tens of thousands of young graduates are believed to be leaving Italy each year in pursuit of better opportunities abroad. </i></div>
<i>
</i><i>The presumption that connections matter dates back a long
way. The very term nepotism - the favouring of your own family members
over others - originates in this country, derived from the custom of
medieval Popes handing out senior clerical jobs to their nephews -
"nipote" in Italian. </i><br />
<i>
</i><i>Much has changed since medieval times, of course, but critics
say not enough, even though finding a solution may be crucial if Italy
is to pull itself out of the economic mire. The country is currently
suffering one of its longest recessions in post-war history. </i><br />
<i>
</i><i>"You find it in many professions," says economist Professor
Roberto Perotti, who's written a book on Italy's nepotism culture called
The Rigged University. "Most notaries are sons of notaries. It's easier
for relatives of magistrates to pass the necessary examinations, and
doctors as well."</i><br />
<i>
</i><i>Prof Perotti, along with others, <a href="http://ideas.repec.org/p/nbr/nberwo/17572.html">has published revealing studies of university teachers</a>, showing the extraordinary concentration of surnames in many departments. </i><br />
<i>
</i><br />
<div class="story-feature narrow">
<i> </i></div>
<i> </i><br />
<div id="story_continues_3">
<i>"There is a scarcity of
last-names that's inexplicable," says fellow academic, Stefano Allesina.
"The odds of getting such population densities across so many
departments is a million to one."</i></div>
<i>
</i><i>Take the University of Bari, where five families have for
years dominated the dozens of senior positions in Business and Economics
there. Or consider the University of Palermo, where more than half the
entire academic population has at least one relative working within the
institution. </i><br />
<i>
</i><i>Since the studies don't reveal all forms of favouritism -
towards romantic partners or in-laws, for instance (who may carry a
different surname) - researchers say the study of surnames certainly
under-represents the problem.</i><br />
<i>
</i><i>Luigi Frati, the Rector of La Sapienza University in Rome,
has become one of the most notorious figures in the scandal, which local
media have dubbed "Parentopoli" - or "Relative-gate". </i><br />
<i><br /> </i><br />
<div class="story-feature wide ">
<h2>
<i>Academic dynastie</i></h2>
<i>Between 2000 and 2010, there are 37 instances of sons or daughters hired or promoted during the mandates of either a preside [head of faculty] or a rettore [head of university], eight of sons- or daughters-in-law, seven of nephews, and three of spouses</i><br />
<i>These numbers are a large underestimate of the phenomenon for several reasons...</i><br />
<i> </i></div>
<i> </i><br />
<div id="story_continues_4">
<i>A doctor by training, Professor
Frati has, both as rector and formerly as head of the university's
medical faculty, overseen the promotion of his wife from being a local
high school history teacher, to becoming Professor of Medical History. </i></div>
<i>
</i><i>His daughter also gained a post as Professor of Legal
Medicine - without any specific medical education. And his son was made
an associate professor in cardiology aged just 31, one of the youngest
Italians to gain such an appointment. </i><br />
<i>
</i><i>He has denied claims of nepotism, insisting that all his
loved-ones just happen to be the best qualified. Responding to the
allegations, he told Italian television, "In Italy we are not used to
being meritocratic through strictly objective criteria. We are used to
doing it our own way."</i><br />
<i>
</i><i>It's hard to disagree. The high court has made nepotistic
appointments technically illegal in Italy's public sector, though no-one
has ever been successfully prosecuted for them. </i><br />
<i>
</i><i>Most alarming, perhaps, are the indications that since the
financial crisis began, the problem has actually got worse among private
companies as well. A survey by the Ministry of Labour recently
suggested that 61% of firms rely on personal introductions for
recruitment, up from 50% a year earlier.</i><br />
<i>
</i><br />
<div class="caption body-width">
<i><img alt="Chart showing youth unemployment for 15-25 year olds" height="350" src="http://news.bbcimg.co.uk/media/images/65741000/gif/_65741437_italy_stats_464-02.gif" width="464" /></i>
</div>
<i>
</i><i>And there have also been a series of well-publicised deals with
unions where, in return for employees taking early retirement,
companies have granted their children preferential treatment for
entry-level jobs. </i><br />
<i>
</i><br />
<div class="story-feature wide ">
<i><br /></i></div>
<i> </i><br />
<div id="story_continues_5">
<i>Prof Perotti despairs, comparing
it to the time of Nero, when the notoriously mad Roman Emperor decreed
that no citizen could ever leave his family's allotted profession. "How
can our greatest asset, our intellectual capital, develop in this
country when talent and merit are not allowed to flourish?" he asks.</i></div>
<i>
</i><i>As Italy goes to the polls, there appears little prospect of
any new government directly addressing the issue. Critics argue that the
political class itself is tainted, thanks in part to an electoral
system where voters choose parties, not candidates. This allows party
barons to select relatives or personal favourites for parliamentary
seats. </i><br />
<i>
</i><i>Roberto Giacchetti, a Democrat Party deputy, is one of the
few high-profile politicians to have raised this as a campaign issue. He
went on hunger strike last year to demand that parliament approved
electoral reform - to no avail. </i><br />
<i>
</i><i>"Among the public there is a desire for change," he says,
"But among the political class, it's not there yet - even within my own
party… That's just how things are. </i><br />
<i>
</i><i>"I don't expect anything to change soon." </i>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-22016311129773676442013-02-13T00:21:00.000-08:002013-02-13T00:21:13.863-08:00Obama on education (in the State of Union address)(Feb 12, 2013)<br />
<i> </i><br />
<i>…These initiatives in manufacturing, energy, infrastructure, and
housing will help entrepreneurs and small business owners expand and
create new jobs. But none of it will matter unless we also equip our
citizens with the skills and training to fill those jobs. And that has
to start at the earliest possible age.</i><br />
<i>
</i><br />
<i>
</i><i>Study after study shows that the sooner a child begins learning, the
better he or she does down the road. But today, fewer than 3 in 10 four
year-olds are enrolled in a high-quality preschool program. Most
middle-class parents can’t afford a few hundred bucks a week for private
preschool. And for poor kids who need help the most, this lack of
access to preschool education can shadow them for the rest of their
lives.</i><br />
<i>
</i><br />
<i>
</i><i>Tonight, I propose working with states to make high-quality preschool
available to every child in America. Every dollar we invest in
high-quality early education can save more than seven dollars later on –
by boosting graduation rates, reducing teen pregnancy, even reducing
violent crime. In states that make it a priority to educate our
youngest children, like Georgia or Oklahoma, studies show students grow
up more likely to read and do math at grade level, graduate high school,
hold a job, and form more stable families of their own. So let’s do
what works, and make sure none of our children start the race of life
already behind. Let’s give our kids that chance.</i><br />
<i>
</i><br />
<i>
</i><i>Let’s also make sure that a high school diploma puts our kids on a
path to a good job. Right now, countries like Germany focus on
graduating their high school students with the equivalent of a technical
degree from one of our community colleges, so that they’re ready for a
job. At schools like P-Tech in Brooklyn, a collaboration between New
York Public Schools, the City University of New York, and IBM, students
will graduate with a high school diploma and an associate degree in
computers or engineering.</i><br />
<div class="column-five left padding-right margin-top-5 margin-right-15" id="article-side-rail">
<div class="left margin-right margin-bottom slug" id="slug_inline_bb" style="display: block;">
<div id="wpni_adi_inline_bb">
</div>
</div>
</div>
<i>
</i><i>We need to give every American student opportunities like this. Four
years ago, we started Race to the Top – a competition that convinced
almost every state to develop smarter curricula and higher standards,
for about 1 percent of what we spend on education each year. Tonight,
I’m announcing a new challenge to redesign America’s high schools so
they better equip graduates for the demands of a high-tech economy.
We’ll reward schools that develop new partnerships with colleges and
employers, and create classes that focus on science, technology,
engineering, and math – the skills today’s employers are looking for to
fill jobs right now and in the future.</i><br />
<i>
</i><br />
<i>
</i><i>Now, even with better high schools, most young people will need some
higher education. It’s a simple fact: the more education you have, the
more likely you are to have a job and work your way into the middle
class. But today, skyrocketing costs price way too many young people
out of a higher education, or saddle them with unsustainable debt.</i><br />
<i>
</i><br />
<i>
</i><i>Through tax credits, grants, and better loans, we have made college
more affordable for millions of students and families over the last few
years. But taxpayers cannot continue to subsidize the soaring cost of
higher education. Colleges must do their part to keep costs down, and
it’s our job to make sure they do. Tonight, I ask Congress to change
the Higher Education Act, so that affordability and value are included
in determining which colleges receive certain types of federal aid. And
tomorrow, my Administration will release a new “College Scorecard” that
parents and students can use to compare schools based on a simple
criteria: where you can get the most bang for your educational buck.</i><br />
<i>
</i><br />
<i>
</i><i>To grow our middle class, our citizens must have access to the
education and training that today’s jobs require. But we also have to
make sure that America remains a place where everyone who’s willing to
work hard has the chance to get ahead.</i><br />
<i>
</i><br />
<i>
</i><i><b> </b>Our economy is stronger when we harness the talents and
ingenuity of striving, hopeful immigrants. And right now, leaders from
the business, labor, law enforcement, and faith communities all agree
that the time has come to pass comprehensive immigration reform….</i>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-13982123233774035282013-02-11T00:07:00.002-08:002013-02-11T00:07:42.757-08:00The League of 21 leading European Research Universities has disassociated itself from the U-Multirank project
<br />
from the <a href="http://www.timeshighereducation.co.uk/world-university-rankings/news/universities-pull-out-of-eus-unjustifiable-u-multirank">THE</a><br />
<br />A group representing some of Europe's leading universities has withdrawn its support for a new ranking system funded by the European Union, warning that it could pose "a serious threat" to higher education.<br /><br />The League of European Research Universities, which represents 21 leading research-intensive universities, has disassociated itself from the U-Multirank project, which is due to publish its first results in early 2014.<br /><br />At a cost of €2 million (£1.7 million), the scheme aims to offer an alternative to ranking systems that are focused mainly on research excellence and will grade universities in five areas - research, teaching, internationalisation, knowledge transfer and contribution to regional growth.<br /><br />Launched in Dublin on 30 January, the ranking system will not produce a league table for universities, but hopes to provide a broader set of information to potential students.<br /><br />However, several higher education institutions are refusing to release data to the project and Leru has severed its links with the scheme.<br /><br />Kurt Deketelaere, secretary-general of Leru, said the organisation, whose members include the universities of Oxford, Cambridge and Edinburgh, believes the project is ill-conceived and poorly designed.<br /><br />"We consider U-Multirank, at best an unjustifiable use of taxpayers' money and at worst a serious threat to a healthy higher education system," he said. "Leru has serious concerns about the lack of reliable, solid and valid data for the chosen indicators in U-Multirank, about the comparability between countries, about the burden put upon universities to collect data and about the lack of 'reality-checks' in the process thus far."<br /><br />However, speaking shortly before the scheme's launch, Androulla Vassiliou, European commissioner for education, culture, multilingualism and youth, insisted it would provide valuable information.<br /><br />"It will contribute to the modernisation and quality of higher education by enabling universities to identify their strengths or weaknesses and learn from each other's experience," she saidΙωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-9483313951533017742012-03-13T11:50:00.003-07:002012-03-13T11:56:41.203-07:00The Santorum Strategy: Why the Right Wins Even When It LosesAn excellent <a href="https://www.commondreams.org/view/2012/03/12-11">analysis</a> by George Lakoff<br /><br />The Santorum Strategy is not just about Santorum. It is about pounding the most radical conservative ideas into the public mind by constant repetition during the Republican presidential campaign, whether by Santorum himself, by Gingrich or Ron Paul, by an intimidated Romney, or by the Republican House majority. The Republican presidential campaign is about a lot more than the campaign for the presidency. It is about guaranteeing a radical conservative future for America.<br /><br /><p>I am old enough to remember how liberals (me included) made fun of Ronald Reagan as a not-too-bright mediocre actor who could not possibly be elected president. I remember liberals making fun of George W.Bush as so ignorant and ill-spoken that Americans couldn’t possibly take him seriously. Both turned out to be clever politicians who changed America much for the worse. And among the things they and their fellow conservatives managed to do was change public discourse, and with it, change how a great many Americans thought.</p> <p>The Republican presidential campaign has to be seen in this light.</p> <p>Liberals tend to underestimate the importance of public discourse and it’s effect on the brains of our citizens. All thought is physical. You think with your brain. You have no alternative. Brain circuitry strengthens with repeated activation. And language, far from being neutral, activates complex brain circuitry that is rooted in conservative and liberal moral systems. Conservative language, even when argued against, activates and strengthens conservative brain circuitry. This is extremely important for so-called “independents,” who actually have both conservative and liberal moral systems in their brains and can shift back and forth. The more they hear conservative language over the next eight months, the more their conservative brain circuitry will be strengthened.</p> <p>This point is being missed by Democrats and by the media, and yet it is the most vital issue for our future in what is now being discussed. No matter who gets the Republican nomination for president, the Santorum Strategy will have succeeded unless Democrats dramatically change their communication strategy as soon as possible. Even if President Obama is re-elected, he will have very little power if the Republicans keep the House, and a great deal less if they take the Senate. And if they keep and take more state houses and local offices around the country, there will be less and less possibility of a liberal future.</p> <p>The Republican presidential campaign is not just about the presidential race. It is about using conservative language to strengthen conservative values in the brains of voters — in campaigns at all levels from Congress to school boards. Part of the Republican strategy is to get liberals to argue against them, repeating conservative language. There is a reason I wrote a book called <em><strong>Don’t Think of an Elephant!</strong></em> When you negate conservative language, you activate conservative ideas and, hence, automatically and unconsciously strengthen the brain circuitry that characterizes conservative values.</p> <p>As I was writing the paragraphs above, the mail came. In it was material from <a href="http://www.citizen.org/" rel="nofollow">Public Citizen</a> (an organization I admire) promoting Single Payer Health Care (which I agree with) by arguing against right-wing lies about it. In big, bold type the lies were listed: <strong>Single payer is socialized medicine</strong>. <strong>Single payer will lead to rationing, like in Canada</strong>. <strong>Costs will skyrocket under Single Payer</strong>. And so on. After each one, came the negative: <strong>Wrong</strong>. And then in small, unbolded type, the laundry lists of policy truths. Public Citizen was unconsciously promoting the conservative lies by repeating them in boldface and then negating them.</p><p>The same naiveté about messaging, public discourse, and effects on brains is now showing up in liberal discussions of the Republican presidential race. Many Democrats are reacting either with glee (“their field is so ridiculously weak and wacky.” — Maureen Dowd), with outrage (their deficit-reduction proposals would actually raise the deficit — Paul Krugman), or with incredulity (“Why we're debating a woman's access to birth control is beyond me.” — Debbie Wasserman Schultz). Hendrik Hertzberg dismissed the ultra-conservatives as “a kick line of clowns, knaves, and zealots.” Joe Nocera wrote that he hopes Santorum would be the Republican candidate, claiming that he is so far to the right that he would be “crushed” — an “epic defeat,” “shock therapy” that would bring back moderate Republicans. Democrats even voted for Santorum in the Michigan primary on the grounds that he would be the weaker candidate and that it would be to the Democrats’ advantage if the Republican race dragged on for a long time.</p> <p>I mention these liberals by name because they are all people I admire and largely agree with. I hope that they are right. And I hope that the liberal discourse of glee, scorn, outrage, incredulity, and support for the most radical conservative will actually win the day for Democrats at all levels. But, frankly, I have my doubts. I think Democrats need much better positive messaging, expressing and repeating liberal moral values — not just policies— uniformly across the party. That is not happening.</p> One of the reasons that it is not happening is that there is a failure to understand the difference between policy and morality, that morality beats policy, and that moral discourse is absolutely necessary. This is a major reason why the Democrats lost the House in 2010. Consider how conservatives got a majority of Americans to be against the Obama health care plan. The president had polled the provisions, and each had strong public support: No preconditions, no caps, no loss of coverage if you get sick, ability to keep your college-age child on your policy, and so on. These are policy details, and they matter. The conservatives never argued against any of them. Instead, they re-framed; they made a moral case against “Obamacare.” Their moral principles were freedom and life, and they had language to go with them. Freedom: “government takeover.” Life: “death panels.” Republicans at all levels repeated them over and over, and convinced millions of people who were for the policy provisions of the Obama plan to be against the plan as a whole. They changed the public discourse, changed the brains of the electorate — especially the “independents” — and won in 2010.<br /><br /><p>The radical conservative discourse of the Republican presidential race has the same purpose, and conservative Republicans are luring Democrats into making the same mistakes. Santorum, the purest radical conservative, is the best example. From the perspective of conservative moral values, he is making sense and arguing logically, making his moral values clear and coming across as straightforward and authentic, as Reagan did.</p> <p><strong>The Moral Value Systems</strong></p> <p>The basic moral values in the progressive moral system are empathy and responsibility, both for oneself and others. This leads to a view of government as having certain moral obligations: providing protection and empowerment for everyone equally. This requires a vibrant commitment to the public — public infrastructure (roads, buildings, sewers), public education, public health, and so on. No private business can prosper at all without such public provisions. The private depends on the public.</p> <p>These values follow from certain ideal progressive family values, as projected to larger institutions. The progressive family has parents of equal authority. Their central moral role requires empathy with each other and their children, it requires self-responsibility, and responsibility for the well-being of other family members. This means open communication, transparency about family rules, shared decision-making, and need-based fairness.</p> <p>This is an idealized view. Because our first acquaintance with being governed is in our families, we come to understand ideal versions of governing institutions (e.g., churches, schools, teams, and nations) in terms of idealizations of families.</p> <p>The idealized conservative family is structured around a strict father who is the natural leader of the family, who is assumed to know right from wrong, whose authority is absolute and unchallengeable, who is masculine, makes decisions about reproduction, and who sets the rules – in short,<em> the Decider</em>. Children must be taught right from wrong through strict discipline, which is required to be moral. This maps onto the nation. To be prosperous in a free market, one must be fiscally disciplined. If you are not prosperous, you must not be disciplined, and if you are not disciplined, you cannot be moral, and so you deserve your poverty.</p> <p>When this idealized family model is projected onto various governing institutions, we get conservative versions of them: conservative religion with a strict father God; a view of the market as Decider with no external authority over the market from government, unions, or the courts; and strictness in other institutions, like education, prisons, businesses, sports teams, romantic relationships, and the world community. Control over reproduction ought to be in the hands of male authorities.</p> <p>For conservatives, democracy is about liberty, individual responsibility and self-reliance — the freedom to seek one’s own self-interest with minimal or no commitment to the interests of others. This implies a minimal public and a maximal private.</p> <p>We can now see why the Santorum Strategy is so concerned with family values. Strict father family values are the model for radical conservative values. Conservative populism — in which poor conservatives vote against their financial interests — depends on those poor conservatives having strict father family values, defining themselves in terms of those values, and voting on the basis of those values, thus selecting strict fathers as their political leaders.</p> <p>The repetition of language expressing those values leads to more and more working people becoming political and accepting those values in their politics. As long as the Democrats have no positive moral messaging of their own, repeated over and over, the Santorum Strategy will go unchallenged and conservative populism will expand. Moreover, repeating the Santorum language by mocking it or arguing against it using that language will only help radical conservatives in propagating their views.</p> Democrats are concentrating on the presidential race, hoping that if Obama wins, as it looks like he will, all will be fine. They are missing the bigger picture. The Democratic strategy of getting the independent women’s vote for Obama is not sufficient, because independent women may still vote for their local conservative leaders as the strict fathers they want to see in office.<br /><br /><p>Democrats have been gleeful about the Santorum birth control strategy, taken up by conservatives in the House as a moral position that if you want to use birth control, you should pay for it yourself. Democrats see this as irrational Republican self-destruction, assuming that it will help all Democrats to frame it as a “war against women.” I hope they are right, but I have doubts.</p> <p>This is anything but an irrational position for radically conservative Republicans. Quite the contrary. It fits conservative moral logic — the logic used by conservative populists, male for sure and for many women as well. In some respects it embodies the most powerful aspects of conservative moral logic, strengthening conservative moral logic in the minds not only of conservatives, but also of independents who have both conservative and progressive world views and swing between them.</p> <p>Here’s how that logic goes.</p> <ul><li>The strict father determines what happens in the family, including reproduction. Thus reproduction is the province of male authority.</li><li>The strict father does not condone moral weakness and self-indulgence without moral consequences. Sex without reproductive consequences is thus seen as immoral.</li><li>If the nation supports birth control for unmarried women, then the nation supports immoral behavior.</li><li>The conservative stress on individual responsibility means that you and no one else should have to pay for your birth control — not your employer, your HMO, or the taxpayers.</li><li>Having to pay for your birth control also has a metaphorical religious value — paying for your sins.</li><li>This is a classical slippery slope narrative. If no one else should have to pay for your birth control, the next step is that no one else should have to pay for any of your health care.</li><li>And the step after that is that no one else should be forced to pay for anyone else. This is, everything should be privatized — no public education, safety nets, parks, or any public institutions or services.</li></ul> <p>That is what makes conservative moral logic into such a powerful instrument. And conservative and independent women can be pragmatic about the birth control details, while accepting the moral logic as a whole.</p> <p>Incidentally, Rush Limbaugh’s “slut” and “prostitute” remarks, while even more extreme than Santorum, make sense to conservatives in terms of the same conservative moral logic. Limbaugh apologized for those two words, but not for the logic behind them. Even after the apology for the two words, the logic lingers.</p> <p>All moral logic in politics, whether progressive or conservative, is based on metaphorical thought processes, applying family moral values to political moral values. Republicans understand this and Santorum carries it out masterfully for the benefit of all conservative Republican office seekers at all levels, today and in the future.</p> <p>The Santorum Strategy does not end with this election. It is part of a permanent campaign that has been going on since the Gingrich revolution of 1994, and will continue into the indefinite future.</p> <p>Democrats tend to be literalists, assuming that the presidential campaign is only about the presidential campaign and that birth control is only about birth control. In 2010, they thought that health policy was only about health policy, even as conservatives were metaphorically making it about freedom (“government takeover”) and life (“death panels”).</p> <p>It is vital that Democrats not make that mistake again.</p><br /><br /><br /><p><br /></p>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-31525584057889185932012-02-21T03:09:00.000-08:002012-02-21T03:10:14.283-08:00Troika confidential report: Greece: Preliminary Debt Sustainability Analysis<br />
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<div class="WordSection1">
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<span class="FontStyle74"><span style="font-family: Arial; font-size: 8pt; font-weight: normal;">STRICTLY CONFIDENTIAL</span></span></div>
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<br /></div>
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<br /></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 18.25pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74">Greece: Preliminary Debt Sustainability
Analysis</span></div>
<div class="Style3" style="margin-bottom: 12.0pt; margin-left: 0in; margin-right: 18.5pt; margin-top: 0in; mso-pagination: widow-orphan;">
<span class="FontStyle78">February 15, 2012</span></div>
<div class="Style4" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<span class="FontStyle60">Since the fifth
review, a number of developments have pointed to a need to revise the DSA. The
2011 outturn was worse than expected, both in terms of growth and the fiscal
deficit; the macroeconomic outlook has deteriorated significantly, due to
events in Europe; the fiscal outlook has deteriorated due to the economy and
due to delays in developing fiscal-structural reforms; and the strategy of the
program has been adapted, to place greater emphasis on upfront actions to
improve competitiveness (which will change the expected profile of the recovery
and have implications for the fiscal accounts). The DSA also must be updated to
include the envisaged PSI deal between the IIF-led creditor group and the Greek
authorities</span></div>
<div class="Style4" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<span class="FontStyle60">The assessment
shows that, in a baseline scenario, public debt will decline to around 129
percent of GDP by 2020, staying above the 120 percent of GDP level targeted by
European leaders in October. The results point to a need for additional debt
relief from the official or private sectors to bring the debt trajectory down,
consistent with the objective of achieving a 120 percent of GDP debt ratio by
2020. The results will need to be updated once information on additional
debt-reducing actions is available.</span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; text-align: justify;">
<span class="FontStyle60">There are notable risks. Given the high prospective level and share of
senior debt, the prospects for Greece to be able to return to the market in the
years following the end of the new program are uncertain and require more
analysis. Prolonged financial support on appropriate terms by the official
sector may be necessary. Moreover, there is a fundamental tension between the
program objectives of reducing debt and improving competitiveness, in that the
internal devaluation needed to restore Greece competitiveness will inevitably
lead to a higher debt to GDP ratio in the near term. In this context, a
scenario of particular concern involves internal devaluation through deeper
recession (due to continued delays with structural reforms and with fiscal
policy and privatization implementation). This would result in a much higher
debt trajectory, leaving debt as high as 160 percent of GDP in 2020. Given the
risks, the Greek program may thus remain accident-prone, with questions about
sustainability hanging over it.</span></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 18.95pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<br /></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 18.95pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74">I. Baseline assumptions</span></div>
<div class="Style6" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle74">The revised DSA framework starts from the October
DSA, and updates macro and policy assumptions along several dimensions:</span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo3; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">The path for the projected economic recovery has been adjusted. </span><span class="FontStyle78">Three </span><span class="FontStyle78">factors have
contributed to the new profile: (i) the worse-than-expected outturn for 2011
(growth below -6 percent versus -5.5 percent projected); (ii) the deterioration
in the 2012-13 outlook for Europe (and globally); and (iii) the revised package
of structural reforms agreed, which will tend to deepen the contraction
initially, but will pull forward the recovery (by improving unit labor costs,
which through the other structural reforms assumed in the program, translates
into increased price competitiveness and higher investment). Medium-term
potential growth assumptions have been maintained, on the assumption that the
whole structural reform agenda is able to move forward as envisioned in the
October DSA.</span></div>
<div align="center" class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74"><span style="font-size: 11pt; font-weight: normal;"><img height="233" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image002.gif" width="408" /></span></span><span class="FontStyle74"></span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; text-align: justify;">
<img align="left" height="145" hspace="12" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image004.gif" width="181" /><span class="FontStyle74">The fiscal path has
also been adjusted. </span><span class="FontStyle78">The revised path
captures; (i) the slightly worse than expected 2011 outturn (a deficit
estimated to be 9¼ percent of GDP rather than the previously projected 9
percent); and (ii) an adjustment of the primary deficit target for 2012 (from
0.2 to -1 percent of GDP), to accommodate the worse 2011 </span><span class="FontStyle66"><sub><span style="font-family: "Times New Roman";">6 </span></sub></span><span class="FontStyle78">outturn and the deterioration in the macro context (including the</span><span class="FontStyle66"><sup><span style="font-family: "Times New Roman";"> </span></sup></span><span class="FontStyle78">impact on short term activity of more ambitious labor market reforms),
and thus avoid a large new negative fiscal impulse. The path would still bring
Greece to a primary general government surplus of 4½ percent of GDP by 2014,
although additional measures will need to be identified to secure this outcome.</span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo3; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Estimated bank
recapitalization needs have increased. </span><span class="FontStyle78">The Blackrock
diagnostic exercise, the PSI exercise (including its likely accounting
treatment), and refined estimates of resolution costs (as opposed to
recapitalization costs) have pointed to higher needs than assumed at the time
of the Fifth program review (€50 billion versus €40 billion previously).
Recoveries, through the sale of bank equity, are not expected to be materially
higher in the medium-term.</span><span class="FontStyle78"><b></b></span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo3; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span class="FontStyle74">Market access prospects have become more adverse. </span><span class="FontStyle78">The PSI deal, in the process of being agreed with creditors (below),
has worsened the outlook for new market access due to the proposed co-financing
structure with the EFSF (which essentially implies that any new debt will be
junior to all existing debt). It is now uncertain whether market access can be
restored in the immediate post-program</span><span class="FontStyle74"> </span><span class="FontStyle78">years—a conclusive assessment on this issue
also depends on the modality and scale of debt reducing operations required to
bring the 2020 debt ratio to 120 percent of GDP. For the purpose of
constructing the DSA baseline, Greece is assumed to maintain good policies
post-program, and it is assumed that financing needs are met by Greece's
European partners on standard EFSF borrowing terms.</span></div>
<div class="Style7" style="margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<span class="FontStyle74">Financing assumptions have also been updated:</span><span class="FontStyle74"></span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo3; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Private sector
involvement. </span><span class="FontStyle78">The assumptions about PSI now incorporate the
design now in the process of being agreed between Greece and the IIF-led
creditor group: (i) a reduction in the nominal value of eligible Greek
government bonds by 50 percent (15 percent paid upfront in EFSF short-term
notes, with the remaining 35 percent exchanged into 30-year bonds amortisable
after 10 years); (ii) coupons of 3 percent in 2012-20 and 3% percent from 2021
onwards; (iii) a GDP-linked additional payment (capped at 1 percent of the
outstanding amount of new bonds); and (iv) a co-financing structure with the
EFSF concerning the 15 percent upfront payment. The pool of debt for the debt
exchange has also been updated (although an exemption for retail investors, now
under consideration by the authorities, is not assumed). The creditor
participation rate is assumed to be 95 percent.</span><span class="FontStyle78"><b></b></span></div>
<div class="Style7" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo3; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span><span class="FontStyle74">Official financing. </span><span class="FontStyle78">EFSF funding is assumed to remain at cost, but the amortization period
has been shortened to 25 years, and interest is now assumed to be paid
annually, rather than quarterly. IMF lending is now assumed to be on EFF terms
with broadly unchanged peak exposure versus the SBA (and would finance about
three-elevenths of the projected need, excluding PSI-related financing, bank
recapitalization, and Greece's ESM contributions). Importantly, the new
official financing assumed does not incorporate the impact of potential
separate actions by Greece's European partners to help reduce the debt stock to
120 percent of GDP, which would tend to reduce program financing needs.</span><b><span style="font-family: "Times New Roman";"></span></b></div>
<div align="center" class="MsoNormal" style="margin-bottom: 12.0pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="margin-bottom: 12.0pt; text-align: center;">
<span class="FontStyle74">II. Debt dynamics</span></div>
<div class="Style8" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<img align="left" height="143" hspace="12" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image006.gif" width="179" /><span class="FontStyle74">Projections
indicate that, under the baseline scenario, and before any further action to
reduce debt, the debt ratio would fall to 129 percent of GDP in 2020 </span><span class="FontStyle78">(Table 1). This is noticeably above the target set by European leaders
during the October Summit (120 percent of GDP), and above the upper limit of
what could be considered sustainable for Greece. In terms of trajectory, the
PSI deal helps to initially reduce debt, but debt then spikes up again to 168
percent of GDP in 2013 due to the shrinking economy and incomplete fiscal adjustment.
Official financing needs between 2012 and 2014 would be about €170 billion
before further actions to reduce debt (or about €136 billion additional to what
is already in the existing program). For the period 2015-2020 official
financing needs could amount to an additional €50 billion (again before actions
to reduce debt), although this figure could be a little lower if Greece is able
to gain some limited market access in the last years of the decade.</span><span class="FontStyle78"><span style="font-size: 11pt;"> </span></span><span class="FontStyle78"></span></div>
<div class="Style6" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle74">Stress tests continue to point to a number of
sensitivities with the balance of risks mostly tilted to the downside:</span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo5; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Policies. </span><span class="FontStyle78">As before, if the
primary balance gets stuck below 2½ percent of GDP (a level it now only exceeds
in 2014), then debt would be on an ever-increasing trajectory. Significant shortfalls
in privatization proceeds (only €10 billion of €46 billion realized by 2020),
would raise the level of debt appreciably, and slow its projected decline,
leaving it at 148 percent of GDP by 2020.</span><span class="FontStyle78"></span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 12.0pt; text-align: center;">
<span class="FontStyle78"><span style="font-size: 11pt;"><img height="126" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image008.gif" width="303" /></span></span><span class="FontStyle78"></span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo5; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Macro parameters. </span><span class="FontStyle78">Debt outcomes remain very sensitive to growth or to faster internal
devaluation. Fixing the primary balance, nominal growth permanently lower by 1
percent per annum would send debt-to-GDP to 143 percent by 2020; nominal growth
permanently higher by 1 percent per annum would allow debt to fall to 116
percent of GDP by 2020. Interest rate sensitivities arise via the rate charged
on official financing (since Greece is out of the market for most of the decade
under the assumed borrowing rule). If the spread on EFSF borrowing were to be
100 bps higher, then debt-to-GDP would reach 135 percent by 2020.</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 12.0pt; text-align: center;">
<span class="FontStyle78"><span style="font-size: 11pt;"><img height="129" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image010.gif" width="309" /></span></span><span class="FontStyle78"></span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo5; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><img align="left" height="131" hspace="12" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image012.gif" width="176" /><b><span class="FontStyle74">The PSI deal. </span></b><span class="FontStyle78">Debt is sensitive
to the degree of participation in the PSI deal, and also sensitive to the pool
of debt to which the deal will apply. Concerning participation, for every 5
percent decline in participation (with hold-outs paid in full) the 2020 debt to
GDP ratio would climb by 2 percent. With each €5 billion change in the pool of eligible
debt, the debt to GDP ratio changes by about 1 percent of GDP. </span><span class="FontStyle78"></span></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 19.9pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<br /></div>
<span class="FontStyle74"><span style="font-size: 12pt;"><br clear="all" style="page-break-before: always;" />
</span></span>
<br />
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 19.9pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74">III. Debt dynamics under an alternative
unchanged policies scenario</span></div>
<div class="Style8" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<span class="FontStyle74">The Greek
authorities may not be able to deliver structural reforms and policy
adjustments at the pace envisioned in the baseline. </span><span class="FontStyle78">Greater wage flexibility may in practice be resisted by economic
agents; product and service market liberalization may continue to be plagued by
strong opposition from vested interests; and business environment reforms may
also remain bogged down in bureaucratic delays. On the policy side, it may take
Greece much more time than assumed to identify and implement the necessary
structural fiscal reforms to improve the primary balance from -1 percent in
2012 to 4½ percent of GDP, and concerning assets sales, delays may arise due to
market-related constraints, encumbrances on assets, or political hurdles. And
of course a less favourable macro outcome would itself further hurt policy implementation
prospects.</span></div>
<div class="Style10" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle74">A tailored downside scenario can help to capture
these joint risks. </span><span class="FontStyle78">Specifically, a
failure to reinvigorate structural reforms is assumed to hold up the recovery,
forcing higher unemployment and deeper recession to secure internal devaluation
over a longer period. At the same time, it is assumed that this, and
difficulties in identifying reforms, delay the completion of fiscal adjustment
by 3 full years. Finally, it is assumed that privatization plans take an
additional 5 years to complete (with proceeds through 2020 reduced by €20
billion). Prospects for a return to the market become even less certain. For
illustrative purposes, the additional financing requirements in this scenario
are assumed to be covered by the official sector on EFSF terms (under the
assumption that despite delays Greece continues to make slow progress towards
program objectives).</span></div>
<div align="center" class="Style8" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74"><span style="font-size: 11pt; font-weight: normal;"><img height="164" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image014.gif" width="367" /></span></span><span class="FontStyle74"></span></div>
<div class="Style8" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<img align="left" height="137" hspace="12" src="file:///Users/jp/Library/Caches/TemporaryItems/msoclip/0/clip_image016.gif" width="172" /><span class="FontStyle74">The debt trajectory
is extremely sensitive to program delays, suggesting that the program could be
accident prone, and calling into question sustainability </span><span class="FontStyle78">(Table 2). Under the tailored scenario described above, the debt ratio
would peak at 178 percent of GDP in 2015. Once growth did recover, fiscal
policy achieved its target, and privatization picked up, the debt would begin
to slowly decline. Debt to GDP would fall to around 160 percent of GDP by 2020,
well above the target of about 120 percent of GDP set by European leaders.
Financing needs through 2020 would amount to perhaps €245 billion. Under the
assumption that stronger growth could follow on the eventual elimination of the
competiveness gap, the debt ratio would slowly converge to that in the
baseline, but likely only in the late 2020s. With debt ratios so high in the
next decade, smaller shocks would produce </span><span class="FontStyle72"><span style="font-family: "Times New Roman";">100 </span></span><span class="FontStyle78">unsustainable dynamics, leaving the program highly accident-prone.</span><span class="FontStyle78"><span style="font-size: 11pt;"> </span></span><span class="FontStyle78"></span></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<br /></div>
<div align="center" class="Style6" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 0in; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle74">IV. Official Sector involvement</span></div>
<div class="Style6" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify;">
<span class="FontStyle74">These projections
do not account for potential actions by Greece's European partners to reduce
debt to GDP, under the baseline, by about 9 percent of GDP to about 120 percent
of GDP by 2020. </span><span class="FontStyle78">The DSA will have to be redone once
information on steps to reduce debt further are available. At this point,
several main options that are being considered as follows:</span></div>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l4 level1 lfo7; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle74"><span style="font-family: Symbol; font-weight: normal;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Restructuring of
accrued interest. </span><span class="FontStyle78">At the time of the debt exchange, Greece is
expected to pay the interest that creditors have accrued on each bond since the
latest coupon was paid. Depending on the date of the exchange, this is
estimated at around €5-5.5 billion. A decision to accelerate accrued interest
and add it to the principal amount to be restructured would reduce the debt
ratio in 2020 by about </span><span class="FontStyle73"><span style="font-family: "Times New Roman";">W2
</span></span><span class="FontStyle78">percentage points, and would reduce the official
financing envelop during the program by nearly €5 billion.</span><span class="FontStyle74"></span></div>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l4 level1 lfo7; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle74"><span style="font-family: Symbol; font-weight: normal;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Interest rate
reduction on Greek Loan Facility (GLF). </span><span class="FontStyle78">The Commission
services estimate that there is scope to reduce the spread on GLF loans to 210
bps over their entire life (versus 200 bps increasing to 300bps over time).This
reduction, if implemented, would lower Greece's interest bill (and deficit).
The Commission estimates that it would reduce the projected debt ratio in 2020
by about 1½ percentage points. The official financing in the programme period
would also be reduced by around €0.5 billion.</span><span class="FontStyle74"></span></div>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l4 level1 lfo7; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">Restructuring of
Greek bonds held by the National Central Banks (NCBs) of the euro area in their
investment portfolios.<a href="http://www.blogger.com/blogger.g?blogID=18283087#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><sup><span class="FontStyle74"><sup><span style="font-size: 12pt;">[1]</span></sup></span></sup></a>
</span><span class="FontStyle78">Including Greek government bonds held by NCBs in
their investment portfolio in the debt exchange in PSI would reduce the
debt-to-GDP ratio in 2020 by about 3½ percentage points (net, after accounting
for sums needed to recapitalize the Bank of Greece).</span></div>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-list: l4 level1 lfo7; mso-pagination: widow-orphan; tab-stops: list .25in; text-align: justify; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-family: Symbol;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span class="FontStyle74">SMP income. </span><span class="FontStyle78">The income stream resulting from the orderly repayment Greek government
bonds in the ECB's SMP portfolio (interest and capital gains) is assumed to be
transferred to NCBs. NCBs will, in turn, distribute dividends reflecting this
and other income to the respective government according to their statutes or
regulations. This could be reflected in the DSA if euro area member states make
explicit commitments to transfer </span><span class="FontStyle78"><span style="font-size: 11pt;">specific amounts to Greece. If euro area member states
commit to transfer over time specific amounts matching the expected income
accruing to their NCBs from this source, this could reduce debt to GDP in
Greece by about 5</span></span><span class="FontStyle78">½ </span><span class="FontStyle78"><span style="font-size: 11pt;">percentage points by 2020. During the program period
official financing could drop by about €5 billion.</span></span></div>
<span class="FontStyle78"><span style="font-size: 11pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span></span>
<br />
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify; text-indent: 0in;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: medium none; width: 466px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="3" style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 466.4pt;" valign="top" width="466"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">Table. Estimated effect of OSI options</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 203.4pt;" valign="top" width="203"><div class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-indent: 0in;">
<br /></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="bottom" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">Debt reduction by 2020</span></div>
<div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">(percent of GDP)</span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="bottom" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">Reduction in financing during program period</span></div>
<div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">(Euro billion)</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 203.4pt;" valign="top" width="203"><div class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-indent: 0in;">
<span class="FontStyle78">Non-payment of accrued interest</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">1.5</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">5.0</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 203.4pt;" valign="top" width="203"><div class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-indent: 0in;">
<span class="FontStyle78">Interest rate reduction on GLF</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">1.5</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">0.5</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 203.4pt;" valign="top" width="203"><div class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-indent: 0in;">
<span class="FontStyle78">Restructuring of bonds held by NCBS</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">3.5</span></div>
</td>
<td style="padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">n.a.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 203.4pt;" valign="top" width="203"><div class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-indent: 0in;">
<span class="FontStyle78">SMP income</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">5.5</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 131.5pt;" valign="top" width="132"><div align="center" class="Style16" style="line-height: normal; margin-bottom: 3.0pt; mso-pagination: widow-orphan; text-align: center; text-indent: 0in;">
<span class="FontStyle78">5.0</span></div>
</td>
</tr>
</tbody></table>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify; text-indent: 0in;">
<br /></div>
</div>
<span class="FontStyle78"><span style="font-size: 12pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span></span>
<br />
<div class="Style57" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 156.7pt; margin-right: 200.4pt; margin-top: 2.65pt; mso-pagination: widow-orphan;">
<span class="FontStyle78"><span style="font-size: 11pt;">Table 1. Greece: Debt
Sustainability Baseline, 2009-2030</span></span></div>
<div class="Style57" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 156.7pt; margin-right: 200.4pt; margin-top: 2.65pt; mso-pagination: widow-orphan;">
<span class="FontStyle78"><span style="font-size: 11pt;">(In percent of GDP, unless
otherwise indicated)</span></span></div>
<div align="right" class="Style55" style="line-height: 12.0pt; margin-right: 48.5pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
<div class="MsoNormal" style="line-height: .05pt; margin-bottom: .25pt; mso-line-height-rule: exactly;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 2pt; width: 720px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td colspan="2" style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 55.35pt;" valign="top" width="55"><div align="center" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle80"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt;">Actual</span></b></span></div>
</td>
<td style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td colspan="12" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 348.05pt;" valign="top" width="348"><div align="center" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Projections</span></span><span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;"></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">2009</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">2010</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2011</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2012</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2013</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2014</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2015</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2016</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2017</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2018</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2019</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2020</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2030</span></span></div>
</td>
<td rowspan="2" style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="center" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Debt-stabilizing
primary balance 10/</span></span></div>
<div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Baseline: Public sector
debt <sup>1/</sup></span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="bottom" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">129</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="bottom" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">145</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="bottom" width="46"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">163</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">168</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">166</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">160</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">154</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">147</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">141</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">135</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">129</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">100</span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Change in public sector
debt</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">16.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">15.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">19.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Identified
debt-creating flows</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">
(4+7+12)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">18.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">16.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">17.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">37.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-5.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary deficit</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Revenue and grants</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">37.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary (noninterest)
expenditure</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">48.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">44.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">41.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">40.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">37.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">36.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Automatic debt dynamics
<sup>2/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">12.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Contribution from
interest rate/growth differential <sup>3/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">12.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Of which contribution
from real interest rate</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Of which contribution
from real GDP growth</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">9.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Contribution from
exchange rate depreciation <sup>4/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Denominator</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;"> =</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;"> 1+g+p+gp</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Other identified
debt-creating flows</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">24.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Privatization receipts
(negative)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Recognition of implicit
or contingent liabilities</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">26.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Other</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;"> <sup><span lang="EL">4/</span></sup><span lang="EL"></span></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Residual, including
asset changes</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">
(2-3) </span></span><span class="FontStyle80"><sup><span style="font-family: "Times New Roman"; font-size: 8pt;">5/</span></sup></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;"></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .95pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">-38.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<tr style="mso-yfti-irow: 20;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .95pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
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<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<br /></div>
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<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
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<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 21;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Public sector
debt-to-revenue ratio <sup>1/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">340.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">365.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">414.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">410.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">424.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">420.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">405.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">389.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">371.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">356.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">340.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">325.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">251.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 22;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 23;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Gross financing need</span></span><span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;"> </span></span><span class="FontStyle80"><b><sup><span style="font-family: "Times New Roman"; font-size: 8pt;">6/</span></sup></b></span><span class="FontStyle79"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;"></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">15.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">19.2</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">26.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">31.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">18.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 24;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">in billions of U.S.
dollars</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">50.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">56.9</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">10-Year</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">74.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">84.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">36.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">48.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">23.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">25.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">21.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">27.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">23.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">24.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 25;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 26;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Scenario with key
variables at their historical averages <sup>7/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">153</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">155</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">158</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">158</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">158</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">158</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">159</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">159</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">160</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">182</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 27;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Scenario with no policy
change (constant primary balance) in 2011 -2021</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Historical</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">174</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">179</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">180</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">180</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">181</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">181</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">182</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">182</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">222</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 28;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 29;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Key Macroeconomic and
Fiscal Assumptions Underlying Baseline</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.7pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 30;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.7pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 31;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Real GDP growth (in
percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 32;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average nominal
interest rate on public debt (in percent) <sup>8/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 33;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average interest rate
on new market debt (incl. T bills)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 34;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average interest rate
on all new debt (includes EU bilateral and IMF debts)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 35;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">German bund rate</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">270</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">225</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">258</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">295</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">338</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 36;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average real interest
rate (nominal rate minus change in GDP deflator, in percent;</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 5.5pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 37;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Inflation rate (GDP
deflator, in percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 5.5pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 38;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Growth of real primary
spending (deflated by GDP deflator, in percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">-11.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-11.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-7.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-5.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 39; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary deficit</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.8</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.2</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify; text-indent: 0in;">
<br /></div>
<span class="FontStyle78"><span style="font-size: 12pt;"><br clear="all" style="page-break-before: always;" />
</span></span>
<br />
<div class="Style57" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 156.7pt; margin-right: 200.4pt; margin-top: 2.65pt; mso-pagination: widow-orphan;">
<span class="FontStyle78"><span style="font-size: 11pt;">Table 2. Greece: Debt
Sustainability in Alternative Scenario, 2009-2030</span></span></div>
<div class="Style57" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 156.7pt; margin-right: 200.4pt; margin-top: 2.65pt; mso-pagination: widow-orphan;">
<span class="FontStyle78"><span style="font-size: 11pt;">(In percent of GDP, unless
otherwise indicated)</span></span></div>
<div align="right" class="Style55" style="line-height: 12.0pt; margin-right: 48.5pt; mso-line-height-rule: exactly; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
<div class="MsoNormal" style="line-height: .05pt; margin-bottom: .25pt; mso-line-height-rule: exactly;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 2pt; width: 720px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td colspan="2" style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 55.35pt;" valign="top" width="55"><div align="center" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle80"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman"; font-size: 8pt;">Actual</span></b></span></div>
</td>
<td style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td colspan="12" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 348.05pt;" valign="top" width="348"><div align="center" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Projections</span></span><span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;"></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">2009</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">2010</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2011</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2012</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2013</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2014</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2015</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2016</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2017</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2018</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2019</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2020</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt; font-weight: normal;">2030</span></span></div>
</td>
<td rowspan="2" style="border-top: solid windowtext 1.0pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="center" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: center;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Debt-stabilizing
primary balance 10/</span></span></div>
<div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="bottom" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Baseline: Public sector
debt <sup>1/</sup></span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="bottom" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">129</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="bottom" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">145</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="bottom" width="46"><div align="right" class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">163</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">168</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">166</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">160</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">154</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">147</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">141</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">135</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">129</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="bottom" width="26"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">100</span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Change in public sector
debt</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">16.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">15.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">19.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">9.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-5.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style26" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 1.9pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Identified
debt-creating flows</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">
(4+7+12)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">18.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">16.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">17.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">36.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">9.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-5.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary deficit</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Revenue and grants</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">37.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary (noninterest)
expenditure</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">48.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">44.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">41.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">40.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">40.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">39.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">38.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">37.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">36.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Automatic debt dynamics
<sup>2/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Contribution from
interest rate/growth differential <sup>3/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">13.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Of which contribution
from real interest rate</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Of which contribution
from real GDP growth</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">9.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 16.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Contribution from
exchange rate depreciation <sup>4/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">…</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Denominator</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;"> =</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;"> 1+g+p+gp</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 7.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Other identified
debt-creating flows</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">25.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Privatization receipts
(negative)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Recognition of implicit
or contingent liabilities</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">25.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 25.0pt; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Other</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;"> <sup><span lang="EL">4/</span></sup><span lang="EL"></span></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Residual, including
asset changes</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">
(2-3) <sup>5/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-38.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-0.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 20;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 21;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Public sector
debt-to-revenue ratio <sup>1/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">340.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">365.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">414.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">409.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">432.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">447.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">449.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">446.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">436.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">426.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">414.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">401.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">296.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 22;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style31" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 23;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Gross financing need</span></span><span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;"> <sup><span lang="EL">6/</span></sup><span lang="EL"></span></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">15.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">19.2</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">26.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">31.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">16.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">22.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">17.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">11.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">9.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">8.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 24;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">in billions of U.S. dollars</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">50.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">56.9</span></span></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span style="font-family: "Times New Roman"; font-size: 8pt;">10-Year</span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">74.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">84.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">42.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">60.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">46.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">31.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">28.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">24.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">30.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">28.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">35.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 25;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 26;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Scenario with key
variables at their historical averages <sup>7/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">154</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">157</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">161</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">162</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">163</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">165</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">167</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">168</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">184</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 27;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Scenario with no policy
change (constant primary balance) in 2011 -2021</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Historical</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">164</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">163</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">175</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">183</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">187</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">191</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">195</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">197</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">200</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">201</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; text-align: right;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">229</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 28;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="MsoNormal" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 29;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle79"><span style="font-family: "Times New Roman"; font-size: 8pt;">Key Macroeconomic and
Fiscal Assumptions Underlying Baseline</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 6.7pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: .25pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 30;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 31;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Real GDP growth (in
percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-6.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style58" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 32;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average nominal
interest rate on public debt (in percent) <sup>8/</sup></span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 33;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average interest rate
on new market debt (incl. T bills)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">6.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">7.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 34;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average interest rate
on all new debt (includes EU bilateral and IMF debts)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style23" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.4</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 35;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">German bund rate</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div class="Style48" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<br /></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">270</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">225</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">258</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">295</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">338</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">360</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 36;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Average real interest
rate (nominal rate minus change in GDP deflator, in percent;</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 5.5pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">4.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style23" style="margin-right: 2.15pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 37;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Inflation rate (GDP
deflator, in percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 5.5pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.7</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.5</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style22" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 38;">
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Growth of real primary
spending (deflated by GDP deflator, in percent)</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.8</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-11.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-11.6</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-8.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.1</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.2</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.3</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">3.0</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.9</span></span></div>
</td>
<td style="padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.15pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="mso-yfti-irow: 39; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 270.8pt;" valign="top" width="271"><div class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 8pt;">Primary deficit</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 29.35pt;" valign="top" width="29"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">10.4</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 26.0pt;" valign="top" width="26"><div align="right" class="Style17" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 0in; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">5.0</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 45.8pt;" valign="top" width="46"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 4.55pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">2.4</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">1.0</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">0.0</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-1.3</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.9pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-2.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-4.3</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 25.95pt;" valign="top" width="26"><div align="right" class="Style29" style="mso-pagination: widow-orphan; text-align: right;">
<span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 8pt;">-3.5</span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 2.0pt 0in 2.0pt; width: 62.7pt;" valign="top" width="63"><div align="right" class="Style29" style="margin-bottom: 1.0pt; margin-left: 0in; margin-right: 2.4pt; margin-top: 1.0pt; mso-pagination: widow-orphan; text-align: right;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify; text-indent: 0in;">
<br /></div>
<span class="FontStyle78"><span style="font-size: 12pt;"><br clear="all" style="page-break-before: always;" />
</span></span>
<br />
<div class="Style22" style="margin-bottom: 2.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; tab-stops: .25in; text-indent: -.25in;">
<span class="FontStyle78"><span style="font-size: 10pt;">1</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">/ General gross
government debt (including debt for collateral requirements).</span></span></div>
<div class="Style22" style="margin-bottom: 2.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; tab-stops: .25in; text-indent: -.25in;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">2/ Derived as
[(r - </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">π</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">(1+g) - g + </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">αε</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">(1+r)]/(1+g+</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">π</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">+g</span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">π</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">)) times previous period
debt ratio, with r = interest rate; </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">π</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;"> = growth rate of GDP deflator; g = real GDP growth rate; </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">α</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;"> = share of foreign-currency </span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">denominated
debt; and </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">ε</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">
= nominal exchange rate depreciation (measured by increase in local currency
value of U.S. dollar).</span></span></div>
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<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">3/ The real
interest rate contribution is derived from the denominator in footnote 2/ as r
- </span></span><span class="FontStyle80"><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">π</span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;"> (1 +g) and the real growth contribution as -g.</span></span></div>
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<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">4/ Includes
build up of deposits, collateral requirements.</span></span></div>
<div class="Style22" style="margin-bottom: 2.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; tab-stops: .25in; text-indent: -.25in;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">5/ For
projections, this line includes exchange rate changes. For 2011, large residual
can be explained by headline debt reduction following the discount bond
exchange and debt buy backs. </span></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">For 2012 onward, the
residual is explained by the accrued interest on zero-coupon collateral, which
lowers the deficit but not the debt.</span></span></div>
<div class="Style22" style="margin-bottom: 2.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; tab-stops: .25in; text-indent: -.25in;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">6/ Defined as
general government deficit, plus amortization of medium and long-term general
government debt, plus short-term debt at end of previous period.</span></span></div>
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<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">7/ The key
variables include real GDP growth; real interest rate; and primary balance in
percent of GDP.</span></span></div>
<div class="Style22" style="margin-bottom: 2.0pt; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-pagination: widow-orphan; tab-stops: .25in; text-indent: -.25in;">
<span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">8/ Derived as
nominal interest expenditure divided by previous period debt stock.</span></span></div>
<div class="Style16" style="line-height: normal; margin-bottom: 12.0pt; mso-pagination: widow-orphan; text-align: justify; text-indent: 0in;">
<br /></div>
<div style="mso-element: footnote-list;">
<br />
<hr align="left" size="1" width="33%" />
<div id="ftn1" style="mso-element: footnote;">
<div class="Style22" style="mso-pagination: widow-orphan;">
<a href="http://www.blogger.com/blogger.g?blogID=18283087#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="FontStyle80"><sup><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;"><span class="FontStyle80"><sup><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">[1]</span></sup></span></span></sup></span></a><span class="FontStyle80"><sup><span lang="EL" style="font-family: "Times New Roman"; font-size: 10pt;">
</span></sup></span><span class="FontStyle80"><span style="font-family: "Times New Roman"; font-size: 10pt;">The ECB Governing Council does not support this
approach.</span></span></div>
</div>
</div>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-69211166756568282142012-02-17T00:33:00.000-08:002012-02-17T00:36:25.414-08:00The "old" MoU for Greece (May 2010)<style> <!-- /* Font Definitions */ @font-face {font-family:Arial; panose-1:2 11 6 4 2 2 2 2 2 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:-536859905 -1073711037 9 0 511 0;} @font-face {font-family:"Courier New"; panose-1:2 7 3 9 2 2 5 2 4 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:-536859905 -1073711037 9 0 511 0;} @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0; mso-font-charset:2; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:0 268435456 0 0 -2147483648 0;} @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0; mso-font-charset:2; mso-generic-font-family:auto; mso-font-pitch:variable; 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mso-level-text:-; mso-level-tab-stop:none; mso-level-number-position:left; mso-level-legacy:yes; mso-level-legacy-indent:17.5pt; mso-level-legacy-space:0in; margin-left:0in; text-indent:0in; font-family:"Times New Roman";} ol {margin-bottom:0in;} ul {margin-bottom:0in;} --> </style> <div class="WordSection1"> <p class="Style2" style="margin-top:3.85pt;margin-right:0in; margin-bottom:0in;margin-left:23.3pt;margin-bottom:.0001pt;text-align:center; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="font-size: 14.0pt">GREECE: Memorandum of Understanding on</span></span></p> <p class="Style2" style="margin-left:.55in;text-align:center; line-height:12.0pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="center"><span style="font-size:14.0pt"> </span></p> <p class="Style2" style="margin-top:7.45pt;margin-right:0in; margin-bottom:0in;margin-left:.55in;margin-bottom:.0001pt;text-align:center; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="font-size: 14.0pt">SPECIFIC ECONOMIC POLICY CONDITIONALLY</span></span></p> <p class="Style3" style="margin-top:.7pt;margin-right:0in; margin-bottom:0in;margin-left:22.55pt;margin-bottom:.0001pt;text-align:center; mso-pagination:widow-orphan" align="center"><span class="FontStyle30"><span style="font-size: 14.0pt">May 2, 2010</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:8.4pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The quarterly disbursements of bilateral financial assistance from euro area Member States will be subject to quarterly reviews of conditionality for the duration of the arrangement. The release of the tranches will be based on observance of quantitative performance criteria, and a positive evaluation of progress made with respect to policy criteria in the MEFP and in this Memorandum, which specifies the detailed criteria that will be assessed for the successive reviews, up to the end of 2011. The detailed criteria for the years 2012 and 2013 will be specified at the occasion of the spring 2011 review.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.25pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The authorities commit to consult with the European Commission, the ECB and the IMF on adoption of policies that are not consistent with this memorandum. They will also provide them with all requested information for monitoring progress during program implementation and the economic and financial situation (Annex 1). Prior to the release of the installments, the authorities shall provide a compliance report on the fulfillment of the conditionality.</span></span></p> <p class="Style5" style="margin-right:14.9pt;text-align:center; line-height:12.0pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="center"> </p> <p class="Style5" style="margin-right:14.9pt;text-align:center; line-height:12.0pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="center"> </p> <p class="Style5" style="margin-top:.1in;margin-right:14.9pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL">1. Actions for the first review (to be completed by end Q2-2010)</span></span></p> <p class="Style6" style="margin-left:42.95pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style6" style="margin-top:3.35pt;mso-pagination:widow-orphan"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">i. Fiscal consolidation</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.95pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Progress with the implementation of the 2010 budget and fiscal measures adopted thereafter. Progress is assessed against the (cumulative) quarterly deficit ceilings in the MEFP (including the TMU). The authorities take the following measures, generating savings for a total amount of 2.5% of GDP in 2010:</span></span></p> <p class="Style7" style="margin-top:14.9pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;mso-pagination:widow-orphan; mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in VAT rates, with a yield of at least EUR 1800 million for a full year (EUR 800 million in 2010);</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-left:53.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Increase in excises for fuel, tobacco and alcohol, with a yield of at least EUR 1050 million for a full year (EUR 450 million in 2010);</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduction in the public wage bill by reducing the Easter, summer and Christmas bonuses and allowances paid to civil servants, with net savings amounting to EUR 1500 million for a full year (EUR 1100 million in 2010);</span></span></p> <p class="Style7" style="margin-left:53.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Elimination of the Easter, summer and Christmas bonuses paid to pensioners, while protecting those receiving lower pensions, with net savings amounting to EUR 1900 for a full year (EUR 1500 million in 2010);</span></span></p> <p class="Style7" style="margin-left:53.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Cancel budgetary appropriations in the contingency reserve with the aim of saving EUR 700 million;</span></span></p> <p class="Style7" style="margin-top:1.45pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;mso-pagination:widow-orphan; mso-list:l0 level1 lfo1;tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reduce the highest pensions with the aim of saving EUR 500 million for a full year (EUR 350 million in 2010);</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Abolish most of the budgetary appropriation for the solidarity allowance (except a part for poverty relief) with the aim of saving EUR 400 million;</span></span></p> <p class="Style7" style="margin-left:36.95pt;text-align:left; text-indent:0in;line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination: widow-orphan;mso-list:l0 level1 lfo1;tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduce public investment by EUR 500 million compared to plans;</span></span></p> <p class="Style7" style="margin-left:54.25pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts, as planned in the stability programme of January 2010, a Law introducing a progressive tax scale for all sources of income and a horizontally unified treatment of income generated from labour and assets;</span></span></p> <p class="Style7" style="margin-left:54.25pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts, as planned in the stability programme of January 2010, a Law abrogating exemptions and autonomous taxation provisions in the tax system, including income from special allowances paid to civil servants. The law applies retroactively from January 1, 2010.</span></span></p> <p class="Style10" style="margin-top:15.1pt;mso-pagination:widow-orphan; tab-stops:61.45pt"><b style="mso-bidi-font-weight:normal">ii.<span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> Structural Fiscal Reforms</span></span></b></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts by end June 2010 a law that requires the monthly publication by the General Accounting Office (GAO) of timely monthly statistics (on a cash basis) on revenue, expenditure and financing for the State, as well as on spending pending of payment, including arrears.</span></span></p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">iii. </span></b></span><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Financial sector regulation and supervision</span></span><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-weight:normal"></span></span></p> <p class="Style4" style="margin-top:11.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Bank of Greece, on behalf of the Government, establishes an independent Financial Stability Fund, with a strong governance structure, to deal with potential solvency issues and to preserve the financial sector's soundness and its capacity to support the Greek economy, by providing equity support to banks as needed (Annex 2).</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Start implementation of intensified supervision of banks, including by allocating more human resources, also with a view to the take-over of insurance supervision, frequent reporting under tighter deadlines and quarterly solvency stress tests.</span></span></p> <p class="Style4" style="margin-top:2.4pt;text-align:left;line-height: 28.1pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Review the private sector bankruptcy law to ensure consistency with ECB observations.</span></span></p> <p class="Style10" style="line-height:28.1pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan;tab-stops:61.45pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">iv. Structural reforms</span></span></p> <p class="Style12" style="line-height:28.1pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">Authorities undertake reforms to modernise public administration:</span></span></p> <p class="Style4" style="margin-top:10.55pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts legislation reforming public administration at the local level, notably by merging municipalities, prefectures and regions with the aim of reducing operating costs and wage bill.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.2pt;line-height:14.15pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts legislation requiring online publication of all decisions involving commitments of funds in the general government sector.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:3.35pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To strengthen labour market institutions:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government starts discussions with social partners in order to revise private sector wage bargaining and contractual arrangements.</span></span></p> <p class="Style12" style="margin-top:2.4pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">To enhance competition in open markets:</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:3.85pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts law to simplify the start-up of new businesses.</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:4.1pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts the horizontal legislation on the Services Directive.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts a recovery plan for the railway sector with a timetable for measures which:</span></span></p> <p class="Style7" style="margin-top:13.9pt;margin-right:0in; margin-bottom:0in;margin-left:54.25pt;margin-bottom:.0001pt;text-align:left; text-indent:-.25in;line-height:13.7pt;mso-line-height-rule:exactly;mso-pagination: widow-orphan;mso-list:l0 level1 lfo2;tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">specify how operational activities will be made profitable, including by closing loss-making lines;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-left:54.25pt;text-align:left; text-indent:-.25in;line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination: widow-orphan;mso-list:l0 level1 lfo2;tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">ensure the effective implementation of EU Directives allowing for competition amongst providers of railway services;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom: 0in;margin-left:54.25pt;margin-bottom:.0001pt;text-align:left;text-indent:-.25in; line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo2;tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">provide for the restructuring of holding company, including the sale of land and other assets.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.05in;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To raise the absorption rates of Structural and Cohesion Funds:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.15pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government will put in place measures, including the implementation of Law 3840/2010, the establishment of a "fast-track project production", to achieve the six-monthly targets for payment claims targets in the absorption of Structural and Cohesion Funds set down in the table below. Compliance with the targets shall be measured by certified data. The government will take steps to achieve an annual target of submitting 10 major projects applications to Commission services.</span></span></p> <p class="MsoNormal" style="margin-bottom:13.7pt;line-height:.05pt;mso-line-height-rule: exactly"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="width:204.25pt;border:solid windowtext 1.0pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="204"> <p class="Style20" style="text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">Programming period</span></span><span class="FontStyle31"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman";mso-ansi-language: EL" lang="EL"> 2007-2013</span></span></p> </td> <td colspan="4" style="width:192.25pt;border:solid windowtext 1.0pt; border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="bottom" width="192"> <p class="Style20" style="margin-left:.2in;text-align:center; mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">Payment claims to be submitted between 2010 and 2013</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="204"> <p class="Style19" style="line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman"">(in million of euro)</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style20" style="margin-right:.25pt;text-align:center; line-height:normal;mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2010</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style20" style="margin-right:1.45pt;text-align:center; line-height:normal;mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2011</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style20" style="margin-right:.25pt;text-align:center; line-height:normal;mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">2012</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style20" style="margin-left:14.9pt;text-align:center; line-height:normal;mso-pagination:widow-orphan" align="center"><span class="FontStyle31"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2013</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="bottom" width="204"> <p class="Style19" style="mso-pagination:widow-orphan"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">European Regional Fund and Cohesion Fund</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2330</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2600</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2850</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">3000</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="204"> <p class="Style19" style="line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman"">European Social Fund</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">420</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">750</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">880</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style19" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; line-height:normal;mso-pagination:widow-orphan" align="right"><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">890</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="204"> <p class="Style14" style="margin-left:7.0pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">Target of first half of the year</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style15" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"> </p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1105</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">1231</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1284</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="204"> <p class="Style14" style="margin-left:7.0pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">Target of second half of the year</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style15" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"> </p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2245</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2499</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2606</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="width:204.25pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="204"> <p class="Style14" style="margin-left:7.0pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"">Total annual target</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2750</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">3350</span></span></p> </td> <td style="width:48.0pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">3730</span></span></p> </td> <td style="width:48.25pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style14" style="margin-top:0in;margin-right:7.25pt; margin-bottom:0in;margin-left:-8.25pt;margin-bottom:.0001pt;text-align:right; mso-pagination:widow-orphan" align="right"><span class="FontStyle33"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">3890</span></span></p> </td> </tr> </tbody></table> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government establishes a technical task force in direct contact with Commission services, to ensure rapid implementation of a) major projects in transport sectors, b) environmental projects; c) financial engineering instruments and d) public administration reform, relying on increased technical assistance.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="MsoNormal" style="text-align:justify"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government shall have completed steps to ensure that budgetary appropriations for the national co-financing of Structural and Cohesion Funds are channelled to a special central account that cannot be used for any other purposes and which should be available to provide co-financing to all entities in the general government.</span></span></p> <span class="FontStyle44"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style5" style="mso-pagination:widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL">2. Actions for the second review (to be completed by end Q3-2010)</span></span></p> <p class="Style6" style="margin-top:2.65pt;margin-right:0in;margin-bottom:0in; margin-left:42.95pt;margin-bottom:.0001pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> <p class="Style6" style="margin-top:2.65pt;mso-pagination:widow-orphan"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">i. <span style="mso-spacerun:yes"> </span>Fiscal consolidation</span></span></p> <p class="Style4" style="margin-right:.25pt;text-indent:.5in;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.4pt;margin-right:.25pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Rigorously implement the budget for 2010 and the fiscal consolidation measures announced afterwards, including those in this Memorandum. Progress is assessed against the (cumulative) quarterly deficit ceilings in the MEFP (including the TMU).</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government submits the draft budget for 2011 to Parliament. The budget provides information and reliable projections on the entire general government sector and targets a further reduction of the general government deficit in line with the MEFP. It includes a detailed presentation of fiscal consolidation measures amounting to at least 3.2% of GDP (4.3% of GDP, if carryovers from measures implemented in 2010 are considered), and detailed information on the situation of public enterprises.</span></span></p> <p class="Style4" style="margin-right:.5pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:.5pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The budget includes the following measures (in exceptional circumstances, measures yielding comparable savings could be considered in close consultation with European Commission, IMF and ECB staff):</span></span></p> <p class="Style7" style="margin-top:14.65pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Implement the rule of replacing only 20 percent of retiring employees in the public sector (central government, municipalities, public companies, local governments, state agencies and other public institutions);</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduction in intermediate consumption of the general government by at least EUR 300 million compared to the 2010 level, on top of savings envisaged in the context of reforming public administration and the reorganisation of local government (see next measure);</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government starts implementing legislation reforming public administration and the reorganisation of local government with the aim of reducing costs by at least EUR 1500 million from 2011 to 2013, of which at least EUR 500 million</span></span></p> <p class="Style4" style="margin-left:54.25pt;text-align:left; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">in 2011.</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom: 0in;margin-left:36.25pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:.75in" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Freeze in the indexation of pensions, with aim of saving EUR 100 million;<a style="mso-footnote-id:ftn1" href="#_ftn1" name="_ftnref1" title=""><sup><span style="mso-special-character:footnote"><span class="FontStyle44"><sup><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA">[1]</span></sup></span></span></sup></a></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduction in domestically-financed investments by at least EUR 1000 million, by giving priority to investment projects financed by EU structural and cohesion funds;</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Temporary "crisis levies" on highly profitable firms, yielding at least EUR 600 million in additional revenue per year in 2011, 2012 and 2013;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Incentives to regularise land-use violations, yielding at least EUR 1500 million from 2011 to 2013, of which at least EUR 500 million in 2011;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Enforce the presumptive taxation of professionals, with a yield of at least EUR 400 million in 2011 and increasing returns in 2012 and 2013;</span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Broaden the VAT base by including services that are currently exempted and move a significant proportion (at least 30%) of the goods and services currently subject to the reduced rate to the normal rate, with a yield of at least EUR 1000 million;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL">Start phasing in a "green tax" on CO2 emissions, with a yield of at least EUR</span></span></p> <p class="Style4" style="margin-top:1.9pt;margin-right:0in;margin-bottom: 0in;margin-left:54.5pt;margin-bottom:.0001pt;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">300 million in 2011;</span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;mso-pagination: widow-orphan;mso-list:l0 level1 lfo3;tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Collect revenue from the licensing of gaming: at least EUR 500 million in sales of licenses and EUR 200 in royalties;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Expand the base of the real estate tax by updating asset values to yield at least EUR 500 million additional revenue;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom: 0in;margin-left:36.5pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Increase taxation of wages in kind, including by taxing car lease payments (at</span></span></p> <p class="Style4" style="margin-top:1.9pt;margin-right:0in;margin-bottom: 0in;margin-left:54.5pt;margin-bottom:.0001pt;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">least EUR 150 million);</span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Initiate the collection of a special tax on unauthorised establishments (at least EUR 800 million per year);</span></span></p> <p class="Style7" style="margin-top:2.65pt;margin-right:0in; margin-bottom:0in;margin-left:36.5pt;margin-bottom:.0001pt;text-align:left; text-indent:0in;line-height:normal;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Increase taxes on luxury goods by at least EUR 100 million;</span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The budget will establish detailed expenditure ceilings for each line-ministry, local governments, and social security funds consistent with the general government deficit target. This also pertains to the medium-term fiscal</span></span></p> <p class="Style4" style="margin-top:1.9pt;margin-right:0in;margin-bottom: 0in;margin-left:54.5pt;margin-bottom:.0001pt;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">framework for 2012-2013;</span></span></p> <p class="Style7" style="margin-top:1.2pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The budget will contain indicative information on monthly revenue per category, and expenditure per Ministry. Updated figures will be regularly made available online.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts modifications to the organic budget law, if necessary, to ensure that the draft budget law for 2011 onwards contains detailed information on outturn and plans of the entire general government sector - including local government, social security, hospitals and legal entities. An annex to the budget will present key figures on the financial performance of the largest public enterprises, concomitant budgetary and tax expenditures, and related fiscal risks.</span></span></p> <p class="Style6" style="margin-left:.6in;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style6" style="margin-top:4.1pt;mso-pagination:widow-orphan"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">ii. Structural fiscal reforms</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts legislation to improve the efficiency of the tax administration and controls, implementing recommendations provided by the European Commission and IMF. In particular, they put in place an effective project management arrangement (including tight MOF oversight and taskforces) to implement the anti-evasion plan to restore tax discipline through: strengthened collection enforcement and recovery of tax arrears (coordinated with the social security funds) of the largest debtors; a reorganized large taxpayer unit focused on the compliance of the largest revenue contributors; a strong audit program to defeat pervasive evasion by high-wealth individuals and high income self-employed, including prosecution of the worst offenders; and a strengthened filing and payment control program.</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts a reform of the pension system to ensure its medium- and long-term sustainability. It should limit the increase of public sector spending on pensions, over the period 2010-2060, to under 2.5 percent of GDP. The reform will be designed in close consultation with European Commission, IMF and ECB staff, and its estimated impact on long-term sustainability will be validated by the EU Economic Policy Committee. The parameters of the system will ensure long-term actuarial balance, as determined by the National Actuarial Authority. The reform should include the following elements:</span></span></p> <p class="Style7" style="margin-top:.2in;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Simplification of the fragmented pension system by merging the existing pension funds in three funds and introducing a unified new system for all current and future employees.<span style="mso-spacerun:yes"> </span>The new universally binding rules on entitlements, contributions, accumulation rules and indexation of pension rights shall be applied pro rata to everybody from 1 January 2013;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduction of a unified statutory retirement age of 65 years, including for women in the public sector (phased in immediately after adoption), to be completed by December 2013;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Gradual increase in the minimum contributory period for retirement on a full benefit from 37 to 40 years by 2015;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Amendment of the pension award formula in the contributory-based scheme to strengthen the link between contributions paid and benefits received, with accrual rate limited to an average annual rate of 1.2%, and pensions indexed to prices;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduction of an automatic adjustment mechanism that, every three years and starting in 2020, will increase the (minimum and statutory) retirement age in line with the increase in life expectancy at retirement;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Extend the calculation of the pensionable earnings from the current last five years to the entire lifetime earnings (while retaining acquired rights);</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom: 0in;margin-left:35.75pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:53.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reduction of the upper limit on pensions;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduction of a means-tested minimum guaranteed income for elderly people (above the statutory retirement age), to protect the most vulnerable groups, consistent with fiscal sustainability;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Measures to restrict access to early retirement. In particular, increase the minimum early retirement age to 60 years by 1<sup>st</sup> January 2011, including for workers in heavy and arduous professions and those with 40 years of contributions. Abolish special rules for those insured before 1993 (while retaining acquired rights). Substantial revision of the list of heavy and arduous professions;</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduction of pension benefits (by 6% per year) for people entering retirement between the ages of 60 and 65 with a contributory period of less than 40 years;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduction of stricter conditions and regular re-examination of eligibility for disability pensions;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Until the entry into force of the new rules on the retirement age (January 1, 2011), new demands for pensions will be frozen and requests for retirement will be considered on the basis of the new eligibility rules.</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:3.35pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts a reform of the GAO, including the following elements:</span></span></p> <p class="Style7" style="margin-top:14.65pt;margin-right:0in; margin-bottom:0in;margin-left:35.75pt;margin-bottom:.0001pt;text-align:left; text-indent:0in;line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination: widow-orphan;mso-list:l0 level1 lfo3;tab-stops:53.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Strengthening of the role of the GAO in budget planning and control;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Provision of the necessary resources in terms of high-level personnel, infrastructure and equipment support, managerial organisation and information-sharing systems;</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Provision of safeguards for GAO staff against political interference, and personal accountability in the provision of reliable data;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:53.5pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:53.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Strengthen the institutional mechanisms for providing reliable and plausible official budgetary forecasts that take into account available recent execution developments and trends; to this end, the official macroeconomic forecasts should be reviewed by external experts;.</span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government takes the following measures to ensure timely provision of reliable fiscal accounts and statistics:</span></span></p> <p class="Style7" style="margin-top:14.9pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">GAO starts, in June 2010, the publication of timely monthly statistics (on a cash basis) on revenue, expenditure and financing and spending arrears for the "available general government" and its sub entities (state, social security, hospitals, local governments and legal entities);</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts a detailed time-bound action plan, to be agreed with Eurostat, to improve collection and processing of general government data required under the existing EU legal framework, in particular by enhancing the mechanisms that ensure the prompt and correct supply of these data, and ensure personal responsibility in cases of misreporting; and seek appropriate resident technical assistance to ensure rapid progress;</span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government starts to publish timely information on the financial situation in public enterprises (at least the 10 largest loss-making ones) and other public entities not classified in the general government (including detailed income statements, balance sheets and data on employment and the wage bill). To this end, a regular and timely reporting mechanism is introduced.</span></span></p> <p class="Style10" style="margin-top:12.5pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><b style="mso-bidi-font-weight:normal">iii. <span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Financial sector regulation and supervision</span></span></b></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.25pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Bank of Greece and the Government ensure that the Financial Stability Fund is fully operational.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Review the adequacy of the insolvency framework, for banks as well as for non-financial entities.</span></span></p> <p class="Style10" style="margin-top:12.5pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">iv. Structural reforms</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:2.65pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Progress with reforms to modernise public administration:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government launches the process, including the principles and timetable, for establishing a simplified remuneration system covering basic wages and allowances. It shall apply to all public sector employees, and be part of an overall reform of Human Resource management. This should lead to a system where remuneration reflects productivity and tasks.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government launches independent functional reviews of the public administration at central level and of existing social programmes. It is to be conducted by internationally renowned and external experts. The Terms of Reference for the reviews will be agreed with European Commission, IMF and ECB staff. The objectives of the reviews are:</span></span></p> <p class="Style7" style="margin-top:14.15pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">To take stock of the use of resources, including human resources, to carry out government functions (e.g., employment, goods and services) in the central government and subordinated public institutions;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">To identify actions to rationalize the organisation of public administration and generate productivity gains, and quantify possible fiscal savings from implementation of these actions;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:54.25pt;margin-bottom:.0001pt;text-indent:-17.75pt;line-height: 13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:54.25pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL">To assess effectiveness and appropriateness of existing social programmes and make proposals for reform or cancellation of the least effective ones, while quantifying possible fiscal savings from implementation of these actions.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.25pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To strengthen competition in open markets</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:2.65pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Authorities make the General Commercial Registry (GEMI) fully operational</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.15pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Under the Services Directive, the government finalizes the review of existing sectoral legislation (screening), ensures that the point(s) of single contact is(are) operational.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts a law on road freight transport that removes restrictions not provided for in Directive 96/26/EC of 29 April 1996 on admission to the occupation of road haulage, including minimum fixed prices.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Issue a Ministerial Decree for the liberalisation of wholesale electricity market and a Ministerial Decision on rationalisation of electricity consumer tariffs.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.5pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Promoting investments and exports</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government takes measures, in line with EU competition rules, to facilitate FDI and investment in innovation in strategic sectors (green industries, ICT etc...) through a revision of the Investment Law, the adoption of measures to facilitate PPPs, action to fast-track large FDI projects and measures to strengthen export promotion policy.</span></span></p> <p class="Style5" style="margin-left:.3in;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style5" style="margin-left:.3in;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <span class="FontStyle37"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EL;mso-bidi-language: AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style5" style="margin-top:4.8pt;mso-pagination:widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL">3. Actions for the third review (to be completed by end Q4-2010)</span></span></p> <p class="Style10" style="margin-top:15.6pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">i. Fiscal consolidation</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:3.85pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government achieves the programme target for the 2010 general government deficit.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.15pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts draft budget for 2011 targeting a further reduction of the general government deficit and including the consolidation measures specified in this Memorandum.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government prepares a privatization plan for the divestment of state assets and enterprises with the aim to raise at least 1 billion euros a year during the period 2011-2013.</span></span></p> <p class="Style10" style="margin-top:15.85pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">ii. Structural fiscal reforms</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts draft legislation to strengthen the fiscal framework, following discussions with European Commission and IMF staff. The following elements should be part of the reform:</span></span></p> <p class="Style28" style="margin-top:2.65pt;text-indent:0in;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduce a medium-term fiscal framework covering the general government based on rolling three-year expenditure ceilings for the State, social security entities and local governments;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Strengthen the position of the Finance Minister vis-a-vis line ministers in both budget preparation and execution phases (giving him/her veto power on spending decisions and execution);</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduce a compulsory contingency reserve in the budget, corresponding to 10 percent of total appropriations government departments other than wages, pensions and interest; the use of the contingency reserve will be decided by the Finance Minister;</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Ensure that Parliament does not modify the overall size of the budget at the approval stage, and focus on the composition of public expenditure and revenue, and reliability of projections for expenditure and revenue;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduce stronger expenditure monitoring mechanisms, particularly by implementing an appropriate control of spending commitments, through which spending entities (line ministries, local authorities, social security funds, hospital and legal entities) would report on a regular basis to the Treasury on their outstanding expenditure commitments against their authorised appropriations in the budget law;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduce a revenue rule for the general government, according to which the allocation of higher-than-expected revenues should be specified </span></span><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">ex-ante </span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">in the budget law;</span></span></p> <p class="Style7" style="margin-top:.95pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Creation of a fiscal agency attached to Parliament providing independent advice and expert scrutiny on fiscal issues, and reporting publicly on the budgetary plans and execution of the spending entities of the general government, and on macroeconomic assumptions used in the budget law.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Parliament adopts reform of the public wage legislation consistent with this Memorandum.</span></span></p> <p class="Style6" style="line-height:28.1pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">iii. Structural reforms</span></span></p> <p class="Style12" style="line-height:28.1pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">To reform and modernise public administration:</span></span></p> <p class="Style4" style="margin-top:10.3pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts all necessary legislation and decree for the full entry into force of the local administration reform.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government completes the creation of a Single Payment Authority for the payment of wages in the public sector. The Ministry of finance publishes a detailed report, based on information and in collaboration with the Single Payment Authority, on the structure and levels of compensation and the volume and dynamics of employment in the general government.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Authorities complete the first phase of the public procurement system reform, with a central procurement authority and involving a swift implementation of the electronic platform for public procurement and introducing the use of e-auctioning system. It should ensure a common approach and tendering procedures, </span></span><span class="FontStyle39"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">ex ante </span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">and </span></span><span class="FontStyle39"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">ex post </span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">controls.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts legislation and measures needed to implement the Better Regulation agenda.</span></span></p> <p class="Style12" style="margin-top:2.4pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style12" style="margin-top:2.4pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">To modernise the health care systems:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts legislation on the institutional framework for health supplies (Law 3580/2007), establishes new systems for the management of drugs that favour more use of generic medicines, including a new system for the electronic monitoring of doctors' prescriptions.</span></span></p> <p class="Style4" style="margin-right:1.7pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:1.7pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government completes the programme of hospital computerisation, upgrading hospital budgeting systems, and the reform of management, the accounting (including double-entry accrual accounting) and financing systems.</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government ensures greater budgetary and operational oversight of health care spending by the Finance Minister, the publication of audited accounts and improvement in pricing and costing mechanisms.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.5pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;letter-spacing:-1.0pt">To</span></span><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> strengthen labour market institutions:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Following dialogue with social partners, the government proposes and parliament adopts legislation to reform wage bargaining system in the private sector, which should provide for a reduction in pay rates for overtime work and enhanced flexibility in the management of working time. Allow local territorial pacts to set wage growth below sectoral agreements and introduce variable pay to link wages to productivity performance at the firm level.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government amends regulation of the arbitration system, (Law 1876/1990), so that both parties can resort to arbitration if they disagree with the proposal of the mediator.</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Following dialogue with social partners, government adopts legislation on minimum wages to introduce sub-minima for groups at risk such as the young and long-term unemployed, and put measures in place to guarantee that current minimum wages remain fixed in nominal terms for three years.</span></span></p> <p class="Style4" style="margin-right:.95pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:.95pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government amends employment protection legislation to extend the probationary period for new jobs to one year, to reduce the overall level of severance payments and ensure that the same severance payment conditions apply to blue- and white-collar workers, to raise the minimum threshold for activation of rules on collective dismissals especially for larger companies, and to facilitate greater use of temporary contracts and part-time work.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.25pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;letter-spacing:-1.0pt">To</span></span><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> enhance competition in open markets:</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts changes to existing (sectoral) legislation in key services sectors such as tourism, retail and education services. New legislation should facilitate establishment, by significantly reducing requirements covered by Articles 15 and 25 of the Services Directive, in particular requirements relating to quantitative and territorial restrictions, legal form requirements, shareholding requirements, fixed minimum and/or maximum tariffs and restrictions to multidisciplinary activities. It should also facilitate the provision of cross-border services by implementing the freedom to provide services clause in Article 16 of the Service Directive through an approach ensuring legal certainty for services providers, i.e. by clearly setting out in the respective (sectoral) legislation which requirements can and which requirements cannot be applied to cross-border services.</span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government proposes legislation to remove restrictions to trade in restricted professions including:</span></span></p> <p class="Style7" style="margin-top:14.65pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">the legal profession, to remove unnecessary restrictions on fixed minimum tariffs, the effective ban on advertising, territorial restrictions on where lawyers can practice in Greece;</span></span></p> <p class="Style7" style="margin-top:.7pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">the pharmacy profession, covering limits on the number of pharmacies and minimum profit margins;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.75pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo3; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">the notary profession, covering fixed tariffs, limits on the number of notaries, territorial restrictions on where notaries can practice and the effective ban on advertising;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom: 0in;margin-left:36.25pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:.75in" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">architects, covering fixed minimum tariffs;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom: 0in;margin-left:36.25pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:.75in" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">engineers, covering fixed minimum tariffs;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom: 0in;margin-left:36.25pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo3;tab-stops:.75in" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">auditing services, covering fixed tariffs.</span></span></p> <p class="Style4" style="margin-right:.25pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;margin-right:.25pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts legislation and takes all necessary measures to complete the full and effective transposition of EU rules on recognition of professional qualifications, including the transposition of the Professional Qualifications Directive (Directive 2005/36/EC) including compliance with ECJ rulings.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts legislation to simplify and accelerate the process of licensing enterprises, industrial activities and professions, which inter alia revises Law 3325/05, makes Law 3335/05 for business areas, and operationalises the spatial plan.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts a law modifying the existing institutional framework of the Hellenic Competition Commission (HCC) which abolishes the notification system for all agreements falling within the scope of Article 1 of Law 703/1977, gives the HCC the power to reject complaints, to increase the independence of HCC members, and to establish reasonable for the investigation and issuance of decisions.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.5pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Promoting investments and exports</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:.25pt;text-align:left;line-height: 14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Government carries out in depth evaluation of all R&D and innovation actions, including in various Operational Programmes, in order to adjust the national strategy.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.2pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government creates an external advisory council financed through the 7th R&D programme, to consider how to foster innovation, how to strengthen links between public research and Greek industries and the development of regional industrial clusters.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.25pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;letter-spacing:-1.0pt">To</span></span><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> raise the absorption rates of Structural and Cohesion Funds</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government to meet targets for payment claims (to be measured against certified data) and for the submission of large projects.</span></span></p> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="font-size:12.0pt;mso-fareast-font-family:"Times New Roman";mso-ansi-language: EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></b></span> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">4. Actions for the fourth review (to be completed by end Q1-2011)</span></b></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.7pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.7pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">i. Fiscal consolidation</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Rigorously implement the budget for 2011 in line with this memorandum, and the fiscal consolidation measures in the budget. Progress is assessed against the (cumulative) quarterly deficit ceilings in the MEFP (including the TMU).</span></span></p> <p class="Style10" style="margin-top:15.6pt;mso-pagination:widow-orphan; tab-stops:60.7pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">ii. Structural fiscal reforms</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts legislation to strengthen the fiscal framework, consistent with this memorandum.</span></span></p> <p class="Style10" style="margin-top:15.6pt;mso-pagination:widow-orphan; tab-stops:60.7pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">iii. Structural reforms</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.95pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;letter-spacing:-1.0pt">To</span></span><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> reform and modernise public administration:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.5pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government completes effective transposition of Directive 2007/66/EC on public procurement regarding remedies, and at the same time ensures that responsibility for the review of award procedures be vested with the administrative courts. Government completes the transposition of Directives 2009/81 on defence and security expenditure.</span></span></p> <p class="Style12" style="margin-top:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reforms <span style="letter-spacing:-1.0pt">to</span> improve the business environment:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government fully implements the recovery plan for the railway sector to make operational activities profitable, implement EU Directives and restructure the holding company.</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:.05in;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts legislation unbundling electricity and gas activities.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts measures, in line with EU requirements to strengthen the independence and capacity of the Energy Regulatory Authority and further unbundle the transmission system operators DESMIE (electricity) and DESFA (gas), including by bringing forward transparent criteria and procedure to govern the selection of the chair and members of</span></span></p> <p class="Style4" style="margin-top:1.9pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">RAE.</span></span></p> <span class="FontStyle44"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">5. Actions for the fifth review (to be completed by end Q2-2011)</span></b></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">i. Fiscal consolidation</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.15pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Rigorously implement the budget for 2011 in line with this memorandum, and the fiscal consolidation measures in the budget. Progress is assessed against the quarterly deficit ceilings in the MEFP (including the TMU).</span></span></p> <p class="Style10" style="margin-top:.05in;mso-pagination:widow-orphan; tab-stops:72.95pt"> </p> <p class="Style10" style="margin-top:.05in;mso-pagination:widow-orphan; tab-stops:72.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">ii. Structural reforms</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:4.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reforms to modernise public administration:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts legislation/decrees establishing a simplified remuneration system covering basic wages and allowances that applies to all public sector employees ensuring that remuneration reflects productivity and tasks: this reform should be part of an overall reform of Human Resource management in the public sector.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">On the findings of the external and independent functional review of public administration at central level, the government adopts legislation and measures to rationalize the use of resources, the organisation of the public administration and social programmes.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.25pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Authorities take the following measures to strengthen labour market institutions:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government completes the reform to strengthen the Labour Inspectorate, which should be fully resourced with qualified staff and has quantitative targets on the number of controls to be executed.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adapts the legislation on tackling undeclared work to require the registration of new employees before they start working.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Review the scope for improvements in the targeting of social expenditures to enhance the social safety net for the most vulnerable.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.5pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To strengthen competition in open markets:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts specific legislation to in restricted professions including for the legal profession, the pharmacy profession, the notary profession, architects, engineers and auditing services.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.5pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To raise the absorption rates of Structural and Cohesion Funds:</span></span></p> <p class="Style4" style="text-align:left;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"> </p> <p class="Style4" style="margin-top:2.65pt;text-align:left;line-height: normal;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government to meet targets for payment claims to be measured against certified data.</span></span></p> <span class="FontStyle44"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style4" style="margin-top:.5pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">6. Actions for the sixth review (to be completed by end Q3-2011)</span></b></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style10" style="margin-top:2.65pt;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">i. </span></b></span><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Fiscal consolidation</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:2.4pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Rigorously implement the budget for 2011 in line with this memorandum, and the fiscal consolidation measures in the budget. Progress is assessed against the quarterly deficit ceilings in the MEFP (including the TMU).</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.9pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government adopts draft budget for 2012 aiming at a further reduction of the general government deficit in line with the programme and including the detailed presentation of consolidation measures amounting to at least 2.2% of GDP, including the following measures (in exceptional circumstances, measures yielding comparable savings could be considered in close consultation with European Commission, IMF and ECB):</span></span></p> <p class="Style7" style="margin-top:.2in;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduce public employment on top of the rule of 1 recruitment for each 5 retirements in the public sector; the reduction in public employment on top of the 5-to-1 rule should allow savings of at least EUR 600 million;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Establish excises for non alcoholic beverages, for a total amount of at least EUR 300 million;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Continue the expansion of the base of the real estate tax by updating asset values to yield at least EUR 200 million additional revenue;</span></span></p> <p class="Style7" style="margin-top:1.45pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;mso-pagination: widow-orphan;mso-list:l0 level1 lfo4;tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Continue the reorganisation of local government, to generate at least EUR 500 million in savings;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom: 0in;margin-left:36.5pt;margin-bottom:.0001pt;text-align:left;text-indent:0in; line-height:14.15pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo4;tab-stops:.75in" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL"><span style="mso-list: Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Nominal freeze in pensions;</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language:EL;mso-fareast-language: EL" lang="EL"></span></span></p> <p class="Style7" style="margin-left:.75in;text-indent:-17.5pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Continue to increase the effectiveness of the presumptive taxation of professionals, with the aim of collecting at least additional EUR 100 million;</span></span></p> <p class="Style7" style="margin-left:.75in;text-indent:-17.5pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Reduction of transfers to public enterprises by at least EUR 800 billion following their restructuring;</span></span></p> <p class="Style7" style="margin-top:.5pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Make unemployment benefits means-tested (aiming at savings of EUR 500 million);</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Collect further revenue from the licensing of gaming: at least EUR 225 million in sales of licences and EUR 400 in royalties;</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:.75in;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:14.15pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:.75in"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Further broadening of VAT base, by moving goods and services from the reduced to the normal rate, with the aim of collecting at least additional EUR</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style4" style="margin-top:1.7pt;margin-right:0in;margin-bottom: 0in;margin-left:54.7pt;margin-bottom:.0001pt;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">300 million.</span></span></p> <p class="Style8" style="margin-top:4.1pt;margin-right:199.7pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-indent:0in;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle34"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">ii. Structural reforms </span></span></p> <p class="Style8" style="margin-top:4.1pt;margin-right:199.7pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-indent:0in;mso-pagination:widow-orphan; tab-stops:60.95pt"><span class="FontStyle40"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">Reforms to modernise public administration:</span></span><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"></span></span></p> <p class="Style4" style="margin-top:10.55pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government ensures full operation of the Better Regulation Agenda to reduce administrative burden by 20% compared with 2008 level, and sends report to the Commission.</span></span></p> <p class="Style12" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style12" style="margin-top:.25pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Improve the business environment:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="MsoNormal" style="text-align:justify"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government changes legislation to mitigate tax obstacles to mergers and acquisitions such as the non-transfer of accumulated losses, together with the company and the complex computation of "excessive benefit" (Law 3522/2006, Article 11) in the transfer of private limited companies.</span></span></p> <p class="MsoNormal" style="text-align:justify"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"> </span></span></p> <p class="Style4" style="margin-top:2.4pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government takes decisions to simplify the process to clear customs for exports and imports and give larger companies or industrial areas the possibility to be certified to clear cargo for the customs themselves; Government abolishes the requirement of registration with the exporter's registry of the chamber of commerce for obtaining a certificate of origin.</span></span></p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="Style5" style="mso-pagination:widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL">7. Actions for the seventh review (to be completed by end Q4-2011)</span></span></p> <p class="Style10" style="margin-top:.25pt;line-height:28.1pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;tab-stops:60.5pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">i. Fiscal consolidation</span></span></p> <p class="Style4" style="text-align:left;line-height:28.1pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Government achieves the programme target for the 2011 general government deficit.</span></span></p> <p class="Style4" style="margin-top:.15in;margin-right:.95pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Parliament adopts draft budget for 2012 a further reduction of the general government deficit and including consolidation measures amounting to at least 2.2% of GDP, in line with Memorandum.</span></span></p> <p class="Style10" style="margin-top:12.5pt;mso-pagination:widow-orphan; tab-stops:60.5pt"><span class="FontStyle34"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">ii. Structural reforms</span></span></p> <p class="Style12" style="margin-top:11.3pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To raise the absorption rates of Structural and Cohesion Funds:</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:.25pt;line-height:14.15pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Government to meet targets for payment claims (to be measured against certified data) and for the submission of large projects.</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.7pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Introduced of web-based open-access monitoring tool of procedures for approval of project proposals and for implementation of public projects.</span></span></p> <p class="Style4" style="margin-right:1.2pt;line-height:12.0pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.2pt;margin-right:1.2pt;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:13.9pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Ensure that the managerial capacity of all Managing Authorities and Intermediate Bodies of operational programmes under the framework of the National Strategy Reference Framework 2007-2013 has been certified by the International Organization for Standardization according to the standard ISO 9001:2008 (Quality Management).</span></span></p> <span class="FontStyle37"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style5" style="margin-top:3.35pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">Annex 1. Provision of data</span></span></p> <p class="Style4" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style4" style="margin-top:1.45pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">During the programme, the following indicators and reports shall be made available to the European Commission, the ECB and the IMF by the authorities on a regular basis. In general, reporting information provided to other multilateral and bilateral lenders involved in the programme of financial assistance of which the assistance provided by the Community forms part shall at the same time also be provided to the Commission, unless the Commission has indicated that this is not specifically required. The authorities shall provide the Commission and the ECB with compliance reports on the fulfilment of conditionality immediately after test dates.</span></span></p> <p class="MsoNormal" style="text-align:justify"> </p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:6.15in;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="443"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:center" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To be provided by the Ministry of Finance</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Preliminary monthly data on the state budget execution (including functional breakdown by main categories of revenue and expenditure and by line ministry)</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 15 days after the end of each month; these data should also be included in subsequent transmissions in case of revision</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Updated monthly plans for the state budget execution for the remainder of the year, including functional breakdown by main categories of revenue and expenditure and by line ministry</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle35"><span style="font-size: 10.0pt">Monthly, 30 days after the end of each month</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Preliminary monthly cash data on general government entities other than the State</span></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month, these data should also be included in subsequent transmissions in case of revision</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly data on the public wage bill (of general government, including a functional breakdown in nominal wage and allowances paid to government employees per line ministry and public entity), number of employees (including a functional breakdown per ministry and public entities outside the central government) and average wage (including the relative shares of the base wage, allowances and bonuses). A functional breakdown of these data into the main public entities will be added.</span></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month (starting in June 2010)</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Quarterly data on general government accounts, and general government debt as per the relevant EU regulations on statistics</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle35"><span style="font-size: 10.0pt">Quarterly accrual data, 90 days after the end of each quarter</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Weekly information on the Government's cash position with indication of sources and uses as well of number of days covered as well as information on the main government spending and receipt items</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Weekly on Friday, reporting on the previous Thursday</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Data on below-the-line financing for the general government</span></span><span style="font-size: 10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, no later than 15 days after the end of each month, ; these data should also be included in subsequent transmissions in case of revision</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Data on expenditure pending payment (including arrears) of the general government, including the State, local government, social security, and legal entities</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle35"><span style="font-size: 10.0pt">Quarterly, within 55 days after the end of each quarter</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Data on expenditure pending payment (arrears) of the State and hospitals</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month</span></span></p> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"> </p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Public debt, and new guarantees issued by the general government to public enterprises and the private sector</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, within one month</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Income and expenditure statement and balance sheets of 30 largest public enterprises by total expenditures</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Quarterly, three months after the end of the quarter</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Data on EU project grants (reimbursements and advances), capital expenditures and subsidies covered by EU advances or eligible for EU reimbursement on EU supported projects specifically agreed with the EU</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, within three weeks of the end of each month</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly statement of the transactions through off-budget accounts</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style22" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;mso-pagination:widow-orphan;tab-stops:297.1pt"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, at the end of each</span></span></p> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">month</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly statements of the operations on the special account</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style22" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;mso-pagination:widow-orphan;tab-stops:296.9pt"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, at the end of each</span></span></p> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">month</span></span></p> </td> </tr> <tr style="mso-yfti-irow:15;mso-yfti-lastrow:yes"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Report on progress with fulfilment of policy conditionality</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style22" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;mso-pagination:widow-orphan;tab-stops:296.9pt"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, at the end of each</span></span></p> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">month</span></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"> </p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:6.15in;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="443"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:center" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">To be provided by the National Bank of Greece</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Assets and liabilities of the Bank of Greece</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Weekly, next working day</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Assets and liabilities of the Greek banking system – aggregate monetary balance sheet of credit institutions</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle35"><span style="font-size: 10.0pt">Monthly, 30 days after the end of each month</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Evolution of the external funding provided by Greek banks to their subsidiaries abroad (</span></span><span class="FontStyle35"><span style="font-size:10.0pt;mso-fareast-language:EL">All forms of debt instruments and capital, as well as net deposits provided to subsidiaries abroad)</span></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 15 days after the end of each month</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">External funding flows for the banking, corporate and government sector, including also expected developments in the 12 months ahead</span></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Report on banking sector liquidity situation</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style13" style="margin-top:4.0pt;margin-right:0in; margin-bottom:4.0pt;margin-left:0in;text-align:left;line-height:normal; mso-pagination:widow-orphan" align="left"><span class="FontStyle35"><span style="font-size: 10.0pt">Weekly, next working day</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Report on the evolution of financial stability indicators</span></span><span style="font-size:10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="MsoNormal" style="margin-top:4.0pt;margin-right:0in;margin-bottom: 4.0pt;margin-left:0in;text-align:justify"><span class="FontStyle35"><span style="font-size:10.0pt">Quarterly, 15 days after the end of each quarter depending on data availability</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Report on results from the regular quarterly solvency stress tests</span></span><span style="font-size: 10.0pt"></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Quarterly, 15 days after the end of each quarter depending on data<span style="mso-spacerun:yes"> </span>availability</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:8;mso-yfti-lastrow:yes"> <td style="width:275.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" valign="top" width="275"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Detailed report on the balance sheet of the Financial Stability Fund with indication and explanation of changes in the accounts</span></span></p> </td> <td style="width:167.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="167"> <p class="Style18" style="margin-top:4.0pt;margin-right:0in;margin-bottom:4.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle35"><span style="font-size:10.0pt">Weekly, next working day</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="Style5" style="margin-top:3.35pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">Annex 2. Financial Stability Fund</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:2.65pt;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">General</span></u></span></p> <p class="Style7" style="margin-top:14.15pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The purpose of the Financial Stability Fund (the 'Fund') is to maintain the stability of the Greek banking system by providing equity capital in case of a significant decline of capital buffers.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Fund will not provide liquidity support, which will be provided under existing arrangements.</span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The equity will be provided in the form of preference shares to credit institutions authorised to operate in Greece by license from the Bank of Greece. The preference shares will be convertible into ordinary shares at a later stage under certain conditions to be further specified in the legislation establishing the Fund.</span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Participation in the Fund will be based on a trigger linked to the minimum required level of capital adequacy requirements, as established for specific credit institutions by the Bank of Greece, in its capacity as the competent supervisory authority, if no private solution has been found.</span></span></p> <p class="Style7" style="margin-left:0in;text-align:left;text-indent: 0in;line-height:13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo4;tab-stops:17.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Fund will be established by specific Greek legislation.</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">An initial lifespan of [7] years would be envisaged for the Fund. After the end of the lifespan of the Fund any acquired ownership rights fall to the Greek State.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:3.85pt;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Legal status</span></u></span></p> <p class="Style7" style="margin-top:13.45pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Fund will be established as a private law legal entity in order to enhance its flexibility and efficiency (e.g., to facilitate the recruitment and remuneration of appropriately qualified staff).</span></span></p> <p class="Style7" style="margin-left:0in;text-align:left;text-indent: 0in;line-height:13.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo4;tab-stops:17.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">The legal structure of the Fund should allow for private participation.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:3.35pt;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Funding</span></u></span></p> <p class="Style7" style="margin-top:14.15pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Fund will be exclusively financed through its own resources lent by the Greek Government of up to EUR 10 billion. [Specifically, financing will be provided by the Greek Government using part of the proceeds of the loans granted in the EU/IMF programme. This implies that the risk of losses arising out of the Fund's operations would lie exclusively with the Greek Government, as the primary shareholder in the Fund, which would also be obliged to repay the loans granted in the EU/IMF programme. The purchase of preference shares shall be done in cash]</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:.05in;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Organizational issues</span></u></span></p> <p class="Style7" style="margin-top:14.15pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Fund would be managed by a Governing Council composed of (1) a Chairperson, a Chief Executive and two directors appointed by the Governor of the Bank of Greece; (2) a director appointed by the Governor of the Bank of Greece on the nomination of the European Commission (without prejudice to the application by the Commission of state aid and competition rules); and (3) two ex officio directors who represent the Minister of Finance and the Governor of the Bank of Greece. The ECB will nominate an observer who would have a right to participate, without voting, in meetings of the Governing Council.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:17.3pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Chairperson, Chief Executive and the non-ex officio directors will be required by law to be persons of recognised standing in banking or financial matters in Greece, the EU or internationally.</span></span></p> <p class="Style7" style="margin-left:17.3pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Each of the Chairperson and the non-ex officio directors will be appointed to a five year term of office and may only be compulsorily removed from office by an appropriate Greek court on application of the Governor of the Bank of Greece where (1) no longer capable of fulfilling the conditions required for the performance of the duties of office or (2) guilty of serious misconduct.</span></span></p> <p class="Style7" style="margin-left:17.3pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">No member of the Governing Council may be represented on the board of directors of any credit institution.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style7" style="margin-left:17.3pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The legislation establishing the Fund will provide that, when exercising the powers and carrying out the tasks and duties conferred upon them under the legislation, neither the Governor of the Bank of Greece nor the members of the Governing Council of the Fund shall seek or take instructions from the Greek Government or any other State entity, institution, body or undertaking.</span></span></p> <p class="Style7" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:17.3pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">The Governing Council will present a semi-annual report to the Greek Parliament, the European Commission, the ECB and the IMF.</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-left:0in;text-align:left;text-indent: 0in;line-height:13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l0 level1 lfo1;tab-stops:17.3pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The operating expenses will be covered by the Fund.</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:3.85pt;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Powers of the Fund</span></u></span></p> <p class="Style7" style="margin-top:14.15pt;margin-right:0in;margin-bottom:0in; margin-left:17.3pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">In order to fulfil its purposes the Fund will enjoy certain powers over credit institutions receiving capital from the Fund, including <u>without limitation</u> the power:</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language: EL"></span></span></p> <p class="Style28" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:54.5pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l1 level1 lfo5;tab-stops:list 54.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to require a credit institution to provide the Fund with all information necessary for the Fund to fulfil its tasks;</span></span></p> <p class="Style28" style="margin-top:.25pt;margin-right:0in; margin-bottom:0in;margin-left:54.5pt;margin-bottom:.0001pt;text-align:left; line-height:13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l1 level1 lfo5;tab-stops:list 54.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to appoint a member of the Board of Directors of a credit institution;</span></span></p> <p class="Style28" style="margin-left:54.5pt;text-align:left; line-height:13.7pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan; mso-list:l1 level1 lfo5;tab-stops:list 54.5pt" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to require a credit institution to present a restructuring plan;</span></span></p> <p class="Style28" style="margin-top:.25pt;margin-right:0in;margin-bottom:0in; margin-left:54.5pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l1 level1 lfo5;tab-stops:list 54.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to veto key decisions of a credit institution (e.g., business strategy, dividend distributions, salary caps, liquidity and asset-liability management, etc.);</span></span></p> <p class="Style28" style="margin-left:54.5pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l1 level1 lfo5;tab-stops:list 54.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to call a general shareholders' meeting for a credit institution in accordance with Greek company law;</span></span></p> <p class="Style28" style="margin-left:54.5pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l1 level1 lfo5;tab-stops:list 54.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to require conversion of preference shares into ordinary shares insofar as a credit institution fails to meet (1) the minimum required level of capital adequacy requirements established for credit institutions generally under applicable regulatory requirements or (2) certain financial conditions to be further specified in the legislation establishing the Fund; and</span></span></p> <p class="Style28" style="margin-left:54.5pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l1 level1 lfo5;tab-stops:list 54.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">to conduct diagnostic studies and special audits with the help of outside consultants to assess the solvency of a credit institution where the Fund considers this necessary.</span></span></p> <p class="Style7" style="margin-top:13.7pt;margin-right:0in;margin-bottom:0in; margin-left:17.3pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Each of the Bank of Greece, in its capacity as the competent authority for the supervision of credit institutions, and the Fund will be authorised to exchange confidential information with one another to the fullest extent permitted by EU law.</span></span></p> <p class="Style7" style="margin-left:17.3pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The powers of the fund are without prejudice to the supervisory powers of the bank of Greece.</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="MsoNormal" style="text-align:justify"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Conditions applicable to capital increases</span></u></span></p> <p class="Style7" style="margin-top:13.9pt;margin-right:0in;margin-bottom:0in; margin-left:17.3pt;margin-bottom:.0001pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo1;tab-stops:17.3pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">The conditions <u>applicable to any capital increases</u> should be aligned with the Commission Decision of 19.11.2008 (N 560/2008 support measures for the credit</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt;mso-fareast-language:EL"></span></span></p> <p class="Style7" style="margin-top:2.4pt;margin-right:0in;margin-bottom:0in; margin-left:18.5pt;margin-bottom:.0001pt;text-indent:0in;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">institutions in Greece). The granting of equity capital is made subject to the following conditions in particular:</span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The credit institutions will be expected to pay a market-oriented, non-cumulative remuneration unless an analysis of the restructuring plan warrants an alternative approach. A market-oriented, non-cumulative remuneration can either be 10% as stipulated in the above decision or depending on the risk profile of the credit institution and the quality of the capital, between 7% and 9.3%, whereas core tier 1 capital for fundamentally sound credit institutions should normally be remunerated at at least 9%.</span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The credit institutions will not pay dividends or coupon on hybrid capital, unless they are legally obliged to do so, which is typically the case when a credit institution is profit making (the credit institution should however not be allowed to use reserves to book a profit).</span></span></p> <p class="Style7" style="margin-left:17.5pt;text-indent:-17.5pt;line-height:13.7pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Preference shares shall be repurchased by the credit institution for an amount that is equivalent to the amount originally invested in the credit institution. After five years the shares shall be repurchased or be remunerated at penal rates. If they cannot be repurchased because the capital adequacy requirements are not fulfilled, the preference shares shall be converted into ordinary shares.</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:3.85pt;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Approval of restructuring plan by European Commission</span></u></span></p> <p class="Style7" style="margin-top:13.7pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Any restructuring plan needs to be in accordance with State aid rules and approved by decision of the European Commission ensuring that the credit institutions will restore viability at the end of the restructuring period, burden sharing of shareholders is achieved and distortion of competition is limited.</span></span></p> <p class="Style26" style="line-height:12.0pt;mso-line-height-rule:exactly; mso-pagination:widow-orphan"> </p> <p class="Style26" style="margin-top:.05in;mso-pagination:widow-orphan"><span class="FontStyle41"><u><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Follow-up</span></u></span></p> <p class="Style7" style="margin-top:13.7pt;margin-right:0in;margin-bottom:0in; margin-left:17.5pt;margin-bottom:.0001pt;text-indent:-17.5pt;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;mso-list:l0 level1 lfo4; tab-stops:17.5pt"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"><span style="mso-list:Ignore">-<span style="font:7.0pt "Times New Roman""> </span></span></span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">The Greek authorities would prepare the necessary legislation implementing the details of the above by the end of June 2010, at the latest.</span></span></p> <span class="FontStyle44"><span style="font-size:12.0pt;mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></span> <p class="Style2" style="margin-top:3.85pt;text-align:justify;mso-pagination: widow-orphan"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">Annex 3. </span></span><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Fiscal measures to be implemented over 2011-2014</span></span></p> <p class="Style2" style="text-align:center;line-height:12.0pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan" align="center"> </p> <p class="MsoNormal" style="margin-bottom:3.1pt;line-height:.05pt;mso-line-height-rule: exactly"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:425.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="425"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">2010</span></span><span class="FontStyle32"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt;font-family:"Times New Roman";mso-fareast-language: EL"></span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:4.2in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style27" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">in million EUR</span></span></p> </td> <td style="width:47.75pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:75.1pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language: EL" lang="EL">%</span></b></span><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-fareast-language:EL"> of GDP</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:4.2in;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:243.6pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Revenue</span></span></p> </td> <td style="width:47.75pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:75.1pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.5</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in VAT rates</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">800</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.3</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on fuel</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">200</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on cigarettes</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">200</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on alcohol</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">50</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:225.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Expenditure</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1.9</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:49.7pt;margin-bottom: 2.0pt;margin-left:.25pt;text-indent:-.25pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Wage bill cut by reducing the Easter, summer and Christmas bonuses and allowances</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">1100</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.5</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Intermediate consumption</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">700</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.3</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Pension cuts (highest pensions)</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">350</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Elimination of solidarity allowance (second instalment)</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">400</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:4.2in;padding:0in 2.0pt 0in 2.0pt" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:.75in;margin-bottom: 2.0pt;margin-left:.25pt;text-indent:-.25pt;line-height:13.7pt;mso-line-height-rule: exactly;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Pensions cut by reducing the Easter, summer and Christmas bonuses</span></span></p> </td> <td style="width:47.75pt;padding:0in 2.0pt 0in 2.0pt" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">1500</span></span></p> </td> <td style="width:75.1pt;padding:0in 2.0pt 0in 2.0pt" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">0.6</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:4.2in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Public investment reduction</span></span></p> </td> <td style="width:47.75pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:75.1pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14;mso-yfti-lastrow:yes"> <td style="width:4.2in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="302"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:138.95pt;mso-pagination:widow-orphan"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">TOTAL ANNUAL IMPACT</span></span></p> </td> <td style="width:47.75pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="48"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">5800</span></span></p> </td> <td style="width:75.1pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="75"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2.5</span></span></p> </td> </tr> </tbody></table> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:425.3pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="425"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">2011</span></span><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-fareast-language:EL"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style27" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">in million EUR</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language: EL" lang="EL">%</span></b></span><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-fareast-language:EL"> of GDP</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:302.9pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:162.7pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Carry over from last year</span></span></p> </td> <td style="width:51.35pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:71.05pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase the VAT rates</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1000</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on fuel</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">250</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on cigarettes</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">300</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase in excise tax on alcohol</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">50</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7;height:31.5pt"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt; height:31.5pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Wage bill cut by reducing the Easter, summer and Christmas bonuses and allowances</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt; height:31.5pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">400</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt; height:31.5pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8;height:23.4pt"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt; height:23.4pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Pensions cut by reducing the Easter, summer and Christmas bonuses</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt; height:23.4pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt; height:23.4pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:243.6pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Revenue</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Taxation on unauthorised establishments</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">800</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Luxury goods tax</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">100</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Book specification of income</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">50</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Gaming royalties</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">200</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Gaming licenses</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:15"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Special levy on profitable firms</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">600</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.3</span></span></p> </td> </tr> <tr style="mso-yfti-irow:16"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Levies on illegal buildings</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:17"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">VAT - changes in the sub-categories and broadening base</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">1000</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:18"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Green tax</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">300</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:19"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Presumptive taxation</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">400</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:20"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase of legal values of real estate</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">400</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:21"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Taxation of wage in kind (cars)</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">150</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:22"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:225.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Expenditure</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">1.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:23"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Intermediate consumption</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">300</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:24;height:7.65pt"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt; height:7.65pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Savings from the introduction of unified public sector wages</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt; height:7.65pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">100</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt; height:7.65pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:25"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Pension freeze</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">100</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:26"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Kalikrates savings</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:27"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Pension cuts (highest pensions)</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">150</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:28"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Public investment reduction</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:29;mso-yfti-lastrow:yes"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:138.95pt;mso-pagination:widow-orphan"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">TOTAL ANNUAL IMPACT</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">9150</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">4.1</span></span></p> </td> </tr> </tbody></table> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:5.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="414"><span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">2012</span></span><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-fareast-language:EL"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:297.85pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style27" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">in million EUR</span></span></p> </td> <td style="width:50.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:65.25pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language: EL" lang="EL">%</span></b></span><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-fareast-language:EL"> of GDP</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:297.85pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:238.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Revenue</span></span></p> </td> <td style="width:50.9pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:65.25pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">0.7</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Excise non-alcoholic beverages</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">300</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Gaming licenses</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">225</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Gaming royalties</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">400</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">VAT</span></span><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL" lang="EL"> -</span></span><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt"> broadening base</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">300</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Presumptive taxation</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">100</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Increase of legal values of real estate</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">200</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:225.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Expenditure</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">1.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:5.3pt;margin-bottom: 2.0pt;margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reduction in public employment in addition to the 5-to-1 replacement rule</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">600</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.3</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Means test unemployment benefit</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Pension freeze</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">250</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Kalikrates savings</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:297.85pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Cut transfers to public entities</span></span></p> </td> <td style="width:50.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">800</span></span></p> </td> <td style="width:65.25pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:15"> <td style="width:297.85pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Public investment reduction</span></span></p> </td> <td style="width:50.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">500</span></span></p> </td> <td style="width:65.25pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:16"> <td style="width:297.85pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt: solid windowtext .75pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:62.9pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Unidentified cuts in operational expenditure</span></span></p> </td> <td style="width:50.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">900</span></span></p> </td> <td style="width:65.25pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:17;mso-yfti-lastrow:yes"> <td style="width:297.85pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="298"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:133.45pt;mso-pagination:widow-orphan"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">TOTAL ANNUAL IMPACT</span></span></p> </td> <td style="width:50.9pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:11.05pt;mso-pagination:widow-orphan"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">5575</span></span></p> </td> <td style="width:65.25pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="65"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">2.4</span></span></p> </td> </tr> </tbody></table> <p class="Style7" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;text-indent:0in;line-height:normal;mso-pagination:widow-orphan; tab-stops:17.5pt"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:425.3pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="425"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">2013</span></span><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman""></span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">in million EUR</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman"">% of GDP</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:302.9pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:117.1pt;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Revenue</span></span></p> </td> <td style="width:51.35pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:71.05pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><b style="mso-bidi-font-weight:normal"><span style="mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt">-0.3</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Presumptive taxation</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:1.1pt;text-indent:-1.1pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">100</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.0</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;text-align:justify;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Gaming licenses</span></span><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt"></span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:1.1pt;text-indent:-1.1pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">-725</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">-0.3</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:225.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Expenditure</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:1.1pt;text-align:center;text-indent:-1.1pt; mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">0.5</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:.25pt;text-indent:-.25pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Reduction in public employment in addition to the 5-to-1 replacement rule</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:1.1pt;text-indent:-1.1pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Pension freeze</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:1.1pt;text-indent:-1.1pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">200</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.1</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:302.9pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Kalikrates savings</span></span></p> </td> <td style="width:51.35pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:1.1pt;text-indent:-1.1pt;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">500</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style16" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:49.7pt;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Unidentified measures</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:1.1pt;text-align:center;text-indent:-1.1pt; mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">4200</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1.8</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td style="width:302.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:12.5pt;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">TOTAL ANNUAL IMPACT</span></span></p> </td> <td style="width:51.35pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="51"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:1.1pt;text-align:center;text-indent:-1.1pt; mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">4775</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">2.0</span></span></p> </td> </tr> </tbody></table> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:425.3pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="425"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle38"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL;mso-fareast-language:EL" lang="EL">2014</span></span><span class="FontStyle32"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;font-family:"Times New Roman"; mso-fareast-language:EL"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:302.65pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style27" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle39"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">in million EUR</span></span></p> </td> <td style="width:51.6pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;mso-pagination:widow-orphan"> </p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style19" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman";mso-ansi-language:EL;mso-fareast-language: EL" lang="EL">%</span></b></span><span class="FontStyle32"><b style="mso-bidi-font-weight: normal"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt; font-family:"Times New Roman";mso-fareast-language:EL"> of GDP</span></b></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:302.65pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:183.1pt;mso-pagination:widow-orphan"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt">Temporary measures</span></span></p> </td> <td style="width:51.6pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style15" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"> </p> </td> <td style="width:71.05pt;border:none;mso-border-top-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">-0.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:302.65pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Special levy on profitable firms (discontinuation of temporary measures)</span></span></p> </td> <td style="width:51.6pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">-600</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">-0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:302.65pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Levies on illegal buildings (discontinuation of temporary measures)</span></span></p> </td> <td style="width:51.6pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">-450</span></span></p> </td> <td style="width:71.05pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style9" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;line-height:normal; mso-pagination:widow-orphan" align="center"><span class="FontStyle44"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt">-0.2</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:302.65pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style23" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle40"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">Unidentified measures</span></span></p> </td> <td style="width:51.6pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">5750</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">2.4</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:302.65pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt: solid windowtext .75pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">TOTAL ANNUAL IMPACT</span></span></p> </td> <td style="width:51.6pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">4700</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL">1.9</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:302.65pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt: solid windowtext .75pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> </td> <td style="width:51.6pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-ansi-language:EL;mso-fareast-language:EL" lang="EL"> </span></span></p> </td> </tr> <tr style="mso-yfti-irow:8;mso-yfti-lastrow:yes"> <td style="width:302.65pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt: solid windowtext .75pt;mso-border-bottom-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="303"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:right;mso-pagination:widow-orphan" align="right"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">TOTAL MEASURES</span></span><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt;mso-ansi-language: EL" lang="EL"> 2010 - 2014</span></span><span class="FontStyle41"><span style="mso-ansi-font-size: 12.0pt;mso-bidi-font-size:12.0pt"></span></span></p> </td> <td style="width:51.6pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="52"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt">30000</span></span></p> </td> <td style="width:71.05pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-top-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="71"> <p class="Style21" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle41"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;mso-fareast-language:EL">13.0</span></span></p> </td> </tr> </tbody></table> </div> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always; mso-break-type:section-break" clear="all"> </span> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"><span class="FontStyle37"><span style="font-size:13.0pt">Annex</span></span><span class="FontStyle37"><span style="font-size:13.0pt;mso-ansi-language:EL" lang="EL"> 4.</span></span><span class="FontStyle37"><span style="font-size:13.0pt"> Structural reforms conditionality</span></span></p> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"><span class="FontStyle37"><span style="mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt"> </span></span></p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">PUBLIC ADMINISTRATION REFORMS</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td rowspan="3" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;text-indent:.25pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Simplify the remuneration system for public sector employees</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid silver 1.0pt;border-right:solid silver 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:windowtext;mso-border-left-alt:windowtext;mso-border-bottom-alt: silver;mso-border-right-alt:silver;mso-border-style-alt:solid;mso-border-width-alt: .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">launch a process to create a simplified remuneration system to cover basic wages and all allowances applying to all public sector employees and ensuring that remuneration reflects productivity and tasks</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid silver 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid silver .75pt; mso-border-top-alt:windowtext;mso-border-left-alt:silver;mso-border-bottom-alt: silver;mso-border-right-alt:windowtext;mso-border-style-alt:solid;mso-border-width-alt: .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt; mso-ansi-language:EL" lang="EL"> </span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid silver 1.0pt;border-right:solid silver 1.0pt; mso-border-top-alt:solid silver .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid silver .75pt;mso-border-left-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">establish a fully operational Single Payment Authority to centralize the payment of all salaries paid to civil servants at all levels of government,</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid silver 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid silver .75pt;mso-border-left-alt:solid silver .75pt; mso-border-alt:solid silver .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid silver 1.0pt; mso-border-top-alt:solid silver .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:silver;mso-border-left-alt:windowtext;mso-border-bottom-alt: windowtext;mso-border-right-alt:silver;mso-border-style-alt:solid;mso-border-width-alt: .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">adopt legislation for a simplified remuneration system</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid silver .75pt;mso-border-left-alt:solid silver .75pt; mso-border-top-alt:silver;mso-border-left-alt:silver;mso-border-bottom-alt: windowtext;mso-border-right-alt:windowtext;mso-border-style-alt:solid; mso-border-width-alt:.75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Public procurement</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt 19.35pt"><span class="FontStyle44"><span style="font-size: 10.0pt;mso-fareast-language:EL">complete the first phase of the public procurement system for all sectors and levels of government with a fully operational electronic platform introducing the use of e-auctioning systems</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt 19.35pt"><span class="FontStyle44"><span style="font-size: 10.0pt">implement EU Directives and have an effective appeals system</span></span><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">March</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Transparency of public spending decisions</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:19.35pt"><span class="FontStyle44"><span style="font-size:10.0pt">adopt legislation to ensure transparency by requiring online publication of all government expenditure decisions</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Local administration reform</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt 19.35pt"><span class="FontStyle44"><span style="font-size: 10.0pt">adopt legislation reforming public administration at the local level</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td style="width:4.25in;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt 19.35pt"><span class="FontStyle44"><span style="font-size: 10.0pt;mso-fareast-language:EL">adopt all legislation and decrees for full entry force of the reform on 1 January 2011 involving transfer of responsibilities and resources across entities</span></span><span class="FontStyle44"><span style="font-size:10.0pt"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALLY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:1.35pt;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:24.25pt;margin-bottom: 6.0pt;margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Independent functional review of the central government</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">launch an independent and external review of the organization and functioning of the central administration</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">adopt legislation and measures to rationalize the use of resources, the organisation of the public administration and the effectiveness of social programmes.</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Better Regulation</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">adopt legislation to implement the Better Regulation agenda</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010 </span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">ensures full implementation to reduce administrative burden by 20compared with 2008 level and submit a progress report to the Commission</span></span><span class="FontStyle44"><span style="font-size:10.0pt"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">LABOUR MARKET and WAGES</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Start discussion with social partners</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">To prepare the revision of private sector wage bargaining and contractual arrangements</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Reform Employment Protection Legislation</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">extend the probationary period for new jobs to one year</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">reduce the overall level of severance payments which should apply equally to blue and white collar workers,</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">raise the minimum threshold for activating rules on collective dismissals especially for larger companies,</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">put measures in place to guarantee that current minimum wages remain fixed in nominal terms for 3 years</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">facilitate use of temporary contracts and part-time work</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9;mso-yfti-lastrow:yes"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Reform minimum wages</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">following dialogue with social partners, government adopts legislation on minimum wages to introduces sub-minima for groups at risk such as the young and long term unemployed,</span></span></p> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-align:justify;text-indent:.25pt;line-height: normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">guarantee that current minimum wages remain fixed in nominal terms for three years</span></span><span class="FontStyle44"><span style="font-size:10.0pt"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:.7pt;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Reform private wage bargaining system to ensure wage moderation</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt">adopts legislation to reform wage bargaining system in the private sector, including local territorial pacts to set wage growth below sectoral agreements</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt"><span style="mso-tab-count:1"> </span>introduce variable pay to link wages to productivity performance at the firm level</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">amend regulation of the arbitration system</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Increase the flexibility of working hours</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">adjust legislation to introduce annual time accounts and reduce overtime pay</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Fight undeclared work</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">strengthen legislation to enforce the registration of new employees</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt">ensure the Labour Inspectorate is fully staffed and quantitative controls targets are in place</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Review social safety net</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Review the scope for improvements in the targeting of social expenditures to enhance the social safety net for the most vulnerable</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">PENSIONS</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Reform pension system</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:-.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Government adopts a new simplified system (pro rata) for all current and future employees including:</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">by December 2015, a unified statutory retirement age of 65 years, including for those insured before 1 Jan 1993.</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL"><span style="mso-tab-count: 1"> </span>increase retirement age of women in the public sector to 65 by 2013</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">strengthened link between contributions and benefits</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt"><span style="mso-tab-count:1"> </span>pension earnings calculated on the entire lifetime</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">an average annual accrual rate of 1.2</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt"><span style="mso-tab-count:1"> </span>price indexation of pensions</span></span><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">an automatic adjustment mechanism that links the retirement age with increases in life expectancy at retirement</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">an increased minimum contribution period from 37 to 40 years by 2015</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">restricted access to early retirement and increased minimum retirement age of 60 years by 1<sup>st</sup> January 2011, including for workers in heavy and arduous professions, and those with 40 years of contributions</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">revised disability scheme</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">reduced (by 6 per year) pension benefits for people retiring between the ages of 60 and 65 with less than 40 years of contribution</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">No special rules for those insured before 1 Jan 1993</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">substantial cuts in the list of heavy and arduous professions (to no more than 10 of employees)</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">a means-tested minimum guaranteed pension for people aged above 65 years of age</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:11.75pt"><span class="FontStyle44"><span style="font-size:10.0pt">a reduction in the number of funds to 3</span></span></p> <p class="Style9" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Parliament adopts the pension reform</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="bottom" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:3.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">HEALTHCARE</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Healthcare reform</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Complete reforms to improve management and procurement systems of health system: complete move to double accounting systems, establish operational oversight by the Finance Minister, the publication of audited accounts</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">BUSINESS ENVIRONMENT</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt"> </span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Facilitate business start ups</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt"> </span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.5pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Simplify the start up of new businesses and make the General Commercial Registry (GEMI) fully operational</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:10.1pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:-2.0pt;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;text-indent:.25pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Simplify the licensing of industrial units and reduce the costs of doing business</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">simplify and accelerate the process of licensing enterprises, industrial activities and professions through legislation and by making the spatial plans operational</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt">Government changes legislation to mitigate tax obstacles to mergers and acquisitions, and lower costs associated with customs</span></span><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td rowspan="3" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Implement the Services Directive</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">adopt horizontal legislation, finalize screening of sectoral legislation,</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:-.25pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">make single points of contact operational</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:-.25pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010 </span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">adopt measures in key service sectors such as tourism, retail and education</span></span><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:-.25pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td rowspan="3" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Open up restricted professions</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.5pt"><span class="FontStyle44"><span style="font-size:10.0pt">propose sector-specific legislation to remove restrictions to trade in the legal profession, the pharmacy profession, the notary profession, architects, engineers, auditing services</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010</span></span></p> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt"> </span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:16.3pt"><span class="FontStyle44"><span style="font-size:10.0pt">implement the Professional Qualifications Directive so that qualifications from third countries are recognized</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.5pt"><span class="FontStyle44"><span style="font-size:10.0pt">adopt legislation to open up restricted professions</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Road freight transportation</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Liberalize road freight transport by removing all unnecessary restrictions on admission to the occupation of road haulage, including minimum fixed prices</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11;mso-yfti-lastrow:yes"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Competition policy framework</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Modify the existing institutional framework of the Hellenic Competition Commission, including to allow prioritisation on important cases and to strengthen the independence of HCC members</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Railways</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan; tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt">Prepare a recovery plan for the railway sector to restore profitability to operational services, ensure compliance with EU Directives, and -specify a timetable for the restructuring of the holding company including the sale of land and other assets</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.25pt"><span class="FontStyle44"><span style="font-size:10.0pt">Implement fully the recovery plan for the railway sector</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">March</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span><span class="FontStyle43"><span style="font-size:10.0pt"></span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td rowspan="3" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Energy</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Decisions on the liberalization of wholesale electricity market and to commence the rationalization of consumer tariffs</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September 2010 </span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Adopt legislation to unbundle electricity and gas activities, including measures </span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.5pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">March</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2011</span></span></p> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.5pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt"> </span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Adopt measures to strengthen the independence and capacity of the Energy Regulatory Authority</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style11" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.5pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">March 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">PROMOTING INVESTMENT AND EXPORTS</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Promoting FDI and investment in strategic sectors</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:-.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Government takes measures to facilitate FDI and investment in innovation in strategic sectors (green industries, ICT etc...), through a revision of the Investment Law, the adoption of measures to facilitate PPPs, action to fast-track large FDI projects and measures to strengthen export promotion policy</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">September</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td rowspan="2" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">R&D and innovation</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL">Carry out in depth evaluation of all R&D and innovation actions, </span></span><span class="FontStyle44"><span style="font-size:10.0pt">including in various Operational Programmes, in order to adjust the national strategy</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style25" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style9" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt; mso-fareast-language:EL">Create an Advisory Council financed through the 7th R&D programme, to consider how to foster innovation, how to strengthen links between public research and Greek industries and the development of regional industrial clusters</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December</span></span><span class="FontStyle43"><span style="font-size:10.0pt;mso-ansi-language: EL" lang="EL"> 2010</span></span></p> </td> </tr> </tbody></table> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="mso-special-character:line-break; page-break-before:always" clear="all"> </span> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="margin-left:-25.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0" width="712"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="width:711.6pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="712"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL REFORMS: CONDITIONALITY</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan" align="center"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:1.35pt;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Action</span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:1.35pt;text-align:center;mso-pagination:widow-orphan" align="center"><span class="FontStyle42"><span style="font-size:10.0pt">Time frame</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:230.65pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style17" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span class="FontStyle42"><span style="font-size:10.0pt">STRUCTURAL AND COHESION FUNDS</span></span></p> </td> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> <td style="width:174.95pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="175"> <p class="Style15" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;mso-pagination:widow-orphan"><span style="font-size:10.0pt"> </span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td rowspan="4" style="width:230.65pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt: solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="231"> <p class="Style9" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt; margin-left:0in;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle44"><span style="font-size:10.0pt">Increase absorption of Structural and Cohesion Funds</span></span></p> </td> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">put in place measures to achieve binding targets for payment claims of Structural and Cohesion Funds and for submission of large projects</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">establish Task Force with the Commission to speed-up the development of high quality projects, through better coordination and other actions</span></span></p> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">complete steps to prioritize public investment spending for projects benefiting from EU funds, including the introduction of a central bank account</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">June 2010</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">meet targets for payment claims (measured against certified data) and large projects</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2010 and every six months thereafter</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:4.25in;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt">introduction of a web-based open access monitoring tool of procedures<span style="mso-spacerun:yes"> </span>for<span style="mso-spacerun:yes"> </span>approval<span style="mso-spacerun:yes"> </span>of<span style="mso-spacerun:yes"> </span>project <span style="mso-spacerun:yes"> </span>proposals<span style="mso-spacerun:yes"> </span>and for implementation of public projects;</span></span></p> </td> <td style="width:174.95pt;border:none;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-right-alt:solid windowtext .75pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2011</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="width:4.25in;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" width="306"> <p class="Style24" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;text-indent:.25pt;line-height:normal;mso-pagination: widow-orphan;tab-stops:12.0pt"><span class="FontStyle44"><span style="font-size:10.0pt;mso-fareast-language:EL"><span style="mso-tab-count: 1"> </span>ensure that the managerial capacity of all Managing Authorities and Intermediate Bodies of operational programmes</span></span><span class="FontStyle44"><span style="font-size:10.0pt"></span></span></p> </td> <td style="width:174.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-left-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt; mso-border-bottom-alt:solid windowtext .75pt;mso-border-right-alt:solid windowtext .75pt; padding:0in 2.0pt 0in 2.0pt" valign="top" width="175"> <p class="Style1" style="margin-top:6.0pt;margin-right:12.65pt;margin-bottom: 6.0pt;margin-left:10.35pt;mso-pagination:widow-orphan"><span class="FontStyle43"><span style="font-size:10.0pt">December 2011</span></span></p> </td> </tr> </tbody></table> <p class="Style7" style="margin-top:13.7pt;text-indent:0in;line-height:13.9pt; mso-line-height-rule:exactly;mso-pagination:widow-orphan;tab-stops:17.5pt"> </p> <div style="mso-element:footnote-list"><br clear="all"> <hr align="left" size="1" width="33%"> <div style="mso-element:footnote" id="ftn1"> <p class="Style22" style="mso-pagination:widow-orphan"><a style="mso-footnote-id: ftn1" href="#_ftnref1" name="_ftn1" title=""></a><span class="FontStyle35"><span style="font-size:10.0pt">1. Adjustments may be needed in case of negative inflation.</span></span></p> </div> </div>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0tag:blogger.com,1999:blog-18283087.post-81323951979202104152012-02-13T02:05:00.000-08:002012-02-13T02:11:19.982-08:00The new Memorandum of Understanding for Greece<style> <!-- /* Font Definitions */ @font-face {font-family:"Courier New"; panose-1:2 7 3 9 2 2 5 2 4 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:-536859905 -1073711037 9 0 511 0;} @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0; mso-font-charset:2; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:0 268435456 0 0 -2147483648 0;} @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:-536870145 1107305727 0 0 415 0;} @font-face {font-family:Georgia; panose-1:2 4 5 2 5 4 5 2 3 3; 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mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l7:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l7:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l7:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l7:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l7:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l7:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l7:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l7:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l8 {mso-list-id:598022349; mso-list-type:hybrid; mso-list-template-ids:1224890960 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l8:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l8:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l8:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l8:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l8:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l8:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l8:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l8:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l8:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l9 {mso-list-id:598559408; mso-list-type:hybrid; mso-list-template-ids:821620098 67633153 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l9:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l9:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l9:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l9:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l9:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l9:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l9:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l9:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l9:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l10 {mso-list-id:609817924; mso-list-type:hybrid; mso-list-template-ids:299035304 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l10:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l10:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l10:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l10:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l10:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l10:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l10:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l10:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l10:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l11 {mso-list-id:652218065; mso-list-type:hybrid; mso-list-template-ids:873212416 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l11:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l11:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l11:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l11:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l11:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l11:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l11:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l11:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l11:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l12 {mso-list-id:653530664; mso-list-type:hybrid; mso-list-template-ids:1837814798 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l12:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l12:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l12:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l12:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l12:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l12:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l12:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l12:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l12:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l13 {mso-list-id:662860177; mso-list-type:hybrid; mso-list-template-ids:793038450 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l13:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l13:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l13:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l13:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l13:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l13:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l13:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l13:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l13:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l14 {mso-list-id:690185074; mso-list-type:hybrid; mso-list-template-ids:-1825017082 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l14:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l14:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l14:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l14:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l14:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l14:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l14:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l14:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l14:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l15 {mso-list-id:700859175; mso-list-type:hybrid; mso-list-template-ids:-1082734656 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l15:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l15:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l15:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l15:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l15:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l15:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l15:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l15:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l15:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l16 {mso-list-id:786853876; mso-list-type:hybrid; mso-list-template-ids:1246296528 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l16:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l16:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l16:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l16:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l16:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l16:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l16:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l16:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l16:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l17 {mso-list-id:906691427; mso-list-template-ids:1868874620;} @list l17:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l17:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l17:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l17:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l17:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l17:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l17:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l17:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l17:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l18 {mso-list-id:931430272; mso-list-type:hybrid; mso-list-template-ids:1776984436 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l18:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l18:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l18:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l18:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l18:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l18:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l18:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l18:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l18:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l19 {mso-list-id:953440908; mso-list-type:hybrid; mso-list-template-ids:532554640 1516422968 -1622517198 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l19:level1 {mso-level-start-at:0; mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.75in; mso-level-number-position:left; margin-left:.75in; text-indent:-.5in; font-family:Symbol; mso-fareast-font-family:"Times New Roman"; mso-bidi-font-family:"Times New Roman";} @list l19:level2 {mso-level-start-at:0; mso-level-number-format:bullet; mso-level-text:•; mso-level-tab-stop:none; mso-level-number-position:left; margin-left:1.25in; text-indent:-.5in; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @list l19:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l19:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l19:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l19:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l19:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l19:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l19:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l20 {mso-list-id:1151749500; mso-list-type:hybrid; mso-list-template-ids:-1377297382 67698691 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l20:level1 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; margin-left:1.0in; text-indent:-.25in; font-family:"Courier New";} @list l20:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l20:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l20:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l20:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l20:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l20:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l20:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l20:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l21 {mso-list-id:1173060141; mso-list-type:hybrid; mso-list-template-ids:-1452532404 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l21:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l21:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l21:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l21:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l21:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l21:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l21:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l21:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l21:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l22 {mso-list-id:1230195487; mso-list-type:hybrid; mso-list-template-ids:-1424703654 1516422968 384083404 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l22:level1 {mso-level-start-at:0; mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.75in; mso-level-number-position:left; margin-left:.75in; text-indent:-.5in; font-family:Symbol; mso-fareast-font-family:"Times New Roman"; mso-bidi-font-family:"Times New Roman";} @list l22:level2 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l22:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l22:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l22:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l22:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l22:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l22:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l22:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l23 {mso-list-id:1296981874; mso-list-type:hybrid; mso-list-template-ids:-839604880 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l23:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l23:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l23:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l23:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l23:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l23:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l23:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l23:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l23:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l24 {mso-list-id:1326318088; mso-list-type:hybrid; mso-list-template-ids:827198062 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l24:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l24:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l24:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l24:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l24:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l24:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l24:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l24:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l24:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l25 {mso-list-id:1429885865; mso-list-type:hybrid; mso-list-template-ids:-2145725340 242234084 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l25:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol; color:windowtext;} @list l25:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l25:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l25:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l25:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l25:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l25:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l25:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l25:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l26 {mso-list-id:1440877838; mso-list-type:hybrid; mso-list-template-ids:117736370 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l26:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l26:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l26:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l26:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l26:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l26:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l26:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l26:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l26:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l27 {mso-list-id:1462386120; mso-list-type:hybrid; mso-list-template-ids:-899265246 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l27:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l27:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l27:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l27:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l27:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l27:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l27:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l27:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l27:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l28 {mso-list-id:1477915485; mso-list-type:hybrid; mso-list-template-ids:-2126370130 1516422968 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l28:level1 {mso-level-start-at:0; mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.75in; mso-level-number-position:left; margin-left:.75in; text-indent:-.5in; font-family:Symbol; mso-fareast-font-family:"Times New Roman"; mso-bidi-font-family:"Times New Roman";} @list l28:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l28:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l28:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l28:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l28:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l28:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l28:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l28:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l29 {mso-list-id:1515920313; mso-list-type:hybrid; mso-list-template-ids:652502746 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l29:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l29:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l29:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l29:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l29:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l29:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l29:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l29:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l29:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l30 {mso-list-id:1573852234; mso-list-template-ids:-1377297382;} @list l30:level1 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; margin-left:1.0in; text-indent:-.25in; font-family:"Courier New";} @list l30:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l30:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l30:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l30:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l30:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l30:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l30:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l30:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l31 {mso-list-id:1600720377; mso-list-type:hybrid; mso-list-template-ids:-1798821466 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l31:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l31:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l31:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l31:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l31:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l31:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l31:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l31:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l31:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l32 {mso-list-id:1690371081; mso-list-type:hybrid; mso-list-template-ids:122584682 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l32:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l32:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l32:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l32:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l32:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l32:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l32:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l32:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l32:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l33 {mso-list-id:1730304712; mso-list-type:hybrid; mso-list-template-ids:-528998206 1516422968 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l33:level1 {mso-level-start-at:0; mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.75in; mso-level-number-position:left; margin-left:.75in; text-indent:-.5in; font-family:Symbol; mso-fareast-font-family:"Times New Roman"; mso-bidi-font-family:"Times New Roman";} @list l33:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l33:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l33:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l33:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l33:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l33:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l33:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l33:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l34 {mso-list-id:1798641153; mso-list-type:hybrid; mso-list-template-ids:-1567324402 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l34:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l34:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l34:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l34:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l34:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l34:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l34:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l34:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l34:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l35 {mso-list-id:1816799775; mso-list-type:hybrid; mso-list-template-ids:1574178452 67633153 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l35:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l35:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l35:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l35:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l35:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l35:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l35:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l35:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l35:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l36 {mso-list-id:1841237156; mso-list-type:hybrid; mso-list-template-ids:1635828228 242234084 67633155 67633157 67633153 67633155 67633157 67633153 67633155 67633157;} @list l36:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol; color:windowtext;} @list l36:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l36:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l36:level4 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:2.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l36:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:2.5in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l36:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.0in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l36:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:3.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l36:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:4.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l36:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:4.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l37 {mso-list-id:1923104236; mso-list-type:hybrid; mso-list-template-ids:-1464721770 384083404 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;} @list l37:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:12.0pt; font-family:Symbol;} @list l37:level2 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:1.0in; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l37:level3 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:1.5in; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l37:level4 {mso-level-number-format:bullet; 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mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l40:level5 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l40:level6 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} @list l40:level7 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Symbol;} @list l40:level8 {mso-level-number-format:bullet; mso-level-text:o; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:"Courier New";} @list l40:level9 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:none; mso-level-number-position:left; text-indent:-.25in; font-family:Wingdings;} ol {margin-bottom:0in;} ul {margin-bottom:0in;} --> </style> <div class="WordSection1"> <p class="MsoNormal" style="text-align:center" align="center">GREECE</p> <p class="MsoNormal" style="text-align:center" align="center"> </p> <p class="MsoNormal" style="text-align:center" align="center"><b style="mso-bidi-font-weight: normal">Memorandum of Understanding</b></p> <p class="MsoNormal" style="text-align:center" align="center"><b style="mso-bidi-font-weight: normal">on</b></p> <p class="MsoNormal" style="text-align:center" align="center"><b style="mso-bidi-font-weight: normal">Specific Economic Policy Conditionality</b></p> <p class="MsoNormal" style="text-align:center" align="center"> </p> <p class="MsoNormal" style="text-align:center" align="center">8 February 2012</p> <p class="MsoNormal"> </p> <p class="MsoNormal" style="text-align:justify">The disbursements of financial assistance to Greece, by the European Financial Stability Facility (EFSF), are subject to quarterly reviews of conditionality for the duration of the arrangement. The release of the tranches will be based on observance of quantitative performance criteria and a positive evaluation of progress made with respect to policy criteria in Council Decision 2011/734/EU of 12 July 2011 (as amended; hereinafter the Council Decision), the memorandum of economic and financial policies (ΜEFP) and in this Memorandum.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The annex on data provision is part of the Memorandum and how well it has been respected will be considered in the assessment of compliance.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Greece commits lo consult with the European Commission, the ECB and the IMF staff on the adoption of polities falling within the scope of this Memorandum allowing sufficient time for review. The Government publishes a quarterly report in line with Article 4 of the Council Decision.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In line with the conclusions of the euro-area summit of 26 October 2011, the Government will fully cooperate with the Commission, the ECB and the IMF staff teams to strengthen the monitoring of programme implementation, and will provide the staff teams with access to ail relevant data and other information in the Greek administration. However the ownership of the programme and all executive responsibilities in the programme implementation remain with the Greek Government.</p> <p class="MsoNormal"> </p> </div> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always; mso-break-type:section-break" clear="all"> </span> <div class="WordSection2"> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">1<span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"> </span>FISCAL CONSOLIDATION</b></p> <p class="MsoNormal"> </p> <p class="MsoNormal"><i style="mso-bidi-font-style:normal">Budget implementation</i></p> <p class="MsoNormal"><i style="mso-bidi-font-style:normal"> </i></p> <p class="MsoNormal" style="text-align:justify">For <b style="mso-bidi-font-weight: normal">2012</b>, the annual general government primary deficit should not exceed EUR [2 063] million; and for <b style="mso-bidi-font-weight:normal">2013</b> and <b style="mso-bidi-font-weight:normal">2014</b> the primary surplus should be at least EUR [2 678] million and EUR [7 391] million, respectively.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Proceeds from the privatisation of financial and non-financial assets do not substitute fiscal consolidation efforts and will not be considered when assessing compliance with the annual general government deficit ceilings established in this memorandum and in the Council Decision. The bank recapitalisation-related flows will not be considered in the monitoring of annual general government deficit ceilings irrespective their recording in the ESA accounts by ELSTAT and Eurostat.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">Prior lo the first disbursement of the new programme</b>, the Government adopts the following measures, through a supplementary budget, and other legal acts:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction in pharmaceutical expenditure by at least EUR 1 076 million, in 2012 by reducing medicine prices (generics and branded medicines), increasing co-payments, reducing pharmacists’ and wholesalers’ trade margins, application of compulsory e-prescription by active substance and protocols, the update of the positive list of medicines and the implementation of a mechanism of quarterly rebates (automatic claw-back) to be paid by the pharmaceutical industry. (See below section 2.8).</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction in overtime pay for doctors in hospitals by at least EUR 50 million</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction in the procurement of military material by EUR 300 million (cash and deliveries).</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction by 550 the number of deputy mayors and associated staff with the aim of saving at least EUR 30 million.</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction in the central government’s operational expenditure, and election-related spending, by at least EUR 270 million, compared to the budget.</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Frontloading cuts in subsidies to residents in remote areas, and cuts in grants to several entities supervised by the several ministries, with the aim of reducing expenditure in 2012 by at least EUR 190 million</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Reduction in the public investment budget (PIB) by EUR 400 million: this cut will be implemented through cuts in subsidies to private investments and nationally-financed investment projects The reduction in the PIB budget will not have any impact on projects that are co-financed by structural funds (uncompleted project financed by the 2000-06 operational programmes, cohesion fund (2000-06) projects, 2007-13 operational programmes, and non-eligible expenditure).</p> <p class="MsoNormal" style="margin-left: 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>An average reduction by 15 percent in the pensions paid by special schemes subsidised by the slate (OTE, PPC, etc.), with the aim of saving at least EUR 200 million; an average reduction by 15 percent in the pensions paid by supplementary pension schemes, with the aim of saving at least EUR 375 million; and an average reduction by 7 percent in the pensions paid by NAT with the aim of saving at least EUR 50 million (net after taking into account the impact on taxes and social contributions).</p><p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><br /></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">Prior to the disbursement</b>, the Government also adopts the following pending acts:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Ministerial Decisions for the implementation of the business tax (minimum levy on self-employed) provided for Article 31 of Law 3986/2011;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Ministerial Decisions to complete the full implementation of the new wage grid in all the pertinent entities, and legislation on the modalities for the recovery of wages paid in excess from November 2011 afterwards;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Ministerial Decisions to bring down the transfer time from PPC of the property tax proceeds to 2 days</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">By <b style="mso-bidi-font-weight: normal">June 2012</b>, the Government will legislate an average reduction by 10 percent in the so-called “special wages” of the public sector, to which the new wage grid does not apply. This will apply from 1 September 2012 on and deliver savings of at least: EUR 114 million (with a carry-over impact of EUR 226 million in 2013) (net after taking into account the impact on taxes and social contributions).</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In order to prepare the measures that will be adopted with the 2013 and 2014 budgets and contribute to meet the fiscal targets, the Government initiates, before <b style="mso-bidi-font-weight: normal">end-February 2012</b>, a review of public spending programmes. This review should be completed by <b style="mso-bidi-font-weight:normal">June</b> <b style="mso-bidi-font-weight:normal">2012</b>. The review will draw on external technical assistance and will focus on pensions and social transfers (in a manner that will preserve basic social protection); defence spending without prejudice to the defence capability of the country; and restructuring of central and local administrations. By the same date (<b style="mso-bidi-font-weight: normal">June</b> <b style="mso-bidi-font-weight:normal">2012</b>), a further rationalization of pharmaceutical spending and operational spending of hospitals, and welfare cash benefits will also be specified.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Preliminary results from the spending review will be included in the update of the medium term fiscal strategy (MTFS), which will be tabled in Parliament by <b style="mso-bidi-font-weight: normal">May</b> <b style="mso-bidi-font-weight:normal">2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Ministry of Finance ensures a tight supervision of expenditure commitments by the government departments, including extra-budgetary funds, public investment budget, social security funds and hospitals, local governments and state-owned enterprises, and an effective tax collection, in order to secure the programme quantitative criteria.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government stands ready to define and enact additional measures, if needed, in order to respect the budgetary targets.</p> </div> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always; mso-break-type:section-break" clear="all"> </span> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">2<span style="mso-spacerun:yes"> </span>STRUCTURAL FISCAL REFORMS</b></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"> </b></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.1 Asset management and privatisation </i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government implements the privatisation programme with the aim of collecting EUR 50 billion in the medium term.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Cumulative privatisation receipts since June 2011 should be at least EUR 4 500 million by <b style="mso-bidi-font-weight: normal">end-2012</b>, EUR 7 500 million by <b style="mso-bidi-font-weight:normal">end-2013</b> and EUR 12 200 million by <b style="mso-bidi-font-weight:normal">end-2014</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government stands ready to offer for sale its remaining stakes in state-owned enterprises, if necessary in order to reach the privatisation objectives. Public control will be limited only to cases of critical network infrastructure.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To ensure that the plan objectives are achieved, the Government will continuously transfer assets to the Hellenic Republic Asset Development Fund (HRADF). In particular, the Government will transfer to the HRADF all the assets that are expected in 2012 and 2013 at the request of the HRADF.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">All legal, technical and financial advisors for the privatisations planned for 2012 and 2013 will be appointed by <b style="mso-bidi-font-weight:normal">Q1-2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Privatisation is conducted in a transparent manner and will clearly set out post-privatisation property rights and obligations. For a number of assets, successful privatisation requires a proper regulatory framework ensuring that entry in a competitive market is possible after privatisation, consumers are adequately protected, and privatised assets are deployed in competitive markets. The conditions for sales or concessions shall avoid the creation of unregulated private monopolies, prevent any form of discrimination, fecilitate open access, and impose full transparency of accounts.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Intermediate steps for privatisation are specified, including clearing all legal titles, securing state-aid approval, unbundling assets, respecting public procurement rules, having a more comprehensive inventory of real estate assets; reallocating land uses; seeking the counciI of experts’ and audit court’s approvals.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will neither propose nor implement measures which may infringe the rules on the free movement of capital. Neither the State nor other public bodies will conclude shareholder agreements with the intention or effect of hindering the free movement of capital or influence the management or control of companies. The Government will neither initiate nor introduce any voting or acquisition caps, and it will not establish any disproportionate and non-justifiable veto rights or any other form of special rights in privatised companies. No further special rights will be introduced in the course of future privatisation projects.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To ensure compliance with the EU Treaty, the Government repeals or appropriately amends the existing special rights granted to the State in the process of privatisation. In particular, the Law on Strategic Companies (Law 3631/2008, Art 11) is repealed or appropriately amended. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"><span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal" style="text-align:justify">In order to insure a timely clearance of state-aid issues that could constitute a hurdle for privatisation:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the Government appoints an interlocutor formally designated for ensuring compliance of realisation with State aid rules by <b style="mso-bidi-font-weight:normal">end-Q1 2012</b>.</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the Government (including the Special Secretariat of SOEs), in cooperation with the HRADF, submits <b style="mso-bidi-font-weight:normal">by end-Q2 2012</b>, to the Commission information on the financial situation of each asset that will be privatised in the course of 2012, whether the privatisation needs to be preceded by restructuring and respective modalities; liabilities to the slate which might hinder the privatisation process or the final price; legislation which grants an advantage to the firm (or concessionaire), such as tax discrimination or monopoly status, etc.; conditions that may be imposed on interested buyers, as well as conditions on buyers’ eligibility; and the method of privatisation planned (public tender, negotiation with existing shareholders, IPO, etc.). A similar report will be submitted in <b style="mso-bidi-font-weight:normal">Q4-2012</b> for each asset that is expected to be launched for privatisation in 2013.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government continues compiling and publishing a comprehensive inventory of state-owned assets, including stakes in listed and non-listed enterprises and commercially viable real estate and land. The inventory will be published in successive stages by <b style="mso-bidi-font-weight:normal">mid-2012</b> and <b style="mso-bidi-font-weight: normal">end-2012</b> on the Ministry of Finance’s website.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government accelerates state land ownership registration. For this purpose, the Government (i) prepares a comprehensive asset-inventory (ii) prepares a special law for the land development of the Hellinikon Area (iii) clarifies land-use status for the single assets and/or portfolios of assets thai will be assessed and selected for exploitation within 2012 <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.2 Reducing waste in public enterprises and other public entities</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Tariffs in OASA, OSΕ Group and Trainose increase by at least 25 percent, while their business plans are appropriately updated <b style="mso-bidi-font-weight:normal">[Q1-2013]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.3 Tax police</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will prepare a tax reform that aims at simplifying the tax system, eliminating exemptions and preferential regimes, including and broadening bases, thus allowing a gradual reduction in tax rates as revenue performance improves. This reform relates to the personal income tax, corporate income tax and VAT, property taxes, as well as social contributions, and will maintain the relative tax burden from indirect taxes. The reform will be adopted by <b style="mso-bidi-font-weight: normal">June 2012</b>. By <b style="mso-bidi-font-weight:normal">end-February 2012</b>, the Government will announce the full schedule of intermediate steps until the reform is tabled. These intermediate steps will include public consultation and appropriate review by the European Commission, ECB and IMF staff.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">By <b style="mso-bidi-font-weight: normal">June 2012</b>, the Government will increase the legal values of real estate to better align them with market prices.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.4 Revenue administration reforms</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Articles 3 and 21 of Law 4038/2012 are amended <b style="mso-bidi-font-weight:normal">prior to the disbursement</b>. The suspension of criminal prosecution and asset freezing is eliminated; the conditions to extend the instalment plans for overdue taxes and social contributions are revised so that the instalment plans will only apply to existing overdue amounts below EUR 10 000 for individuals and EUR 75 000 for corporations. Tax payers applying for an extended instalment plan should disclose all their financial statements to the tax authorities.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Moreover, during the years covered by the economic adjustment programme, the Government commits not to adopt new tax amnesties, or extend existing amnesties for the collection of taxes and social contributions.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will define “tax refunds in arrears”, set standards for their processing <b style="mso-bidi-font-weight: normal">[Ql-20l2]</b> and publish on the web<b style="mso-bidi-font-weight: normal"> [Q2-2012] </b>monthly data on ihese arrears with a lag of 20 days after the end of each month.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In line with the anti-tax evasion action plan, the Government will step up audits of large-scale tax payers, high-wealth individuals and self-employed. It will also accelerate the resolution of tax arrears, and better integrate anti-money laundering tools into the strategy. Progress will be monitored by quantitative indicators according to targets set under the anti-tax evasion plan (key performance indicators). These indicators concern completion of full scope and temporary audits of large taxpayers, of risk-based audits of self-employed and high wealth individuals and of non-filers. They also involve collection of assessed taxes and penalties from new audits of large taxpayers, of the existing stock of tax debt, and increase in the number of registered VAT taxpayers filing returns.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The achievement of the completion of 75 full-scope audits and 225 VAT audits of large taxpayers, as targets set in the memorandum of 31 October 2011 for end-December 2011, <b style="mso-bidi-font-weight:normal">are prior to the disbursement</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To advance the reforms of revenue administration, the Government:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l22 level1 lfo2;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>increases the staff of the large-taxpayers unit by 40 auditors to step up the fulfilment of audits in progress <b style="mso-bidi-font-weight:normal">[end-March 2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>steps up the hiring procedure in order to complete the first wave of auditor reassessment and hiring (1 000 staff), <b style="mso-bidi-font-weight:normal">[end-April 2012]</b> with the objective to achieve the target of 2 000 tax auditors fully operational by <b style="mso-bidi-font-weight:normal">end-2012</b> within the overall limits for public hiring;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>removes barriers to effective tax administration <b style="mso-bidi-font-weight:normal">[June 2012]</b>, including a formal performance review and replacing managers who do not meet performance targets;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>continues to centralise and merge tax offices; 200 local tax offices, identified as inefficient, will be closed, by <b style="mso-bidi-font-weight:normal">end-2012</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>centralises the management of tax files related to the taxpayers in ihe list of big debtors; <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>revises the procedures to write-off tax debts, so that the administrative efforts may focus on effectively collective debts, by <b style="mso-bidi-font-weight:normal">end-2012</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>discontinue payments in cash and cheque in tax offices which should be replaced by bank transfers, so that staff time is freed-up to focus on more value added work (audit, collection enforcement and taxpayer advice); <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>starts to publish on the web key performance indicators for the tax department; <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>put in place a new IT system that interconnects all tax οffices.</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;tab-stops:list 21.3pt"> </p> <p class="MsoNormal" style="text-align:justify">The preparation of the new IT system involves the following main steps in relation to the new data centre, web-facing and back-office applications;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the new data centre hardware is in place and running by <b style="mso-bidi-font-weight:normal">end-Μarch 2012</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>20 more new electronic services and enhancements by <b style="mso-bidi-font-weight:normal">end-June 2012</b>. These concern mainly taxes withheld at source;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>database and application design and implementation, by <b style="mso-bidi-font-weight:normal">end-October 2012</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>8 remaining new electronic services and enhancements by <b style="mso-bidi-font-weight:normal">end-December 2012</b>. These concern forms filed late with a fine, real-estate tax, and VAT administration;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>system and user tests, user training, and migration of all tax offices to the centralized database: by <b style="mso-bidi-font-weight:normal">end-December 2012</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>operational use of the new IT infrastructure by all tax offices: <b style="mso-bidi-font-weight:normal">1 January 2013</b>.</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;tab-stops:list 21.3pt"> </p> <p class="MsoNormal" style="text-align:justify">To strengthen the anti-corruption framework for the tax administration, the Government will:</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;tab-stops:list 21.3pt"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>reform the financial inspections’ unit, which should focus only on auditing tax collectors and revenue administration issues <b style="mso-bidi-font-weight:normal">[June 2012]</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>activate an Internal Affairs Directorate <b style="mso-bidi-font-weight:normal">[June 2012]</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>require the Financial Intelligence Unit to audit annually at least 200 asset statements of tax officials <b style="mso-bidi-font-weight: normal">[June 2012]</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>establish procedures for the rotation of managers on a periodic basis <b style="mso-bidi-font-weight:normal">[June 2012]</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>improve the system to protect whistle-blowers who report corruption <b style="mso-bidi-font-weight:normal">[June 2012]</b>;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>prepare a fully-fledged anti-corruption plan <b style="mso-bidi-font-weight:normal">[September 2012]</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Moreover, the Government will define powers to be delegated from the political level to the tax administration. These powers will include control over core business activity, selection of taxpayers to be audited and management of human resources. The Government wilt also tighten the control of local tax offices by central offices, and fill the position of Secretary General of Revenue Administration with an external appointee with appropriate professional experience <b style="mso-bidi-font-weight:normal">[March 2012]</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government adopts secondary legislation to make arbitration operational and certifies arbitrators by <b style="mso-bidi-font-weight:normal">end-March 2012</b>. By the same date, legislation will make it compulsory to exhaust administrative dispute phase for large tax cases before entering the judicial appeals.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Code of Books and Records is repealed in its entirety and replaced by simpler legislation <b style="mso-bidi-font-weight:normal">[not later than June 2012]</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.5 Public financial management reforms</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">A plan for the clearance of arrears owed to suppliers by public entities is published by <b style="mso-bidi-font-weight: normal">June</b> <b style="mso-bidi-font-weight:normal">2012</b> and the Government ensures that the stock of arrears steadily declines. Clearance of arrears of government entities by the state budget will be contingent on progress in relation to the commitment registry, and no additional accumulation of arrears by each public entity. Data on arrears are published monthly with a lag of not more than 20 days after the end of each month.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To strengthen expenditure control, the Government:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>continues the process of establishing commitment registries, which should fully cover the central government by <b style="mso-bidi-font-weight:normal">March 2012</b>, and the investment budget and at least 70 percent of general government units <b style="mso-bidi-font-weight: normal">[June 2012]</b> and extended to other general government entities;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>enforces the obligation of accounting officers to report commitments, including by enacting sanctions to entities not submitting the data and disciplinary action for accounting officers; <b style="mso-bidi-font-weight:normal">[June 2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>adopts legislation streamlining the procedure for submission and approval of supplementary budgets,<b style="mso-bidi-font-weight: normal"> [October 2012]</b> and establishes an administrative calendar for the update of the medium-term fiscalstrategy. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.6 To modernise the public administration </i></b></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal"> </i></b></p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">At the central leve</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">By December 2012, and in accordance with the roadmap established, the Government has: i) set up a high-lever steering group, chaired by the PM, that will supervise, monitor and ensure the impfementation of administrative reforms; <b style="mso-bidi-font-weight: normal">[February 2012]</b> ii) established a stable structure for Inter-Ministerial Coordination; <b style="mso-bidi-font-weight:normal">[April 2012]</b> iii) created basic horizontal structures in each Ministry, implementing the relevant procedures with Budgety/Finance <b style="mso-bidi-font-weight: normal">[February 2012]</b>, Audit, Internal Control, Human Resource Management, acting under common rules. A framework legislation, to be drafted in line with the roadmap agreed and adopted, will provide the legal reference for implementing such a reform.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">At the decentralized/regional/local level</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">A specific roadmap is created, translating all principles of coherence and efficiency at the central level into the decentralized regional/local level. <b style="mso-bidi-font-weight: normal">[March 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Social programmes</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The ongoing functional review on social programmes is finalised by <b style="mso-bidi-font-weight:normal">end-March 2012</b>. The review report will include recommendations to the Government on the objectives, design and implementation of social policies, as well as on the need to keep a balance between achieving savings and protecting the most vulnerable.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Public sector wages and human resource management</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government publishes and updates <b style="mso-bidi-font-weight:normal">on a quarterly basis</b> its medium-term staffing plans per department, for the period up to 2015, in line with the rule of 1 recruitment for 5 exits. The recruitment/exit rule applies to the general government as a whole. The staffing plans should be consistent with the target of reducing public employment by 150 thousand in end-2010-end-2015. If necessary, the Government will enact temporary hiring freezes.</p> <p class="MsoNormal" style="text-align:justify"><span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal" style="text-align:justify">Staff transferred to the Government from either stale-owned enterprises or other entities under restructuring are considered as new recruitments. The same applies to staff in the labour reserve that is transferred to other government entities, after screening of professional qualifications by ASEP under its regular evaluation criteria. The overall intake in the professional schools (e.g. military and police academies) is reduced to a level consistent with hiring plans.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The staffing plans per Ministry and each group of public entities will include tighter rules for temporary staff, cancellation of vacant job post and reallocation of qualified staff to priority areas and takes into account the extension of working hours in the public sector. The staffing plans and monthly data on staff movements (entries, exits, transfers among entities) of the several government departments are published on the web.<b style="mso-bidi-font-weight:normal"> [monthly starting March 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">15 000 redundant staff will be transferred to the labour reserve in the course οf <b style="mso-bidi-font-weight: normal">2012</b>, in connection with the identification of entities or units that are closed or downsized. Staff in the labour reserve will be paid at 60 percent of their basic wage (excluding overtime and other extra payments) for not more than 12 months, after which they will be dismissed. This period of 12 months may be extended up to 24 months for staff close to retirement. Payments to staff while in the labour reserve are considered part of their severance payments.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government commissions an ex pea assessment of the new wage grid<span style="mso-spacerun:yes"> </span><b style="mso-bidi-font-weight:normal">[Ql-2012]</b>. This assessment will focus on the wage drift that is embedded in the new promotion mechanism. If the assessment reveals any excessive wage drift, the promotion rules are adjusted before <b style="mso-bidi-font-weight:normal">end-2012</b>. No promotion takes place before the assessment and adjustment to the promotion rules.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government sets up an electronic automated system linking the census data base with the Single Payment Authority (SPA)’s, which will allow for a more effective coverage, assessment and payment of employees. This system will be coordinated with other ministries.<b style="mso-bidi-font-weight:normal"> [Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Public procurement</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><u>Single Public Procurement Authority (SΡΡΑ)</u></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government issues decisions:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>to appoint the members of the SPPA. <b style="mso-bidi-font-weight:normal">[February 2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>to provide for the institution and establishment of positions for the SPPA's personnel, as well as for the organization of human resources and services of the Authority in accordance with the provisions of the law on the SPPA.<b style="mso-bidi-font-weight:normal"> [March 20I2]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l19 level1 lfo4;tab-stops:list 21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>to establish the implementing Regulation for the SPPA. <b style="mso-bidi-font-weight:normal">[April 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The SPPA starts its operations to fulfil its mandate, objectives, competences and powers as defined in the law on the SPPA and the Action Plan agreed with the European Commission in November 2010. <b style="mso-bidi-font-weight:normal">[April 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><u>Ε-procurement</u></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government presents a detailed plan for the developmem of the e-procurement platform, including phased roll-out, communication and training, target usage levels, and planned revision to current legislation (if needed). <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government presents a pilot version of the e-procurement system.<b style="mso-bidi-font-weight:normal"> [Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The e-procurement platform is fully operational and ready for use and a common portal is created for the publication of all procurement procedures and outcomes. The e-procurement framework is placed under the responsibility of the SPPA which supervises its operations. <b style="mso-bidi-font-weight:normal">[Q1-2013]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The whole public sector uses the e-procurement platform <b style="mso-bidi-font-weight:normal">[Q4-2013]</b> and the government presents results of the monitoring activities covering year 2013 against the target usage levels. <b style="mso-bidi-font-weight:normal">[Q1-2014]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><u>Efficiency of procedures</u></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will move towards more centralised procurement, especially in the field of health procurement, services and supplies:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government identifies a number of potential sectoral Central Purchasing Bodies (CPS) at central government level. The first CPBs are fully operational and coordinated by the SPPA.<b style="mso-bidi-font-weight:normal"> [Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government establishes centralised purchasing/framework contracts for frequently purchased supplies or services at central government level with the obligation for ministries and central government bodies to source via these contracts and optional use for regional entities. <b style="mso-bidi-font-weight:normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government proposes an Action Plan to establish CPB at regional/local level, at least one per administrative region <b style="mso-bidi-font-weight:normal">[Q3-2012]</b>. Regional/local CPBs are fully operational and coordinated by the SPPA. This involves their full capability to operate on the e-procurement platform. <b style="mso-bidi-font-weight: normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government undertakes a reform of The public procurement system including works, supplies and services with a view to (a) simplifying, streamlining and consolidating the body of public procurement legislation, and (b) rationalising the administrative structures and processes in public procurement to desired procurement results in terms of efficiency and efficacy. The review shall start from an analysis of the state of play (flowcharts, procedural phases, actors involved, timelines, statistics). A first Action Plan for reform is developed in agreement with the European Commission. <b style="mso-bidi-font-weight:normal">[Q2-20l2]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Government presents drafts of the necessary legislative and organisational measures to implement the Action Plan for consultation with European Commission. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government undertakes a thorough review of the system of redress against award procedures with the objective of (1) reducing the significant and frequent delays triggered by excessive use and lengthy processing of redress in public procurement procedures and of (2) assessing the role lo confer to the SPPA in this area. The Government proposes an Actron Plan in agreement with the European Commission. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Quality of statistics</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The ongoing strengthening of the European Statistical System includes the introduction of Commitments of Confidence in Statistics, to be signed by all Member States. The Government will sign such a Commitment by <b style="mso-bidi-font-weight:normal">end-March 2012</b>. This Commitment includes the revision of the Statistical Law to reform the ELSTAT governance arrangements and establish the ELSTAT Board as an advisory body, and to clarify further the professional authority of the ELSTAT President as chief officer and coordinator of the national statistical system.</p> <p class="MsoNormal" style="text-align:justify"> </p> <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal"><span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></i></b> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.7 To complete the pension reform</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">Prior to the disbursement</b>, the Government proceeds, through a framework law, with an in-depth revision of the functioning of secondary/supplementary public pension funds, including welfare funds and lump-sum schemes.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The aim of the revision is to stabilise pension expenditure, guarantee the budgetary neutrality of these schemes, and ensure medium-and long-term sustainability of the system. The revision achieves:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l35 level1 lfo7;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the elimination of imbalances in those funds with deficits;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l35 level1 lfo7;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the unification of all existing funds;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l35 level1 lfo7;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>reduction of overall operational and payroll costs including an adequate reduction in staff headcount (by at least 30 percent) in the new single fund;</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l35 level1 lfo7;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the long-term sustainability of secondary schemes through a strict link between contributions and benefits.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The reform of the secondary/supplementary schemes is designed in consultation with the European Commission, ECB and IMF staff, and its estimated impact on long-term sustainabilily is validated by the EU Economic Policy Committee. The parameters of the new secondary notional defined-contribution system ensure long-term actuarial balance, as assessed by the National Actuarial Authority. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The individual pension benefit will be calculated on the basis of (i) a notional rate of return linked to the rate of growth of the wage bill of insured workers; (ii) a sustainability factor that adjust benefits to promptly eliminate any future imbalances should they occur.<b style="mso-bidi-font-weight:normal"> [Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will reduce nominal supplementary pension benefits starting from January 2012 to eliminate deficits. The new single fund sets up in a cost effective way a computerised system of individual pension accounts. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government identifies the schemes for which lump sums paid on retirement are out of line with contributions paid, and adjusts the payments. <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Health Committee set up by Law 3863/2010 will produce a first quarterly report of its activities aimed at revising the disability status and reduce the disability pensions to not more than 10 percent of the overall number of pensions. <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Bank of Greece commits not to grant pension privileges to its staff and to revise the main parameters of its pension scheme, so that they remain aligned to those of IKA.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will ensure that social security’s assets, including the liquidity that results from the ongoing debt exchange is invested in government bills, deposits in Treasury, or any other instrument that consolidates in government debt.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">2.8 To modernise the health care system</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government continues to implement the comprehensive reform of the health care system started in 2010 with the objective of keeping public health expenditure at or below 6 percent of GDP, while maintaining universal access and improving the quality of care delivery. Policy measures include reducing the fragmented governance structure, reinforcing and integrating the primary healthcare network, streamlining the hospital network, strengthening central procurement and developing a strong monitoring and assessment capability and e-health capacity.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government continues the efforts undertaken in 2010-11 and intensifies measures to reach savings in the purchasing (accruals basis) of outpatient medicines of close to EUR 1 billion in 2012 compared to the 2011. This will contribute to the goal of bringing average public spending on outpatient pharmaceuticals to about 1 percent of GDP (in line with the EU average) by <b style="mso-bidi-font-weight:normal">end-2014</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">More specifically, the following measures are implemented:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Governance</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To strengthen health system governance, improve health policy coherence, reduce fragmentation in the purchasing of health services and reduce administrative costs, the Government further concentrates all health-related decision making procedures and responsibilities (including payroll expenditures) under the Ministry of Health by at the latest <b style="mso-bidi-font-weight:normal">June 2012</b>. In order to do this, the Government prepares a plan and the necessary legislative changes by <b style="mso-bidi-font-weight:normal">end-February 2012</b>. As part of this concentration process, all health insurance funds are merged into EOPYY and come under the responsibility of the Ministry of Health. EOPYY buys services in a cost effective way from NHS facilities and private providers through contracts. All other welfare/social assistance schemes under the Ministry of Health are moved to the Ministry of Labour by at the latest <b style="mso-bidi-font-weight:normal">June 2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">From <b style="mso-bidi-font-weight: normal">January 2013</b> EOPYY will purchase hospital services on the basis of prospective budgets following the development of costing of procedures by treatment/pathology categories (full absorption cost DRGs).</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">As a result of the concentration process, EOPYY rationalises the number of contracts with private doctors so as to bring down the doctor-to-patients ratio close to the much lower EU average. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Contributions paid by OGA members are progressively equalised to those of other members of EOPYY, as envisaged in the medium-term fiscal strategy. The process of equalisation of contributions will be completed in <b style="mso-bidi-font-weight:normal">2013</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <i style="mso-bidi-font-style:normal"><span style="font-size:12.0pt;font-family: "Times New Roman";mso-fareast-font-family:"Times New Roman";mso-ansi-language: EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></i> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Cuntrolling pharmaceutical spending</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In order to achieve EUR 1 billion of reduction in outpatient pharmaceutical spending in 2012, the Government will simultaneously implement a set of consistent policies comprising changes in pricing, prescribing and reimbursement of medicines that enhance the use of less expensive medicines, control prescription and consumption and prosecute misbehaviour and fraud. The Government defines a consistent set of incentives and obligations for all participants along the medicines supply chain (including producers, wholesalers, pharmacies, doctors and patients) to promote the use of generic medicines.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will revise the co-payment system in order to exempt from co-payment only a resirtcted number of medicines related to specific therapeutic treatments. <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Pricing of medicines</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government continues to update, on a quarterly basis, the complete price list for the medicines in the market, using the new pricing mechanism based on the three EU countries with the lowest prices. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government introduces an automatic claw-back mechanism (quarterly rebate) on the turnover of pharmaceutical producers which guarantees that the outpatient pharmaceutical expenditure does not exceed budget limits. <b style="mso-bidi-font-weight:normal">[Q1-2012</b>]</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Starting from <b style="mso-bidi-font-weight:normal">Q1-2012</b>, the pharmacies' profit margins are readjusted and a regressive margin is introcuced – i.e. a decreasing percentage combined with flat fee of EUR 30 on the most expensive drugs (above EUR 200) - with the aim of reducing the overall profit margin to below 15 percent.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Government produces an implementalion report on the impact of the new profit margins by <b style="mso-bidi-font-weight: normal">Q1-2013</b>. If it is shown that this new model to calculate profit margins does not achieve the expected result, the regressive margin will be further revised.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Starting from <b style="mso-bidi-font-weight:normal">Q1-2012</b>, the wholesalers’ profit margins are reduced to converge to 5</p> <p class="MsoNormal" style="text-align:justify">percent upper limit.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Prescribing and monitoring</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l35 level1 lfo7;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>takes further measures to extend in a cost-effective way the current e-prescribing to all doctors, health centres and hospitals. E-prescribing is made compulsory and must include at least 90 percent of all medical acts covered by public funds (medicines, referrals, diagnostics, surgery) in both NHS facitities and providers contracted by EOPYY and the social securily funds. <b style="mso-bidi-font-weight:normal">[Q1-20I2]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>introduces a temporary and cost-effective mechanism (until all doctors are able to use the e-prescription systme which allows for the immediate and continuous monitoring and tracking of all prescriptions not covered by e-prescription. This mechanism will make use of the web-based e-prestripiion application established by IDIKA, which allows the pharmacies to electronically register manual prescriptions from a specific doctor to a specific patient. For medicines to be reimbursed by EOPYY (and other funds), pharmacies must register in the web-based application all manual prescriptions. For this service, doctors who prescribe manually will be charged a monthly administrative fee by EOPYY to compensate the pharmacies. The introduction of this temporary mechanism would ensure that all prescriptions are electronicallly recorded, allowing for the full and continuous monitoring of doctors’ prescription behaviour, their compliance with prescription guidelines. <b style="mso-bidi-font-weight: normal">[February 2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>continues publishing prescription guidelines/protocols for physicians. Starting with the guidelines for the most expensive and/or mostly used medicines the government makes it compulsory for physicians to follow prescription guidelines. Prescription guidelines/protocols are defined by EOF on the basis of international prescription guidelines to ensure a cost-effective use of medicines and are made effectively binding. <b style="mso-bidi-font-weight:normal">[Q1-2012</b>]</p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>enforces the application οf prescription guidelines also through the e-prescription system, therefore discouraging unjustified prescriptions of most expensive medicines and diagnostic procedures. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>produces (Ministry of Health and EOPYY together with the other social security funds until they merge) detailed monthly auditing reports on the use of e-prescription in NHS facilities and by providers contracted by EOPYY and other social security funds (until they merge). These reports are shared with the European Commission, ECB and IMF staff teams. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>implements (Ministry of Heahh and EOPYY together with the other social security funds until they merge) an effective monitoring system of prescription behaviour. They establish a process to regularly assess the information obtained through the prescribing system. <b style="mso-bidi-font-weight: normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>produces regular reports, at least on a quarterly basis, on pharmaceutical prescription and expenditure which include information on the volume and value of medicines, on the use of generics and the use of off-patent medicines, and on the rebate received from pharmacies and from pharmaceutical companies. These reports are shared wilh the European Commission, ECB and IMF staff teams. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>provides feedback and warning on prescription behaviour to each physician when they prescribe above the average of comparable physicians (both in NHS facilities and contracted by EOPYY and other social security funds until they merge) and when they breach prescription guidelines. This feedback is provided at least every month and a yearly report is published covering: 1) the volume and value of the docto’'s prescription in comparison to their peers and in comparison to prescription guidelines; 2) the doctor’s prescription of generic medicines vis-avis branded and patent medicines and 3) the prescription of antibiotics. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>enforces sanctions and penalties as a follow-up to the assessment and reporting of misconduct and conflict of interest in prescription behaviour and non-compliance with the EOF prescription guidelines. Continuous or repeated non-compliance with the prescription rules will lead to the termination of the contract between the doctor and the EOPYY and the doctor’s permanent loss of his/her capability/right to prescribe pharmaceuticals which are reimbursed by the government/EOPYY in the future. <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>continuously updates the positive list of reimbursed medicines using the reference price system developed by EOF. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:21.3pt;text-align:justify;text-indent: -21.3pt;mso-list:l9 level1 lfo8;tab-stops:21.3pt"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>selects a number of the most expensive medicines currently sold in pharmacies, to be sold in hospitals or EOPYY pharmacies, so as to reduce expenditure by eliminating the costs with outpatient distribution margins, and by allowing for a strict control of the patients who are being administered the medicines. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">If the monthly monitoring of expenditure shows that the reduction in pharmaceutical spending is not producing expected results, additional measures will be promptly taken in order to keep pharmaceutical consumption under control. These include a prescription budget for each doctor and a target on the average cost of prescription per patient and, if necessary, across-the-board further cuts in prices and profit margins and increases of co-payments. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In compliance with EU procurement rules, the Government conducts the necessary tendering procedures to implement a comprehensive and uniform health care information system <i style="mso-bidi-font-style: normal">(e-health system)</i>. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Increasing use of generic medicines</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">A comprehensive set of measures is adopted simultaneously to promote the use of generic and less expensive medicines. The aim of these measures is to gradually and substantially increase the share of the generic medicines to reach 35 percent of the overall volume of medicines sold by pharmacies by <b style="mso-bidi-font-weight:normal">end-2012</b>, and 60 percent by <b style="mso-bidi-font-weight:normal">end-2013</b>. This will be achieved by:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>reducing the maximum price of the generic to 40 percent of the price of the originator patented medicine with same active substance at the time its patent expired. This is set as a maximum price; producers can offer lower prices, thus allowing an increased competition in the market. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>automatically reducing the prices of originator medicines when their patent expires (off-patent branded medicines) to a maximum of 50 percent of its price at the lime of the patent expiry. Producers can offer lower prices, thus allowing an increased competition in the market. <b style="mso-bidi-font-weight:normal">[Q1-2012] </b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>creating dynamic competition in the market for generic medicines through price reductions of at least 10 percent of the maximum price of each generic follower. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>associating a lower cost-sharing rate to generic medicines that have a significantly lower price than the reference price for reimbursement {lower than 40 percent of the reference price) on the basis of the experience of other EU countries, while increasing substantially the co-payment of more expensive medicines in the reference category and of new molecules. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>allowing the reimbursement of newly patented medicines (i.e. new molecules) only after at least 2/3 of the EU countries are already reimbursing them and on the basis of a proper assessment of their cost-effectiveness carried out in other European countries. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>excluding from the list of reimbursed medicines those which are not effective or cost-effective on the basis of the experience of other countries. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>making it compulsory for physicians to prescribe by international non-proprietary name for an active substance, rather than the brand name. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l25 level1 lfo9;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>mandating the substitution of prescribed drugs by the lowest-priced product of the same active substance in the reference category by pharmacies (compulsory “generic substitution”). <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government takes further measures to ensure that at least 40 percent of the volume of medicines used by public hospitals is made up of generics with a price below that of similar branded products and off-patent medicines. This should be achieved, in particular by making compulsory that all public hospitals procure pharmaceutical products by active substance, by using the centralised tenders procedures developed by EPY and by enforcing compliance with therapeutic protocols and prescription guidelines. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government, pharmaceutical companies and physicians adopt a code of good conduct (ethical rules and standards) regarding the interactions between pharmaceutical industry, doctors, patients, pharmacies and other stakeholders. This code will impose guidelines and restrictions on promotional activities of pharmaceutical industry representatives and forbids any direct (monetary and nonmonetary) sponsorship of specific physicians (sponsorship should be attributed through a common and transparent allocation method), based on international best practice. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government simplifies administrative and legal procedures, in line with EU legal frameworks, to speed up the entry of cheaper generic medicines. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Pricing and use of diagnostic services</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Fees for diagnostic services contracted to private providers are reviewed with the aim of reducing related costs by EUR 45 million in 2012. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The government starts publishing a quarterly report on the prescription and expenditure of diagnostic tests. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">NHS (ESY) service provision</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The plan for the reorganisation and restructuring is implemented for the short and medium term with a view to reducing existing inefficiencies, utilising economies of scale and scope, and improving quality of care for patients. The aim is to reduce further hospital operating costs by 8 percent in <b style="mso-bidi-font-weight:normal">2012</b>. This is to be achieved through:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l36 level1 lfo10;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>increasing the mobility of healthcare staff (including doctors) within and across health facilities and health regions.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l36 level1 lfo10;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>adjusting public hospital provision within and between hospitals within the same district and health region</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l36 level1 lfo10;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>revising the activity of small hospitals towards specialisation in areas such as rehabilitation, cancer treatment or terminal care where relevant.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l36 level1 lfo10;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>revising emergency and on-call structures.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l36 level1 lfo10;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>optimise and balance the resource allocation of heavy medical equipment (e.g. scanners, radiotherapy facilities, etc.) on the basis of need.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">A first annual report comparing hospitals performance on the basis of the defined set of benchmarking indicators will be published by <b style="mso-bidi-font-weight:normal">end-March 2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Wages and human resource management m the health care sector</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government updates the existing report on human resources conducted by the Ministry of Health to present the staff structure according to specialty. This report will be updated annually and will be used as a human resource planning instrument. The 2012 report will also present plans for the allocation and re-qualification of human resources for the period up to 2013. It will also provide guidance for the education and training system and it will specify a plan to reallocate qualified and support staff within the NHS with a focus in particular on training and retention of primary care healthcare professionals and hospital nurses. <b style="mso-bidi-font-weight: normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The revised payment system used by EOPYY for contracting with physicians, and the efficiency gains in the use of staff (including reduction in overtime costs) will lead to savings of at least EUR 100 million in the overall social security costs associated with wages and fees of physicians in 2012. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Accounting and control</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Internal controllers are assigned to all hospitals and all hospitals adopt commitment registers. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">By <b style="mso-bidi-font-weight: normal">end-Μarch 2012</b>, the Government publishes the monthly report with analysis and description of detailed data on healthcare expenditure by all social security funds with a lag of three weeks after the end of the respective month. This <span style="mso-spacerun:yes"> </span>report will make it possible a detailed monitoring of the budget execution, by including both expenditure commitments/purchases (accruals basis) and actual payments (cash basis). The report will also (1) describe performance of entities on execution of budget and accumulation of arrears, (2) highlight any defaulters, and (3) recommend remedial actions to be taken. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">EOPYY and other social security funds (until they merge) start publishing an annual report on medicine prescription. The annual report and the individual prescription reports examine prescription behaviour with particular reference to the most costly and most used medicines. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Hospital computerisation and monitoring systent</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The necessary tendering procedures are carried out by HDIKA to develop the full and integrated system of hospitals’ IT systems. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Throughout 2012, further measures are taken to improve the accounting, bookkeeping of medical supplies and billing systems, through:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l2 level1 lfo11;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the introduction of analytical cost accounting systems and the regular annual publication of balance sheets in all hospitals. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l2 level1 lfo11;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the calculation of stocks and flows of medical supplies in all the hospitals using the uniform coding system for medical supplies developed by the Health Procurement Commission (EPY) and the National Centre for Medical Technology (EKEVYL) for the purpose of procuring medical supplies . <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l2 level1 lfo11;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>timely invoicing of full treatment costs (including staff payroll costs) - i.e. no later than 2 months to other EU countries and private health insurers for the treatment of non-nationals/non-residents. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l2 level1 lfo11;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>enforcing the collection of co-payments and implementing mechanisms that fight corruption and eliminate informal payments in hospitals. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">ELSTAT starts providing expenditure data in line with Eurostat, OECD and WHO databases i.e. in line with the System of Health Accounts (joint questionnaire collection exercise). <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The programme of hospital computerisation allows for a measurement of financial and activity data in hospital and health centres. Moreover, the Minister of Health defines a core set of non-expenditure data (e.g. activity indicators] in line with Eurostat, OECD and WHO health databases, which takes account of the future roll-out of DRG (diagnostic-related groups) schemes in hospitals. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b> The programme of hospital computerisation will continue the development of a system of patient electronic medical records. <b style="mso-bidi-font-weight: normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">In all NHS hospital the Government pilots a set of DRGs, with a view to developing a modern hospital costing system for contracttrig (on the basis of prospective block contracts between EOPYY and NHS). To support the development of DRGs, the government develops clinical guidelines and assesses existing international examples of DRG-base schemes, in particular considering observations on DRG costing and proportionality of DRG-based tariffs. DRGs include a detailed item on costs of personnel. <b style="mso-bidi-font-weight:normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">An analysis will be made of how hospital accounting schemes integrate DRGs at hospital level in view of future activity-based cost reporting and prospective budgets payment for hospitals. <b style="mso-bidi-font-weight:normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Centralised procurement</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Government continues centralised procurement through EPY and regional procurement through the Regional Health Authorities, with the aim of increasing substantially the number of expenditure items and therefore the share of expenditure covered by centralised tender procedures. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">EPY will undertake a major effort to utilise tender procedures for framework contracts for the most expensive medicines used in the outpatient context so as to substantially reduce the price paid by EOPYY. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Government puts in place the procurement monitoring mechanism. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Independent task force of health policy experts</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Independent Task Force of Health Policy Experts, established as an advisory group, produces an annual report on the implementation of reforms. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">3<span style="mso-spacerun:yes"> </span>FINANCIAL SECTOR REGULATORY AND SUPERVISION</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Assessment of capital needs</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">All banks will be required to achieve a core tier 1 capital ratio set at 9 percent by <b style="mso-bidi-font-weight: normal">Q3-2012</b>, reaching 10 percent in <b style="mso-bidi-font-weight: normal">Q2-2013</b>. The Bank of Greece, with the support of external consultants, will undertake a comprehensive assessment of banks’ capital needs <b style="mso-bidi-font-weight:normal">prior to disbursement</b>. This assessment will be based on a stress-test exercise built on, inter alia, the results from the BlackRock loan diagnostic exercise, the PSI impact, and the business plans banks have submitted. <span style="mso-spacerun:yes"> </span>In addition, banks’ capital needs will be determined on the basis of a requirement to maintain a 7 percent core tier 1 capital ratio under a three-year adverse stress scenario (pillar II requirements). Based on these capital needs identified by the Bank of Greece, banks will revise their business plans and submit capital raising plans by <b style="mso-bidi-font-weight:normal">Q1 -2012</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">A strategic assessment of the banking sector will be carried out in consultation with the Commission, ECΒ and IMF staff, the Bank of Greece will conduct a thorough and rigorous assessment of each bank, using a set of quantitative and qualitative criteria The criteria will include in non-exhaustive terms: shareholders’ soundness and willingness to inject new capital; quality of management and risk management systems: capital, liquidity, and profitability metrics (both forward and backward looking); quality of Bank of Greece’s assigned ratings to bank risks; and a sustainable business model. The assessment will be complete by <b style="mso-bidi-font-weight: normal">Q1-2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Based on the ongoing work by the commissioned external audit firm, a study will be completed <b style="mso-bidi-font-weight:normal">prior to disbursement</b> on how to address ATE. The study will illustrate the legal operational and financial aspects of the different solutions and lay out associated costs</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><i style="mso-bidi-font-style: normal">Recapitalization and resolution actions.</i></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Banks will be given time to raise capital in the market. Based on an assessment of their viability and capital raising plans, by <b style="mso-bidi-font-weight:normal">end-April 2012</b>, the Bank of Greece will communicate to banks specific deadlines to raise capital in the market. The deadlines to raise capital will be set for each bank on a case by case basis, with a maximum duration by to <b style="mso-bidi-font-weight: normal">Q3-2012</b>, taking into account the regulatory framework and the requirements set by the Hellenic Capital Market Commission.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Banks submitting viable capital raising plans will be given the opportunity to apply for and receive public support in a manner that preserves private sector incentives to inject capital and thus minimizes the burden for taxpayers. Specifically, banks will be able to access capital from the Hellenic Financial Stability Fund (HFSF) trough common shares and contingent convertible bonds</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will ensure that Greek banks have business autonomy both <i style="mso-bidi-font-style:normal">de jure</i> and <i style="mso-bidi-font-style:normal">de facto</i>. The voting rights οf the HFSF for the common shares it holds will be strictly limited to specific strategic decisions (unless the private participation in the form of common shares is less than a given minimum percentage of the bank’s total capital needs). This percentage will be defined in the amended HFSF law. The shares and/or the voting rights acquired by the HFSF shall not be transferred or sold to any other state-related entity in any form. Private shareholders will be given incentives to purchase HFSF-held shares. A ministerial decree agreed in consultation with the European Commssion, ECB and IMF staff shall provide the technical details of the banks’ recapitalisation framework, embodying these principles, by <b style="mso-bidi-font-weight:normal">Q1-2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Banks that do not submit viable capital raising plans and or do not raise the capital needed to meet the regulatory requirements within the deadline set by the Bank of Greece will be resolved in an orderly manner and at the lowest cost to the Stale, in a way that ensures financial stability and which follows the overall strategic plan for resolved banking system assets. Resolution options will include the tools available under the law such as, inter allia, purchase and assumption (transfer order), interim credit institution (bridge banks), and orderly wind down.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To ensure that the system remains well-cap tia hied, by Q2-201 J, ihe Bank of Greece will conduct a new stress-test exercise, based on end-2012 data, using a methodology determined in consultation wilh the Com mission, ECB and IMF.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Legislation will be enacted <b style="mso-bidi-font-weight:normal">prior to disbursement</b> to support the strategy for bank recapitalisation and resolution:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l1 level1 lfo12;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i style="mso-bidi-font-style:normal">Capital adequacy requirements</i>. The banking law (3601) will be amended to enable the Bank of Greece to set new bank capital standards through regulation, and the Bank of Greece will introduce regulation to phase in the foreseen increases in Core Tier 1requirements.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l1 level1 lfo12;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i style="mso-bidi-font-style:normal">Technical aspects of bank resolution</i>. Building on the recent changes in the bank resolution framework and the experiences gained so far, the authorities will clarify the procedures and responsibilities for the valuation of assets and liabilities and thus for the opening balance sheet of the interim credit institutions. The authorities will also strengthen the framework to ensure that future resolutions initially use conservative asset valuations of failed banks’ assets, based on fair value, and subsequently allowing for a proper due diligence and revaluation followed by complementary asset transfers within a specified time period. The authorities will also identify the legislative impediments to a flexible management of employment contracts in the context of bank resolutions and adopt the needed legislative changes to remove them.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l1 level1 lfo12;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i style="mso-bidi-font-style:normal">Recapitalisation framework</i>. The HFSF law will be amended to allow the use of contingent convertible bonds and to provide for restrictions on HFSF voting rights for a 5-year period. The voting rights of the HFSF for the common shares it holds will depend on the size of the capital injection by private investors via common shares. If this injection is below a given minimum percentage of a bank’s total capital needs (to be defined in the HFSF law), the HFSF will have full voting rights. The HFSF shall hold its shares for a period of two years, with the possibility lo extend for an additional two years for financial and market stability reasons If instead this private injection is larger than this percentage, the HFSF voting rights will be strictly limited to specific strategic decisions. In this case, the legal framework will be revised to allow the HFSF to hold bank shares for 5 years.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l1 level1 lfo12;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i style="mso-bidi-font-style:normal">Resolution framework</i>. The Government and the Bank of Greece will introduce a clear separation of the supervisory, resolution and restructuring functions. In particular the legal framework shall vest resolution responsibilities in a separate department in the Bank of Greece and restructuring responsibilities (pertaining to management of all temporary credit institutions) in the HFSF. As regards interim credit institutions, the Bank of Greece will continue pursuing its financial stability role, notably via its supervisory authority, while the HFSF will continue aiming at safeguarding its investments.</p> <p class="default" style="text-align:justify">The Government will ensure that enough financing is available to provide for recapitalization and resolution needs. Total bank recapitalization needs and resolution costs are estimated to amount to EUR [xx] billion. The phasing will be determined taking into account the expected timeline for bank resolution and recapitalization, and requirements for continued ECB liquidity support. </p> <p class="default" style="text-align:justify">The Bank of Greece is committed to preserve continued access to central bank liquidity support. The Bank of Greece, as a member of the Eurosystem, stands ready to disburse adequate liquidity support in a timely manner. Adequate liquidity support in the near term must be consistent with plans to reduce banks reliance on exceptional central bank support in the medium term. To this end, medium-term funding plans will be updated after completion of the recapitalization and restructuring exercise to ensure that the gradual unwinding of exceptional liquidity support proceeds at a pace consistent with the program’s macroeconomic, fiscal, and financial framework.</p> <p class="default" style="text-align:justify"><b>Prior to the disbursement</b>, the Government will enact legislation to strengthen governance arrangements in financial oversight agencies: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l6 level1 lfo13;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Hellenic Financial Stability Fund: </i></p> <p class="default" style="margin-left:.25in;text-align:justify">The Government will revise the legal framework to clarify that the HFSF shall have two departments, responsible for separate functions: </p> <p class="default" style="margin-left:.25in;text-align:justify">A department responsible for managing its ownership interest in banks on behalf of the Government. In this capacity, its mandate shall be to ensure that the banks under its stewardship operate on a commercial basis and are restored to a well-functioning and profitable part of the Greek financial sector, which can eventually be returned to private ownership in an open and transparent manner. </p> <p class="default" style="margin-left:.25in;text-align:justify">A department for management of interim credit institutions (<i>bridge banks</i>), established following the resolution of non-viable banks. It will undertake this role in a cost-effective manner, based on a comprehensive strategy agreed by the Bank of Greece, Ministry of Finance and HFSF, and in compliance with EU state aid rules. From time-to-time, this function may require funding to accomplish its restructuring role. Such funding will be reduced, either partly or entirely, by a contribution from the HDIGF Depositor Branch to the extent of its obligations for deposit insurance. </p> <p class="default" style="margin-left:.25in;text-align:justify">The Government will revise the HFSF’s governance structure to include a General Council and an Executive Board: </p> <p class="default" style="margin-left:.25in;text-align:justify">The General Council shall have five members: two members, including the Chair, with relevant international experience in banking, one other member, one representative from the Ministry of Finance, and one member nominated by the Bank of Greece. All members shall be appointed by the Minister of Finance with the approval of the Euro Working Group (EWG); other than the representative from the Ministry of Finance and the nominee from the Bank of Greece. European Commission and ECB observers on the Council will be maintained. </p> <p class="default" style="margin-left:.25in;text-align:justify">The Executive Board shall have three members: two members—one of which shall be the CEO—with international experience in banking and bank resolution, and one member nominated by the Bank of Greece. All members shall be appointed by the Minister of Finance with the approval of the EWG. Staff and officials of the Bank of Greece shall not sit on the Board of the HFSF. </p> <p class="default" style="margin-left:.25in;text-align:justify">The Government, in consultation with HFSF, will adopt regulations to help the HFSF execute its mandate with full autonomy and at the same time coordinate effectively with the Ministry of Finance. It will cover reporting lines and frequencies, strategic decision-making (and the involvement of the Ministry of Finance therein), investment mandate and business plan, relationship with the Ministry of Finance (in its role as shareholder in the HFSF), and remuneration policy. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l6 level1 lfo13;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Hellenic Deposit and Investment Guarantee Fund. </i></p> <p class="default" style="margin-left:.25in;text-align:justify">The Government will strengthen the funding of the HDIGF Depositor Branch by revising the HDIGF Law to: (i) prescribe that fees shall be increased if its funds fall below a certain level of coverage of insured deposits, which should be set taking due account of developments in the financial system; (ii) ensure adequate diversification of re-deposits of HDIGF funds and to gradually eliminate re-deposits in covered banks, as developments with the restructuring of the Greek banking sector permit; and (iii) clarify that the HDIGF’s status as privileged creditor does not impinge on claims secured with financial collateral in the sense of the financial collateral directive and follows best practice with respect to secured creditors in general. With a view to limiting any real or perceived conflicts of interest, HDIGF board membership will be prohibited for individuals who are actively involved in credit institutions and introduce in the law strong conflict of interest rules for Board members. </p> <p class="default" style="margin-left:.25in;text-align:justify">The Government will also reform governance arrangements in the Bank of Greece. In light of the Bank of Greece’s responsibility for resolution, restructuring, and supervision, the authorities will revise the Bank of Greece Statute to provide for collegial decision-making at the level of executives (Governor and Deputy Governors) and ongoing accountability through internal oversight by nonexecutives in the General Council (also including oversight in matters other than ESCB-related tasks). The Government will also revise the structure and rights of Bank of Greece shareholders to eliminate possible conflicts of interest in the Bank of Greece’s public policy role (e.g. prohibiting supervised institutions from shareholdings and setting a cap on the number of votes that each or related private shareholders can exercise) by <b>end-December 2012</b></p> <p class="default" style="margin-left:.25in;text-align:justify"><b> </b></p> <b><span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></b> <p class="default" style="text-align:justify"><b>4 <span style="mso-spacerun:yes"> </span>GROWTH-ENHANCING STRUCTURAL REFORMS </b></p> <p class="default" style="text-align:justify"><b><i>4.1 To ensure a rapid adjustment of the labour market and strengthen labour market institutions </i></b></p> <p class="default" style="text-align:justify">Given that the outcome of the social dialogue to promote employment and competitiveness fell short of expectations, the Government will take measures to foster a rapid adjustment of labour costs to fight unemployment and restore cost-competitiveness, ensure the effectiveness of recent labour market reforms, align labour conditions in former state-owned enterprises to those in the rest of the private sector and make working hours arrangements more flexible. This strategy should aim at reducing nominal unit labour costs in the business economy by 15 percent in 2012-14. At the same time, the Government will promote smooth wage bargaining at the various levels and fight undeclared work.</p> <p class="default" style="text-align:justify"><i>Exceptional legislative measures on wage setting </i></p> <p class="default" style="text-align:justify"><b>Prior to the disbursement</b>, the following measures are adopted: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l6 level1 lfo13; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The minimum wages established by the national general collective agreement (NGCA) will be reduced by 22 percent compared to the level of 1 January 2012; for youth (for ages below 25), the wages established by the national collective agreement will be reduced by 32 percent without restrictive conditions. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l6 level1 lfo13;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Clauses in the law and in collective agreements which provide for automatic wage increases, including those based on seniority, are suspended. </p> <p class="default" style="text-align:justify"><i>Reforms in the wage-setting system </i></p> <p class="default" style="text-align:justify">The Government will engage with social partners in a reform of the wage-setting system at national level. A timetable for an overhaul of the national general collective agreement will be prepared by <b>end-July 2012</b>. The proposal shall aim at replacing the wage rates set in the NGCA with a statutory minimum wage rate legislated by the government in consultation with social partners.</p> <p class="default" style="text-align:justify"><i>Measures to foster the re-negotiation of collective contracts </i></p> <p class="default" style="text-align:justify"><b>Prior to the disbursement</b>, legislation on collective agreements is amended with a view to promoting the adaptation of collectively bargained wage and non-wage conditions to changing economic conditions on a regular and frequent basis. Law 1876/1990 will be amended as follows: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l34 level1 lfo14; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Collective agreements regarding wage and non-wage conditions can only be concluded for a maximum duration of 3 years. Agreements that have been already in place for 24 months or more shall have a residual duration of 1 year. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l34 level1 lfo14;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Collective agreements which have expired will remain in force for a period of maximum 3 months. If a new agreement is not reached, after this period, remuneration will revert to the base wage and allowances for seniority, child, education, and hazardous professions will continue to apply, until replaced by those in a new collective agreement or in new or amended individual contracts. </p> <p class="default" style="text-align:justify"><i>Raising the potential of recent labour market reforms </i></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l31 level1 lfo15;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><b>Prior to the next disbursement</b>, legislation is revised so that arbitration takes place when agreed by both employees and employers. The government will clarify that arbitration only applies to the base wage and not on other remuneration, and that economic and financial considerations are taken into account alongside legal considerations. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l31 level1 lfo15;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Moreover, by <b>October 2012</b>, an independent assessment of the working of arbitration and mediation shall be prepared, with a view to improve the arbitration and mediation services in order to guarantee that arbitration awards adequately reflect the needs of wage adjustment. </p> <p class="default" style="text-align:justify"><i>Legacy issues and special labour conditions </i></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l5 level1 lfo16;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><b>Prior to the disbursement</b>, clauses on tenure (contracts with definite duration defined as expiring upon age limit or retirement) contained in law or in labour contracts are abolished. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l5 level1 lfo16;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government carries out an actuarial study of first-pillar pension schemes in companies where the contributions for such schemes exceed social contribution rates for private sector employees in comparable firms/industries covered in IKA. Based on this study, the Government reduces social contributions for these companies in a fiscally-neutral manner <b>[Q3-2012]. </b></p> <p class="default" style="text-align:justify"><i>Non-wage labour costs, fighting undeclared work and social contribution evasion </i></p> <p class="default" style="text-align:justify">The Government will enact legislation to reduce social contributions to IKA by 5 percentage points and implement measures to ensure that this is budget neutral. Rates will be reduced only once sufficient measures are in place to cover revenue losses. The measures to finance rate reductions will be legislated in two steps. First, as a <b>prior action</b>, legislation will be enacted to close small earmarked funds engaged in non-priority social expenditures (OEK, OEE), with a transition period not to exceed 6 months. Second, by <b>end-September 2012</b>, the government will adjust pensions (with protections for low-income pensioners), and adjust the base for contribution collections. </p> <p class="default" style="text-align:justify">An independent assessment on the effectiveness of the Labour Inspectorate structure and activities will be carried out. Corrective actions to tackle the ineffectiveness found in that assessment will be presented. These may include changes in the organisation and work of the Labour Inspectorate, reinforced anti-fraud and anti-corruption mechanisms and reinforced monetary and legal penalties for infringement of law and labour regulations and for social contribution evasion. Quantitative targets on the number of controls of undeclared work to be executed will be set for the Labour Inspectorate <b>[Q2-2012]</b>. </p> <p class="default" style="text-align:justify">A fully articulated plan for the collection of social contribution will be developed by <b>end-September 2012</b>. Already by <b>end-March 2012</b>, the collection of taxes and social contributions of the largest tax debtors is unified, and there will be common audits of tax and social contributions for large payers. </p> <p class="default" style="text-align:justify">The Labour Card is progressively introduced as of <b>March 2012 </b>and every firm in specific sectors will be obliged to use it by end-2012. For those firms using the labour card, the simultaneous payment by electronic means of wages, withheld payroll taxes and social contributions will be made compulsory. <b>[Q2-2012] </b></p> <p class="default" style="text-align:justify"><b><i>4.2 To improve the business environment and enhance competition in open markets </i></b></p> <p class="default" style="text-align:justify"><i>Regulated professions </i></p> <p class="default" style="text-align:justify"><u>Implementation of Chapter A of Law 3919/2011 </u></p> <p class="default" style="text-align:justify"><b>Prior to the disbursement</b>, the Government screens and makes the necessary changes to ensure that the regulatory framework (i.e., laws, presidential decrees, ministerial decisions, circulars) of the following professions and economic activities is fully in line with chapter A of law 3919/2011: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>private providers of primary care services <i>i.e.</i>, i) private providers of primary health care (private doctors and dentists' practices; private group doctors' and dentists' practices; private diagnostic centres; private centres for physical medicine and rehabilitation); ii) chronic dialysis units other than in hospitals and clinics; iii) dental laboratories; iv) shops for optical use and contact lenses; v) physiotherapy centres; vi) beauty salons; vii) slimming/dietary businesses; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>stevedores / loaders for land operations at central markets; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>sworn-in valuators; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>accountants and tax consultants; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>actuaries; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>temporary employment companies; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>private labour consultancy offices; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>tourist guides; </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l3 level1 lfo17;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>real-estate brokers. </p> <p class="default" style="text-align:justify">The Government publishes on its website a report [<b>Q1-2012] </b>on the implementation of Law 3919/2011, including: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l39 level1 lfo18;tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the list of all professions/economic activities falling under the scope of that law. A timetable to screen and eliminate inconsistencies between Chapter A of Law 3919/2011 and the regulations (i.e., laws, presidential decrees, ministerial decisions and circulars) of professions and economic activities falling under that chapter. The timetable specifies the list of professions and economic activities prioritised by economic importance that will be assessed every quarter with a view to finalizing this exercise by <b>end-2012</b>.</p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">For professions where reinstatement of restrictions is required in line with the principles of necessity, proportionality and public interest, the Government will pass the required legislation no later than <b>end-June 2012 </b>upon consultation with the HCC and the Commission, IMF and ECB staff teams.</p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify"><u>Measures for regulated professions falling under chapter B of law 3919/2011 </u></p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">The Government also adopts legislation <b>[Q2-2012] </b>to: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>reinforce transparency in the functioning of professional bodies by publishing on the webpage of each professional association the following information: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>the annual accounts of the professional association. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>the remuneration of the members of the Governing Board broken down by function. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>the amounts of the applicable fees broken down by type and type of service provided by the professional association as well as the rules for their calculation and application. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>statistical and aggregate data relating to sanctions imposed, always in accordance with the legislation on personal data protection. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>statistical and aggregate data relating to claims or complaints submitted by consumers or organisations and the reasons for accepting or rejecting the claim or the complaint, always in accordance with the legislation on personal data protection. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>any change in the professional codes of conduct, if available. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l4 level2 lfo19;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>the rules regarding incompatibility and any situation characterised by a conflict of interests involving the members of the Governing Boards. </p> <p class="default" style="text-align:justify"><u>Additional measures on regulated professions </u></p> <p class="default" style="text-align:justify">On fixed fees applied by the main regulated professions: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government amends Art. 10 of Presidential Decree 100/2010 on the authorization process and applicable fees for energy inspectors, to repeal the minimum fees for energy inspection services provided for thereof and to replace the fixed fees per square meter by maximum fees. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>For the legal profession, the Government issues a Presidential Decree, which sets prepaid amounts for each procedural act or court appearances (i.e., it sets a system of prepaid fixed/contract sums for each procedural act or appearance by a lawyer which is not linked to a specific ‘reference amount’). <b>[Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government carries out an assessment regarding the extent to which the contributions of lawyers and architects to cover the operating costs of their professional associations are reasonable, proportionate and justified. <b>[Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government identifies ways of decoupling taxation, social contributions, distribute funds (if applicable) and payments to the professional associations from legal fees. <b>[April 2012</b>] </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l4 level1 lfo19;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government defines contributions of lawyers and engineers to their professional associations that reflect the operating costs of the services provided by those associations. These contributions are paid periodically and are not linked to prices charged by professions. [<b>Q3-2012</b>] </p> <p class="default" style="text-align:justify">Revision of the areas of reserve of activities of regulated professions: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l15 level1 lfo21;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government presents the results of screening of the regulations of the professions to assess the justification and the proportionality of the requirements reserving certain activities to providers with specific professional qualifications. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l15 level1 lfo21;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>The Government modifies the unjustified or disproportionate requirements reserving certain activities to providers with specific professional qualifications, starting from the main regulated professions. <b>[Q3-2012</b>] </p> <p class="default" style="text-align:justify"><u>Reform of the Code of Lawyers </u></p> <p class="default" style="text-align:justify">In the context of the Government's initiative to revise the Code of Lawyers, the Government amends the terms of entry and re-entry as well as the conditions for the exercise of the profession. Draft legislation is presented to the European Commission by <b>end-February 2012 </b>and is adopted by <b>end-June 2012</b>. </p> <p class="default" style="text-align:justify"><b>Before end-June 2012</b>, legislation is adopted to: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l29 level1 lfo22;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>amend or repeal provisions on pricing and on access to, and exercise of, professional or economic activities that are against Law 3919/2011, EU law and competition principles. In particular, legislation: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l29 level2 lfo22;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>repeals Art. 42.1 of Legislative Decree 3026/1954, regarding the mandatory presence of a lawyer for the drawing up of documents before a notary for a series of legal transactions; </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l29 level2 lfo22;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>o repeals Arts. 92.2 and 92A of Legislative Decree 3026/1954 providing for the minimum amounts and for the scale of minimum monthly amounts that are due to lawyers that are only remunerated for services rendered with a fixed periodic fee. This is without prejudice to having fee regulations for trainee lawyers. </p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify"><i>Recognition of professional qualifications </i></p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">All the necessary measures are taken to ensure the effective implementation of EU rules on the recognition of professional qualifications, including compliance with ECJ rulings (<i>inter alia</i>, related to franchised diplomas). </p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">In particular, the Government: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l29 level1 lfo22;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>keeps updating the information on the number of pending applications for the recognition of professional qualifications, and sends it to the European Commission. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l29 level1 lfo22;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>presents draft legislation by <b>end</b>-<b>March 2012</b>, to be adopted by <b>Q2-2012</b>, in order to remove the prohibition to recognise the professional qualifications derived from franchised degrees. Holders of franchised degrees from other Member States should have the right to work in Greece under the same conditions as holders of Greek degrees. </p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify"><i>Services Directive </i></p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">The Government completes the adoption of changes to existing sectoral legislation in key services sectors such as retail (e.g. open air markets and outdoor trade), agriculture (e.g. slaughter houses), employment (employment agencies), real estate services and technical services (c<i>fr</i>. the section on business environment). The Government also adopts changes to the remaining sectoral regulation, ensuring full compliance with the directive. </p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify">Regulations should: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l8 level1 lfo23;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>facilitate the establishment by: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l8 level2 lfo23;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>abolishing or amending requirements which are prohibited by the Services Directive; </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l8 level2 lfo23;tab-stops:list .5in"><span style="font-family:"Courier New";mso-fareast-font-family:"Courier New""><span style="mso-list:Ignore">o<span style="font:7.0pt "Times New Roman""> </span></span></span>abolishing or amending unjustified and disproportionate requirements, including those relating to quantitative and territorial restrictions, legal form requirements, shareholding requirements, fixed minimum and/or maximum tariffs and restrictions to multidisciplinary activities. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l8 level1 lfo23;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>facilitate the provision of cross-border services, so that providers of cross-border services are required to comply with specific requirements of the Greek legislation only in exceptional cases (when admitted by Articles 16 or 17 of the Services Directive). </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:0in; margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; mso-list:l8 level1 lfo23;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>provide legal certainty for providers of cross-border services by setting out in the respective (sectoral) legislation which requirements can, and which requirements cannot, be applied to cross-border services. </p> <p class="default" style="text-align:justify">In particular, the following pending regulations are adopted by <b>Q1-2012</b>: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l0 level1 lfo26; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Law providing for the possibility of having secondary establishment for private employment agencies, eliminating fixed maximum rates, abolishing the requirement of having a minimum number of employees and allowing for the cross border provision of services of private employment agencies. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l0 level1 lfo26;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Law on real estate agents. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l0 level1 lfo26;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Presidential Decree abolishing the economic test for the opening of slaughter houses. </p> <p class="default" style="text-align:justify">The Government carries out a proportionality analysis of the restrictions applied on outdoor / ambulant trade for social policy criteria. <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify">The Government also ensures: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l18 level1 lfo27"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>that the Point of Single Contact (PSC) is fully operational in all sectors covered by the Services Directive; </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l18 level1 lfo27"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>that the PSC distinguishes between procedures applicable to service providers established in Greece and those applicable to cross-border providers (in particular for the regulated professions); </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l18 level1 lfo27"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>that there is adequate connection between the PSC and other relevant authorities (including one-stop shops, professional associations and the recognition of professional qualifications). <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify"><i>Studies on price flexibility </i></p> <p class="default" style="text-align:justify">The Government screens the main service sectors (including retail and wholesale distribution) and prepares an action plan to promote competition and facilitate price flexibility in product markets. <b>[April 2012] </b></p> <p class="default" style="text-align:justify"><i>Business environment </i></p> <p class="default" style="text-align:justify"><u>Package of reform measures to improve the business environment </u></p> <p class="default" style="text-align:justify">The Government adopts a package of measures to improve the business environment consisting of the following: </p> <p class="default" style="text-align:justify">The Government will: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>review and codify the legislative framework of exports (i.e., Law 936/79 and Law Order 3999/59), abolish the obligation of registration with the exporters’ registry of the Chamber of Commerce and set the framework for the introduction of a single electronic export window. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>amend Arts. 26.2, 43B, 49.1, 49.5, 69.3 and 70.1 of Law 2190/1920, the corresponding articles in Law 3190/1955 and any other legal provisions to lift the requirement to publish company information in any kind of newspapers for companies with a website. This is without prejudice to the publication of company information in the Official Gazette / GEMI. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>repeal Art. 24 of Law 2941/2001, prohibiting the sale of merchandise at prices below the cost of purchase. This is without prejudice to Art. 2 of Law 3959/2001 on abuse of dominance in the form of predatory pricing and to Law 149/14 on unfair competition. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>lift constraints for retailers to sell restricted product categories such as baby food provided for in Law 3526/2007 and its implementing legislation. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>repeal Art. 9 and 12 of Ministerial Decision A2-3391 concerning the submission of wholesale price lists, cost elements and contracts to the Ministry of Development, Competitiveness and Shipping. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>amend Art. 22 law 3054/2002 regulating the market of oil products and other clauses as well as its implementing ministerial decision to fully liberalize petrol station opening hours, with parallel application of the current system of </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>compulsory night opening, on a rotating basis, on a certain number of petrol stations per prefecture outside the normal opening hours. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>amend Art. 11(1) of law 3897/2010 to i) reduce the minimum distance provided for thereof between a petrol station and a place where more than 50 people may gather; ii) repeal the requirement to have an independent traffic connection for petrol stations within the area of a hypermarket provided for in Article 11(1) of Law 3897/2010 and iii) amend Art. 11(6) of the same law to allow EEA citizens to open a petrol station in Greece. [<b>Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>repeal Art. 12.2 of Law 3853/2010, providing that draft model company statues will be first proposed by the chambers of notaries and lawyers before the Ministry of Development, Competitiveness and Shipping can issue the relevant common ministerial decision provided thereof. [<b>Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>cease to earmark the 0.15 percent surcharge (provided for in the Joint Ministerial Decision 25323/1960 and in Art. 64 of law 1249/1982) levied on the CIF value of imported goods from non-EU countries in favour of the Assistance Account of Foreign Trade. Government allocates the aforementioned amounts to the 2013 State budget. [<b>Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>cease to earmark the 0.5 percent charge provided for in the Emergency Statute 788/48 and in Law 3883/1958 on the value of all imported merchandise in favour of the National Technical University of Athens, the University of Thessaloniki, the Athens Academy and for the promotion of exports. Government allocates the aforementioned amounts to the 2013 State budget. [<b>Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>cease to earmark the non-reciprocating charge paid via the power public corporation bill in favour of the executive work provided for in No. T. 4363/1236. Government allocates the aforementioned amounts to the 2013 State budget. [<b>Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l12 level1 lfo28;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>cease to earmark the non-reciprocating charge calculated on the fuel price in favour of Mutual Distribution Fund of the Oil-Pump Operators of Liquid Fuel. Government allocates the aforementioned amounts to the 2013 State budget. [<b>Q2-2012] </b></p> <p class="default" style="text-align:justify"><u>Implementation of law 3982/2011 on the fast track licensing procedure for technical professions, manufacturing activities and business parks and other provisions </u></p> <p class="default" style="text-align:justify">The Government: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Joint Ministerial Decision of degrees of nuisance provided for in Art. 20.9 of 3982/2011. <b>[March 2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Joint Ministerial Decision on standardised environmental terms for industrial activities provided for in Art. 36.1 of Law 3982/2011. <b>[March 2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Presidential Decrees on preconditions for obtaining a licence for industry technicians, plumbers, liquid and gaseous fuel technicians, cooling technicians and machine operators in constructions provided for in Art. 4.4 of Law 3982/2011. <b>[March 2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Presidential Decrees on preconditions for obtaining a licence for electricians provided for in Art. 4.4 of Law 3982/2011. <b>[May 2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Presidential Decree on Certified Inspectors provided for in Art. 27.4 of law 3982/2011. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l27 level1 lfo29;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Joint Ministerial Decision on the process of licencing business parks provided for in Art. 46.6 of law 3982/2011. [<b>March 2012</b>] </p> <p class="default" style="text-align:justify"><u>Implementation of Law 4014/2011 on environmental licensing of projects and activities </u></p> <p class="default" style="text-align:justify">The Government: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l21 level1 lfo30;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Ministerial Decision provided for in Art. 2.7 of Law 4014/2011 on environmental licensing of projects and activities, laying down requirements for the content of the decision approving the environmental conditions according to the type of project or activity. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l21 level1 lfo30;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Issues the Ministerial Decisions provided for i) in Art. 8.3 of Law 4014/2011 on environmental licensing of projects and activities (other than industrial activities), laying down the standard environmental commitments of projects and activities in category B; and ii) in Art. 2.12 of Law 4014/2011 to further specify the procedure and specific criteria for environmental licencing. [<b>Q2-2012</b>] </p> <p class="default" style="text-align:justify"><u>Business-Friendly Greece </u></p> <p class="default" style="text-align:justify">The Government publishes on its website a plan for a Business-Friendly Greece, tackling remaining restrictions to business activities, investment and innovation not covered elsewhere in this memorandum. <b>[end-February 2012] </b></p> <p class="default" style="text-align:justify">The Government implements the Business-Friendly Greece Action plan. <b>[Q1-2012] </b>The plan includes measures, among others, in order to: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l10 level1 lfo31;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>complete the setting-up of the General Commercial Registry (GEMI) by promptly taking measures for the completion of the GEMI database, the further development of web services and use of electronic signatures, the interconnection of GEMI to the Chamber's information systems and to the PSC, in order to ensure access to online completion of procedures both for company formation and for any administrative procedures necessary for the exercise of their activities. By <b>July 2012</b>, all companies established in Greece should be able to publish all relevant company data through GEMI. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l10 level1 lfo31;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>simplify environmental, building and operating permits. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l10 level1 lfo31;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>develop a "single electronic window" centralizing standardized trade-related information and simplifying the number of documents needed to export. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l10 level1 lfo31;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>address restrictions in the transport sector, including the transport of empty containers and of non-hazardous waste. </p> <u><span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"> </span></u> <p class="default" style="text-align:justify"><u>Land registry and spatial planning </u></p> <p class="default" style="text-align:justify">The Government accelerates the completion of the land registry, with a view to: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l37 level1 lfo32;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>tendering out all remaining rights (ca. 15 million) and awarding cadastral projects for 7 million rights. <b>[Q4-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l37 level1 lfo32;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>digitalising the operations of all mortgage and notaries' offices and conveying all newly registered deeds to the cadastre by 2015. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l37 level1 lfo32;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>exclusively-operating cadastral offices for large urban centres by 2015. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l37 level1 lfo32;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>establishing a complete cadastral register and exclusively operating cadastral offices nationwide by 2020. </p> <p class="default" style="text-align:justify">The Government completes the revision of the 12 regional spatial plans to make them compatible with the sectoral plans on industry, tourism, aquaculture and renewable energy. <b>[Q4-2012] </b></p> <p class="default" style="text-align:justify">The Government adopts legislation to (i) simplify and reduce time needed for town planning processes; (ii) update and codify legislation on forests, forest lands and parks. <b>[Q3-2012] </b>It also adopts legislative measures for the management of industrial hazardous waste [<b>Q2-2012</b>] and licenses at least two disposal sites for hazardous waste by [<b>Q4-2012</b>]. </p> <p class="default" style="text-align:justify"><u>Other measures to improve the business environment </u></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Quasi fiscal charges</i>: the list of non-reciprocating charges in favour of third parties presented to the Commission services in November 2011 is further refined by i) identifying beneficiaries, ii) specifying the legal base of each contribution and by iii) quantifying contributions paid by consumers in favour of those beneficiaries, with a view to rationalize these contributions and/or channel those through the State budget. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Market regulations</i>: the revision of Ministerial Decision A2-3391/2009 on market regulations, as well as any other related legislation, is completed <b>[March 2012]</b>. This exercise is carried out in cooperation with the Hellenic Competition Commission, with a view to identifying administrative burdens and unnecessary barriers to competition and developing alternative, less restrictive, policies to achieve government objectives. The revised Ministerial Decision on market regulations is adopted in <b>April 2012</b>. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Screening of business restricting regulations</i>: The Government completes a structured analysis of how regulation in areas such as permits and licences, health and safety rules, urban planning and zoning, can unnecessarily restrict business and competition in important sectors such as food processing, retail trade, building materials, manufacturing or tourism. Similarly, the government seeks to simplify business regulations in areas such as new business registration and regulation of accounting. <b>[Q3-2012] </b>Within 6 months of the completion of the analysis, the Government will take the necessary legislative or other actions to remove disproportionate regulatory burdens. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Planning reform</i>: The Government reviews and amends general planning and land-use legislation ensuring more flexibility in land development for private investment and the simplification and acceleration of land-use plans. [<b>Q3-2012</b>] </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Development of an integrated and simplified process for export and customs formalities</i>. By <b>end-March 2012</b>, the e-customs system supports the electronic submission of export declarations. By <b>end-December 2012</b>, (i) the e-customs system supports the electronic submission of import declarations; (ii) pre-customs procedures (i.e., certificates, licenses as well as steps and actors involved in the processes) are streamlined according to EU regulations and best practices; (iii) legislation is aligned with EU regulations and the common rules for customs procedures at export and import, including the local clearance procedure; (iv) the level (number) of customs' controls (both physical and documentary) are also aligned with best practices; (v) the electronic single-window of exports is launched after the simplification of the pre-customs procedures and it is interlinked with e-customs to provide a single entry point for the exporters. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><i>Security stocks of crude oil and petroleum products: </i>The Government transposes Directive 2009/119 imposing an obligation on Member States to maintain minimum stocks of crude oil and /or petroleum products. <b>[Q4-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l32 level1 lfo33"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>An <i>ex post </i>impact assessment is presented in order to evaluate Law 3853/2010 on the simplification of procedures for the establishment of companies in terms of savings in time and cost to set up a business, as well as to verify that all secondary legislation is in force. <b>[Q3-2012] </b></p> <p class="default" style="text-align:justify"><i>Transport </i></p> <p class="default" style="text-align:justify"><u>Road </u></p> <p class="default" style="text-align:justify">A report is submitted on the functioning of the regular passenger transport services (KTEL), presenting options for liberalisation. <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify">The transitional period established in Law 3887/2010 for the reduction in costs for issuing new road transport operator licences has been brought to an end in January 2012. <b>Prior to the disbursement</b>, the necessary secondary legislation as foreseen in that law (Article 14(11)) is published, specifying the cost for issuing new road transport operator licences. This cost is transparent, objectively calculated in relation to the number of vehicles of the road transport operator and does not exceed the relevant administrative cost. </p> <p class="default" style="text-align:justify">In line with the policy objectives of Law 3919/2011 on regulated professions, the Government removes entry barriers to the taxis market (in particular, restrictions on the number of licences and price of new licences), in line with international best practice. <b>[Q1-2012] </b></p> <u><span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"> </span></u> <p class="default" style="text-align:justify"><u>Ports </u></p> <p class="default" style="text-align:justify">The Government defines a strategy to integrate ports into the overall logistics and transport system, specifying the objectives, scope, priorities and financial allocation of resources. The strategy will ensure the implementation of the TEN-T priorities and the establishment of the foreseen corridors. It will also ensure the efficient use of the assigned Structural and Cohesion Funds <b>[Q2-2012] </b></p> <p class="default" style="text-align:justify"><u>Aviation </u></p> <p class="default" style="text-align:justify">The Government submits a policy paper, indicating how regional airports will be merged into groups ensuring that regional airports become economically viable in compliance with State aid rules, including realistic projections identified by the appointed financial advisors. <b>[Q2-2012] </b>After ensuring that regional airports are economically viable, the Government launches an effective transaction strategy leading to their privatisation. <b>[Q4-2012] </b></p> <p class="default" style="text-align:justify"><u>Railways </u></p> <p class="default" style="text-align:justify">The rail regulatory authority establishes the procedures for issuing licenses and decisions affecting non-discriminatory access of EU railway undertakings to Greek rail infrastructure. It identifies the benchmarking data on the cost effectiveness of the infrastructure manager. The authority conducts on its own initiative procedures and respects the legal time lines for such decisions set out in the EU railway Directives, including cases on international traffic. All operators are awarded licenses and safety certificates. [<b>Q2-2012</b>] </p> <p class="default" style="text-align:justify">The Government establishes independent award authorities for passenger services by rail that can organise competitive tenders. Contracts concluded in 2014 or later will generally by awarded by means of competitive tender. The rolling stock that is not used/needed by Trainose should be transferred to a body which leases it on market conditions, including to winners of such tenders. The documentation for calls for a first bundle of services is general rules on the ticket prices are established and a decision on the provision of rolling stock is taken. [<b>Q4-2012</b>] </p> <p class="default" style="text-align:justify"><i>Energy </i></p> <p class="default" style="text-align:justify"><u>Unbundling of network activities </u></p> <p class="default" style="text-align:justify">The Government ensures that network activities are effectively unbundled from supply activities. </p> <p class="default" style="text-align:justify">In particular, for electricity: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l13 level1 lfo34;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>all the necessary transfers of staff and assets of the transmission system operator (TSO) are completed; the TSO management, its supervisory body and the compliance officer are appointed in accordance with the Electricity Directive 2009/72/EC. <b>[February 2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l13 level1 lfo34;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>all necessary transfers of staff and assets to the legally unbundled distribution system operator (DSO) are completed. <b>[Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l13 level1 lfo34;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the unbundled TSO is certified by the Greek energy regulator. <b>[Q2-2012] </b></p> <p class="default" style="text-align:justify">For gas: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l23 level1 lfo35;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>unbundling is implemented as provided for in Art. 9 of Directive 2009/73/EC on common rules for the internal market in natural gas. <b>[Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l23 level1 lfo35;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the unbundled TSO is certified by the Greek energy regulator. <b>[Q3-2012] </b></p> <p class="default" style="text-align:justify">The Government commits to launch the privatisation of PPC and DEPA following the unbundling of the TSOs in line with the commitments of this memorandum and monitors the process to ensure competition in the market. </p> <p class="default" style="text-align:justify">The Government undertakes that whichever the outcome of the privatisation process the gas industry structure will be fully compliant with Directive 2009/73/EC. </p> <p class="default" style="text-align:justify"><u>Measures to increase competition on the generation of electricity </u></p> <p class="default" style="text-align:justify">The Government finalises the remedies to ensure the access of third-parties to lignite-fired electricity generation. <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify">The Government starts implementing the measures ensuring the access by third parties to lignite-fired electricity generation. <b>[Q2-2012] </b></p> <p class="default" style="text-align:justify">The implementation of the measures to ensure access by competitors of PPC to lignite-fired electricity generation is completed. Third parties can effectively use lignite-fired generation in the Greek market. <b>[November 2013] </b></p> <p class="default" style="text-align:justify">In the context of the privatization of PPC, the Government takes the necessary steps to be able to sell hydro capacity and other generation assets to investors. That sale is separate from the divestiture of lignite capacity provided for in the Commission's decision on the Greek lignite case. Nevertheless, investors may be given the possibility to buy hydro capacity / other generation assets jointly with the lignite capacity provided for in that decision. The sale of hydro capacity will i) not delay the sale of lignite assets beyond the time frame provided for in the relevant Commission Decision and ii) not prevent the sale of lignite assets without a minimum price. </p> <p class="default" style="text-align:justify"><u>Regulated tariffs </u></p> <p class="default" style="text-align:justify">Further measures are adopted to ensure that the energy component of regulated tariffs for households and small enterprises reflects, at the latest by June 2013, wholesale market prices, except for vulnerable consumers. <b>[Q2-2012] </b></p> <p class="default" style="text-align:justify">The Government removes regulated tariffs for all but vulnerable consumers <b>[Q2-2013] </b></p> <p class="default" style="text-align:justify"><u>Renewables </u></p> <p class="default" style="text-align:justify">The Government completes the transposition and the implementation of the renewable energy Directive (2009/28/EC) and submits the progress report required by the Directive. <b>[Q1-2012</b>] </p> <p class="default" style="text-align:justify">The Government prepares a plan for the reform of the renewable energy support schemes such that they are more compatible with market developments and reduce pressures on public finances. The plan should contain: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l24 level1 lfo36; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>a timetable scheduling meetings and stakeholder discussions on the reform of the support scheme. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l24 level1 lfo36; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>options for reform of the support scheme, including a feed in premium model, and specifying in each option the method of tariff calculation and the means of avoiding possible over compensation. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l24 level1 lfo36; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>current and expected trends in costs for all relevant technologies. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l24 level1 lfo36; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>consideration of the option of automatic tariff digression. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l24 level1 lfo36;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>measures for the development of wind and solar energy resources. <b>[Q1-2012</b>] </p> <p class="default" style="text-align:justify">The Government pursues implementation of the renewable energy project 'Helios,' through legislation [<b>Q1-2012</b>], facilitation of licencing process [<b>Q2-2012</b>] and cooperation with other EU countries for the export of solar energy. </p> <p class="default" style="text-align:justify"><u>Other measures </u></p> <p class="default" style="text-align:justify">The Government ensures that its regulatory framework for the energy sector fully complies with the provisions in the Electricity and Gas Regulation, in particular concerning transparency, congestion management and non-discriminatory and efficient allocation of capacity on gas and electricity networks. In particular, the Government commits to resolve all open issues regarding the infringement case 2009/2168 for non-compliance with the Electricity Regulation. This resolution will include the adoption by the Independent Regulatory Authority (RAE) of a modified electricity market code and establishing cross-border electricity trading procedures for the interconnectors with Bulgaria in line with the provisions of Regulation (EC) 714/2009 and its annexes. <b>[Q1 2012] </b></p> <p class="default" style="text-align:justify">The Government undertakes to: </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l16 level1 lfo37;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Establish a One-Stop Shop for the licensing and permitting of the following classes of infrastructure projects <b>[Q4-2012]</b>: LNG installations, natural gas storage and transmission pipeline projects and electricity transmission lines. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l16 level1 lfo37;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>Establish an LNG code, approved by RAE, which ensures transparency and non-discriminatory access to the Revithoussa LNG plant and the efficient allocation of unused capacities. <b>[Q3 2012] </b></p> <p class="default" style="text-align:justify"><i>Electronic communications </i></p> <p class="default" style="text-align:justify">The Government adopts the Common Ministerial Decision on "Base stations and antennae constructions that are exempted from authorisation" provided for in Art. 31.8 of Law 3431/2006 and in Art. 29.9 of the draft law on the Regulation of the functioning of the postal market, matters of electronic communications and other provisions. <b>[end-February 2012] </b></p> <p class="default" style="text-align:justify">The Government adopts the provisions instituting EETT as a One-Stop Shop for the licensing of antennae and base stations. <b>[end-February 2012] </b></p> <p class="default" style="text-align:justify">The Law transposing the 2009 Reform Package (<i>i.e</i>., Directive 2009/140/EC and Directive 2009/136) is adopted by Parliament. <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify">Regarding the Digital Dividend, the Government (and/or EETT): </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>defines a legal framework in primary law that envisages a mandatory date for switch-off of analogue broadcasting for 30/06/2013 and a technologically neutral utilisation of the 800MHz band after the switch off, taking also into account the provisions of the draft Radio Spectrum Policy Programme (RSPP). <b>[Q1-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>completes the studies on the evaluation of the value of the Digital Dividend and on the strategy for the granting of the Digital Dividend (800 MHz band). <b>[Q1-2012]</b>. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>resolves cross-border coordination issues with neighbouring countries. If difficulties on international coordination make this date unfeasible, the frequency and broadcasting plans might indicate alternative channels for re-location of broadcasters, while continuing negotiations with third countries in view of the final assignment of frequencies to broadcasters and mobile operators. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>launches the consultation for the amendment of the frequency and broadcasting plans. <b>[Q2-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>amends the frequency and the broadcasting plans, depending on the outcome/actual state of play of international coordination. <b>[Q3-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>adopts necessary secondary legislation for the assignment of licenses for broadcasting and for the establishment of licensing procedures, antennae specifications, etc. <b>[Q3-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>launch the public consultation on the tender procedure for the assignment of the digital dividend to broadband. <b>[Q4-2012] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>proceed to the tender for the assignment of definitive rights of use for broadcasting transmission. <b>[Q1-2013] </b></p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l14 level1 lfo38;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>proceed to the tender procedure for the assignment of frequencies of the digital dividend, allocating and authorising the use of the digital dividend (800 MHz band) to Electronic Communications Services in line with EC Decision 2010/267/EU and in respect of the deadlines and procedures of the RSPP. <b>[Q2-2013] </b></p> <p class="default" style="text-align:justify"><i>R&D and innovation </i></p> <p class="default" style="text-align:justify">The Government pursues an up-to-date and in-depth evaluation of all R&D and on-going innovation actions, including in various operational programmes and existing tax/subsidy incentives with their costs and benefits. It presents a strategic action plan for policies aimed at enhancing the quality and the synergies between public and private R&D and innovation, as well as tertiary education. This action plan identifies a clear timetable for relevant measures to be taken, taking the budgetary impact into account and harmonising these actions with other relevant initiatives in these areas, in particular the investment law. <b>[Q1-2012] </b></p> <p class="default" style="text-align:justify"><i>Better regulation </i></p> <p class="default" style="text-align:justify">Legislation is adopted to improve regulatory governance <b>[Q1-2012]</b>, covering in particular: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the principles of better regulation. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the obligations of the regulator for the fulfilment of those principles. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the tools of better regulation, including the codification, recast, consolidation, repeal of obsolete legislation, simplification of legislation, screening of the entire body of existing regulation, <i>ex-ante </i>and <i>ex-post </i>impact assessments and public consultation processes. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the transposition and implementation of EU law and exclusion of <i>gold plating</i>; </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the setting-up of better regulation structures in each ministry as well as the creation of a Central Better Regulation unit. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the requirement that draft laws and the most important draft legislative acts (Presidential Decrees and Ministerial Decisions) are accompanied by an implementation timetable. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.5pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>electronic access to a directory of existing legislation and an annual progress report on Better Regulation. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l7 level1 lfo39;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the requirement that the government produces an annual plan with measurable targets for administrative burden reduction, deregulation and other policies for the simplification of legislation. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l7 level1 lfo39;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>On impact assessments, legislation provides that: </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>implementing legislation with potentially large significant impact is also subject to the requirement to produce an impact assessment. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>impact assessments address the competitiveness and other economic effects of legislation by making use of the Commission Impact Assessment guidelines and the OECD Competition Assessment toolkit. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the Central Better Regulation Unit can seek the opinion of other ministerial departments and independent authorities for regulations that fall under their respective competences so as to improve the quality of impact assessments. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>an independent authority and the Central Better Regulation Unit carry out quality checks of impact assessments; the independent authority also gives an opinion on progress made on the governments' better regulation agenda. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the Central Better Regulation Unit delivers its opinion on the quality of impact assessments before draft legislation is sent to the Cabinet. </p> <p class="default" style="margin-top:5.0pt;margin-right:0in;margin-bottom:1.35pt; margin-left:.25in;text-align:justify;text-indent:-.25in;mso-list:l7 level1 lfo39; tab-stops:list .25in"><span style="font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>the Central Better Regulation Unit consults the Hellenic Competition Commission when formulating and drafting the guidelines to be implemented by the ministries' better regulation units. </p> <p class="default" style="margin-left:.25in;text-align:justify;text-indent:-.25in; mso-list:l7 level1 lfo39;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>impact assessments are published. </p> <p class="default" style="text-align:justify">Under no circumstances will this law impede the passing of urgent legislation during the duration of the programme. </p> <p class="default" style="text-align:justify">The Government will set a deadline for the completion of measurements in each of the priority areas, for the identification of proposals to reduce burdens and for the amendment of the regulations. This policy initiative should reduce administrative burdens by 25 percent (compared with the baseline year 2008) in the 13 priority areas. <b>[February 2012] </b></p> <p class="default" style="text-align:justify"><b><i>4.3 To raise the absorption rates of structural and cohesion funds </i></b></p> <p class="default" style="text-align:justify">The Government meets targets for payment claims and major projects in the absorption of EU structural and cohesion funds set down in the table below. Compliance with the targets shall be measured by certified data. </p> <p class="default" style="text-align:justify">In meeting absorption rate targets, recourse to non-targeted state aid measures is gradually reduced. The Government provides data on expenditure for targeted and non-targeted <i>de minimis </i>state aid measures co-financed by the structural funds in 2010 and in 2011. <b>[Q1-2012]</b></p> <p class="default" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center" align="center"><b>Table 1</b>: <b>Targets for payment claims in the absorption of Structural and Cohesion Funds (programming period 2007-2013) to be submitted through 2013</b></p> <p class="default" style="margin-top:0in;text-align:center" align="center">(EUR million)</p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="width:311.4pt;border:solid windowtext 1.0pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="311"> <p class="MsoNormal" style="margin-top:2.0pt;margin-right:0in;margin-bottom: 2.0pt;margin-left:0in"> </p> </td> <td style="width:65.7pt;border:solid windowtext 1.0pt;border-left: none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="MsoNormal" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center"><b>2012</b></p> </td> <td style="width:65.7pt;border:solid windowtext 1.0pt;border-left: none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="MsoNormal" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center"><b>2013</b></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:311.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="311"> <p class="default" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in">European Regional Development Fund (ERDF) and Cohesion Fund</p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">2,850</p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">3,000</p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:311.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="311"> <p class="default" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in">European Social Fund (ESF)</p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">880</p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">890</p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:311.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="311"> <p class="default" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in">Target of first half of the year</p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">1,231 <i>(*)</i></p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">1,284</p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:311.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="311"> <p class="default" style="margin-top:2.0pt;margin-right:0in;margin-bottom:2.0pt; margin-left:0in"><b>Total annual target</b></p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">3,730 <i>(**)</i></p> </td> <td style="width:65.7pt;border-top:none;border-left:none;border-bottom: solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;mso-border-top-alt: solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="66"> <p class="default" style="margin-top:2.0pt;margin-right:0in; margin-bottom:2.0pt;margin-left:0in;text-align:center" align="center">3,890</p> </td> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes"> <td colspan="3" style="width:6.15in;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="443"> <p class="MsoNormal" style="margin-top:2.0pt;margin-right:0in;margin-bottom: 2.0pt;margin-left:0in">(*) of which, 5 major project applications</p> <p class="MsoNormal" style="margin-top:2.0pt;margin-right:0in;margin-bottom: 2.0pt;margin-left:0in">(**) of which, 15major projects applications</p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">legislation is adopted, and immediately implemented, to shorten deadlines and simplify procedures on contract award and land expropriations, including the deadlines needed for the relevant <span style="font-family:Georgia">l</span>egal proceedings. <b style="mso-bidi-font-weight:normal">[Q1 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government earmarks amounts to:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l26 level1 lfo40;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>complete unfinished projects included in the 2000-06 operational programme closure documentation (ca. EUR 260 million). <b style="mso-bidi-font-weight:normal">[Q2 2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l26 level1 lfo40;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>complete the implementation and closure of the 2000-06 cohesion-fund projects. <b style="mso-bidi-font-weight:normal">[Q2 2012]</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l26 level1 lfo40;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>cover the required national contribution, including non-eligible expenditure (i.e. land acquisitions) in the framework of the 2007-13 operational programmes. <b style="mso-bidi-font-weight:normal">[Q2</b></p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l26 level1 lfo40;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><b style="mso-bidi-font-weight:normal">2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government identifies the necessary amounts from ERDF within the 2007-13 operational programmes for the first allocation to the guarantee mechanism for small and medium-sized enterprises. <b style="mso-bidi-font-weight:normal">[Q1 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government ensures that the web-based monitoring tool of procedures for the approval of project proposals and for the implementation of public projects is available to the public by <b style="mso-bidi-font-weight:normal">February-2012</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Based on the assessment of the measures adopted since may 2010 to accelerate the absorption of structural and cohesion funds, the Government takes measures to speed up absorption and to simplify project implementation by i) mapping responsibilities and removing unnecessary steps; ii) consolidating management capacities where appropriate (e.g. waste treatment) in accordance with existing management and control systems. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To accelerate the absorption of EU financing and following the increase in the EU co-financing rates, Government will, by <b style="mso-bidi-font-weight:normal">Q1-2012</b>:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l38 level1 lfo41;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>in meeting absorption rate targets, recourse to non-targeted state aid measures is gradually reduced. The Government provides data on expenditure for targeted and non-targeted de minimis state aid measures co-financed by the structural funds in 2010 and in 2011. [Q1-2012] establish appropriate monitoring tools for priority projects. These projects should be operational by 2015 at the latest.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l38 level1 lfo41;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>report to the commission the final results of the activation or elimination of sleeping projects (i.e. projects already approved in the operational programmes but not yet contracted within the timeframes defined at the national level). For retained projects, the Government indicates the conditions that must be met to keep the co-financing.</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;mso-list:l38 level1 lfo41;tab-stops:list .25in"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span>create a central database monitoring compensation and the time elapsed for the completion of expropriations incurred in the framework of the implementation of projects co-financed by the ERDF and the Cohesion Fund.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">4.4 To upgrade the education system</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government implements the Action Plan for the improvement of the effectiveness and efficiency of the education system and regularly reports (twice a year) on the progress of its implementation, including an indicative planning of self-evaluations and external evaluations of higher Education institutions in compliance with the new law 4009/2011 on higher Education. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">4.5<span style="mso-spacerun:yes"> </span>To reform the judicial system</i></b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">To improve the functioning of the judicial system, which is essential for the proper and fair functioning of the economy, and without prejudice to the constitutional principles and the independence of justice, Government:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;tab-stops:.25in">(a)<span style="mso-tab-count:1"> </span>ensures effective and timely enforcement of contracts, competition rules and judicial decisions;</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;tab-stops:.25in">(b)<span style="mso-tab-count:1"> </span>increases efficiency by adopting organisational changes to courts;</p> <p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent: -.25in;tab-stops:.25in">(c)<span style="mso-tab-count:1"> </span>speeds up the administration of justice by eliminating backlog of court cases and by facilitating out-of-court settlement mechanisms.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Specifically, the Government submits the draft law addressing issues of fair trial and denial of justice to the Greek Parliament, which i.a. encompasses an amendment of law 1756/1988 on the organisation of courts and the situation of court officials, and dissuasive measures against non-cooperative debtors in enforcement cases, with a view to having it adopted during the current parliamentary term. <b style="mso-bidi-font-weight: normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government establishes a task force, which is broadly representative of the legal community, including but not limited to academia, practising lawyers, in-house lawyers, and lawyers from other Eu member states established or offering their services in Greece. This taskforce reviews the Code of Civil Procedure to bring it in line with international best practice on, inter alia, i) judicial case management, including the possibility of removing dormant cases from court registers; ii) relieving judges from non-adjudicatory work, such as pre-mortgaging of immovable property, formation and dissolution of incorporated entities and consensual/non-litigious family law applications, iii) the enforcement of decisions and of orders to pay, in particular small claims cases with a view to reducing the role of the judge in these procedures, and iv) enforcing statutory deadlines for court processes, in particular for injunction procedures and debt enforcement and insolvency cases. For the purposes of this memorandum, judicial case management means the possibility of judges to be involved early in identifying the principal factual and legal issues in dispute between the parties, require lawyers and litigants to attend pre-hearing conferences and manage the conduct of proceedings and the progression of the case to achieve the earliest and most cost-effective resolution of the dispute. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">in order to facilitate the work of the existing task force mandated to design a performance and accountability framework for courts, the Government will compile and publish the information indicated in Annex 2.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government presents a qualitative study on recovery rates in enforcement proceedings, evaluating the success rates and the efficiency of the various modes of enforcement. <b style="mso-bidi-font-weight:normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government decides on the date by when it will open the access to the regulated profession of mediator to non-lawyers in line with the conditionality on regulated professions and presents an action plan ensuring that non-lawyers may offer mediation services starting from that date. <b style="mso-bidi-font-weight:normal">[Q1-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Following on the submission of the work plan for the reduction of the backlog of tax cases in all administrative tribunals and administrative courts of appeal in January 2012, which provides for intermediate targets for reducing the backlog by at least 50 per cent by end-June 2012, by at least 80 per cent by end-December 2012 and for the full clearance of the backlog by end-July 2013, the Government presents by end-May 2012 and thereafter once a quarter, updated and further refined work plans (ensuring that priority is placed on high value tax cases -i.e., exceeding €1 million-) and takes remedial action in case of anticipated or actual deviations.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The task force mandated to review the Code of Civil Procedure to bring it in line with international best practice will prepare a concise concept paper which will identify the core issues and bottlenecks at the pre-trial, trial and enforcement stages of civil cases, examples of which are outlined above, and set out proposed solutions in general terms. <b style="mso-bidi-font-weight:normal">[Q2 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">As publicly announced, the Government adopts a Presidential Decree providing for the rationalisation and reorganisation of the magistrates' courts and the allocation of appropriate human resources and infrastructure for the new structure of magistrates' courts resulting from this reform. <b style="mso-bidi-font-weight:normal">[Q2 2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government prepares a strategy on the active promotion of pre-trial conciliation, mediation, and arbitration, with a view to ensuring that a significant amount of citizens and businesses make use of these modes of alternative dispute</p> <p class="MsoNormal" style="text-align:justify">resolution. <b style="mso-bidi-font-weight: normal">[Q2-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">Starting from end-June 2012, Government updates and further refines every quarter the e-justice work plan of December 2011 for the use of e-registration and e-tracking of the status of individual cases in all courts of the country and for e-filing. The updates will contain deadlines for the evaluation and completion of pilot projects and information regarding the extension of e-registration and e-tracking to all courts by <b style="mso-bidi-font-weight:normal">end-2013</b>.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">By <b style="mso-bidi-font-weight: normal">end-August 2012</b>, Government presents, based on the study of the backlog of non-tax cases in courts conducted jointly with an external body of experts and to be presented by end-June 2012, an action plan with specific measures for a reduction of such backlog of at least 50 per cent by end-July 2013 and starts implementing the action plan.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government holds a series of workshops to discuss the findings and recommendations in the concept paper prepared by the task force on the review of the Code of Civil Procedure. These workshops will allow for broad consultation of domestic stakeholders and participation from recognised international experts in the field of civil procedure. <b style="mso-bidi-font-weight:normal">[Q3-2012]</b></p> <p class="MsoNormal" style="text-align:justify"><span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal" style="text-align:justify">The Government conducts an assessment of whether the enactment of Law 3898/2010 on mediation in civil and commercial matters has delivered the results which the legislation had set out to do, and presents data and analysis concerning costs, time and success rates associated with the enforcement of agreements arising from alternative dispute resolution as compared with the enforcement of judicial decisions. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The task force on the review of the Code of Civil Procedure prepares a detailed paper outlining the main proposals for amendments to the Code of Civil Procedure. <b style="mso-bidi-font-weight: normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"> </b></p> <p class="MsoNormal" style="text-align:justify">The Government implements the Presidential Decree on the reform of the magistrates' court by creating their new structure, filling vacant positions with graduates from the national school of Judges and redeploying judges and administrative staff on the basis of existing resources available within Greece's judiciary and public administration. <b style="mso-bidi-font-weight:normal">[Q4-2012]</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government launches, jointly with an external body of experts, a study on the costs of civil litigation, its recent increase and its effects on workload of civil courts, with recommendations due by end-December 2013. <b style="mso-bidi-font-weight:normal">[Q2-2013]</b> </p> <p class="MsoNormal" style="text-align:justify"> </p> <b style="mso-bidi-font-weight:normal"><span style="font-size:12.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></b> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">5<span style="mso-spacerun:yes"> </span>REFORM MONITORING AND TECHNICAL ASSISTANCE</b></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Ministry of Finance's directorate of planning, management and monitoring becomes operational with the aim of improving reform management and oversight. By end-March 2012, it starts publishing quarterly monitoring indicators for each of the key structural reform initiatives.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">The Government will request technical assistance to be provided by the EU Member States, the European Commission the IMF or other organisations in priority areas. These technical assistance actions will be coordinated by the Commission's Task Force for Greece according to its mandate. The Greek administration will ensure continuity of technical assistance launched.</p> <b style="mso-bidi-font-weight:normal"><span style="font-size:12.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span></b> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">Annex 1: Provision of data</b></p> <p class="MsoNormal" style="text-align:justify">During the programme, the following data shall be made available to the European Commission, the ECB and the IMF staff on a regular basis.</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">These data should be sent to the following e-mail address:</p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:center" align="center"><a href="mailto:ecfin-greece-data@ec.europa.eu">ecfin-greece-data@ec.europa.eu</a></p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify">This address should also be used for the transmission of other data and reports related to the monitoring of the programme.</p> <p class="MsoNormal" style="text-align:justify"> </p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:6.15in;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="443"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:0in; margin-bottom:5.0pt;margin-left:0in;text-align:center" align="center"><span class="FontStyle28"><span style="font-size:10.0pt">To be provided by the Ministry of Finance</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style12" style="margin-top:5.0pt;margin-right:12.6pt; margin-bottom:5.0pt;margin-left:9.0pt;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle27"><span style="font-size:10.0pt">Preliminary monthly data on the state budget execution (including breakdown by main categories of revenue and expenditure and by line ministry).</span></span></p> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle27"><i style="mso-bidi-font-style: normal"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></i></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 15 days after the end of each month; these data should also be included in subsequent transmissions in case of revision.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style12" style="margin-top:5.0pt;margin-right:12.6pt; margin-bottom:5.0pt;margin-left:9.0pt;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle27"><span style="font-size:10.0pt">updated monthly plans for the state budget execution for the remainder of the year, including breakdown by main categories of revenue and expenditure and by line ministry.</span></span></p> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style12" style="margin-top:5.0pt;margin-right:9.0pt; margin-bottom:5.0pt;margin-left:9.0pt;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month.</span></span><span style="font-size:10.0pt"></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly data on the public wage bill (of general government, including a breakdown in nominal wage and allowances paid to government employees per line ministry and public entity), number of employees (including a breakdown per ministry and public entities outside the central government) and average wage (including the relative shares of the base wage, allowances and bonuses).</span></span></p> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministries of Interior and Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month (starting in June 2010).</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style12" style="margin-top:5.0pt;margin-right:12.6pt; margin-bottom:5.0pt;margin-left:9.0pt;text-align:left;mso-pagination:widow-orphan" align="left"><span class="FontStyle27"><span style="font-size:10.0pt">Preliminary monthly cash data on general government entities other than the state.</span></span></p> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month, these data should also be included in subsequent transmissions in case of revision.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly data on staff: number of employees, entries, exits, transfers among government entities; and from and into the labour reserve, per entity.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministries of Interior and Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weekly information on the Government's cash position with indication of sources and uses as well of number of days covered.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weekly on Friday, reporting on the previous Thursday.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on below-the-line financing for the general government.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, no later than 15 days after the end of each month; these data should also be included in subsequent transmissions <span style="mso-spacerun:yes"> </span>in <span style="mso-spacerun:yes"> </span>case of revision.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on expenditure pending payment (including arrears) of the general government, including the state, local government, social security, hospitals and legal entities.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance on the basis of basic data from the several line ministries)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Quarterly, within 55 days after the end of each quarter.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on use of international assistance loans split among following categories: Financial stability fund, escrow account, debt redemption, interest payments, other fiscal needs, building of cash buffer; per quarter and cumulative</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Quarterly, by the end of each quarter.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on public debt and new guarantees issued by the general government to public enterprises and the private sector.</span></span></p> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on maturing debt (planned redemptions per month, split between short-term (Treasury bills and other short-term debt) and long-term (bonds and other long-term) debt).</span></span></p> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on planned monthly interest outflows.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, within one month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on assets privatised and proceeds collected.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Data on state-owned enterprises: revenue, costs, payroll, number of employees and liabilities (including maturities of public enterprises' debts)</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, within three weeks of the end of each month for the ten largest enterprises. Quarterly within three weeks of the end of each quarter for the other enterprises. Quarterly for the maturities of state-owned enterprises' liabilities.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly statement of the transactions through off-budget accounts.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministries of Finance and Education)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, at the end of each month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly statement of the operations on the special accounts.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, at the end of each month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:15"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Report on progress with fulfilment of policy conditionality.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Report prepared by the Ministry of Finance)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Quarterly before the respective review starts.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:16;mso-yfti-lastrow:yes"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly data on health care expenditure by the social security funds with a lag of three weeks after the end of the respective quarter.</span></span></p> <p class="Style18" style="margin-top:5.0pt;margin-right:12.6pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle26"><span style="font-size:10.0pt">(Data compiled by the Ministries of Labour and Health)</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, within three weeks of the end of each month. Starting with data for January 2011 for IKA, OAEE, OGA and OPAD, and from April 2011 on for the other funds</span></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"> </p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:6.15in;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="443"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:0in; margin-bottom:5.0pt;margin-left:0in;text-align:center" align="center"><span class="FontStyle28"><span style="font-size:10.0pt">To be provided by the Bank of Greece</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Assets and liabilities of the Bank of Greece.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weekly, next working day.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Assets and liabilities of the Greek banking system - aggregate monetary balance sheet of credit institutions.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 30 days after the end of each month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Evolution<span style="mso-spacerun:yes"> </span>of<span style="mso-spacerun:yes"> </span>the<span style="mso-spacerun:yes"> </span>external funding provided by<span style="mso-spacerun:yes"> </span>Greek banks to their subsidiaries abroad.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Monthly, 15 days after the end of each month.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Report on banking<span style="mso-spacerun:yes"> </span>sector liquidity situation.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weekly, next working day.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Report on the evolution of financial stability indicators.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Quarterly, 30 days after the publication data<span style="mso-spacerun:yes"> </span>of each quarter.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Report on results from the regular quarterly solvency assessment exercise.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Quarterly, 15 days after the end of each quarter depending on data availability.</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weighted average of Loan-to-value (LTV) ratio for new loans with real estate collateral</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Yearly.</span></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"> </p> <p class="MsoNormal" style="text-align:justify"> </p> <table class="MsoTableGrid" style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:6.15in;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="443"> <p class="MsoNormal" style="margin-top:5.0pt;margin-right:0in; margin-bottom:5.0pt;margin-left:0in;text-align:center" align="center"><span class="FontStyle28"><span style="font-size:10.0pt">To be provided by the Hellenic Financial Stability Fund</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1;mso-yfti-lastrow:yes"> <td style="width:221.4pt;border:solid windowtext 1.0pt;border-top: none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:.05in;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Detailed report on the balance sheet of the Financial Stability Fund with indication and explanation of changes in the accounts.</span></span></p> </td> <td style="width:221.4pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt" width="221"> <p class="Style9" style="margin-top:5.0pt;margin-right:9.0pt;margin-bottom: 5.0pt;margin-left:9.0pt;line-height:normal;mso-pagination:widow-orphan"><span class="FontStyle27"><span style="font-size:10.0pt">Weekly, next working day.</span></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal">Annex 2: Statistics to be published by the Ministry of Justice or Ministry of Finance</b></p> <p class="MsoNormal" style="text-align:justify"><b style="mso-bidi-font-weight: normal"> </b></p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in">(a)<span style="mso-tab-count:1"> </span><i style="mso-bidi-font-style:normal">by end-March 2012</i>, for each administrative tribunal, court of appeal and the supreme administrative court:</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(i)<span style="mso-tab-count:1"> </span>the number of judges and administrative staff, with a breakdown for judges working in tax chambers or dealing primarily with tax cases;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(ii)<span style="mso-tab-count:1"> </span>the number of all cases;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(iii)<span style="mso-tab-count:1"> </span>the number of cases carried over from 2011;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(iv)<span style="mso-tab-count:1"> </span>the number of cases filed in the first quarter of 2012;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(v)<span style="mso-tab-count:1"> </span>the number of tax cases, with a breakdown according to case value (up to EUR 10.000, EUR 10.001 to EUR 50.000, EUR 50.001 to EUR 100.000, EUR 100.001 to EUR 500.000, and above EUR 500.000);</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(v)<span style="mso-tab-count:1"> </span>the number of tax cases carried over from 2011;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(vi)<span style="mso-tab-count:1"> </span>the number of tax cases filed in the first quarter of 2012;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(vii)<span style="mso-tab-count:1"> </span>the recovery rate for all tax cases, which for the purposes of the MoU, shall mean the ratio of the amount collected by the creditor in enforcement proceedings - following the issuance of an enforceable title - to the amount adjudicated by the court.</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in">(b)<span style="mso-tab-count:1"> </span><i style="mso-bidi-font-style:normal">by end-June 2012</i>, in addition to the information in (a) above, updated as necessary, for each civil court, court of appeal and the supreme civil court:</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(i)<span style="mso-tab-count:1"> </span>the number of judges and administrative staff;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(ii)<span style="mso-tab-count:1"> </span>the number of all cases;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(iii)<span style="mso-tab-count:1"> </span>the number of cases carried over from 2011;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(iv)<span style="mso-tab-count:1"> </span>the number of cases filed in the first two quarters of 2012;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(v)<span style="mso-tab-count:1"> </span>the number of dormant cases, i.e. cases pending before the civil courts in which the relevant court's file records that they have been postponed or never received a hearing date and no party activity for receiving a hearing date has taken place for at least 18 months.</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in">(c)<span style="mso-tab-count:1"> </span><i style="mso-bidi-font-style:normal">by end-September 2012</i>, in addition to the information in (a) and (b) above, updated as necessary, at the first instance and the appeal level:</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(i)<span style="mso-tab-count:1"> </span>the number of corporate insolvency cases;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(ii)<span style="mso-tab-count:1"> </span>the average duration of corporate insolvency cases;</p> <p class="MsoNormal" style="margin-left:45.0pt;text-align:justify;text-indent: -27.0pt;tab-stops:45.0pt">(iii)<span style="mso-tab-count:1"> </span>the average cost of corporate insolvency cases;</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in">(d)<span style="mso-tab-count:1"> </span><i style="mso-bidi-font-style:normal">by end-December 2012</i>, quarterly updates of the information in (a) to (c) above.</p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p> <span style="font-size:12.0pt;font-family:"Times New Roman";mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><br style="page-break-before:always" clear="all"> </span> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"><span class="FontStyle28"><span style="font-size:10.0pt">Abbreviations</span></span></p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"><span class="FontStyle28"><span style="font-size:10.0pt"> </span></span></p> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"><span class="FontStyle28"><span style="font-size:10.0pt"> </span></span></p> <table class="MsoNormalTable" style="margin-left:2.0pt;border-collapse:collapse;mso-table-layout-alt:fixed; mso-padding-alt:0in 2.0pt 0in 2.0pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">ASEP</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Supreme Council for Staff Selection</span></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">CPB</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.25pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Central Purchasing Bodies</span></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">DEPA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Public Gas Corporation</span></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">DRG</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Diagnostic-Related Group</span></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">DSO</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Distribution System Operator</span></span></p> </td> </tr> <tr style="mso-yfti-irow:5;height:9.0pt"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt; height:9.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">ECB</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt; height:9.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Central Bank</span></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">EEA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Economic Area</span></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">EETT</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Hellenic Telecommunications and Post Commission</span></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">EFSF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Financial Stability Facility</span></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">EKEVYL</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">National Centre for Medical Technology</span></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">ELSTAT</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Hellenic Statistical Authority</span></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">EOF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">National Organisation for Medicines</span></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">EOPYY</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">National Organisation for the provision of Health services</span></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">EPY</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Health Procurement Commission</span></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">ERDF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Regional Development Fund</span></span></p> </td> </tr> <tr style="mso-yfti-irow:15"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">ESA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European System of Accounts</span></span></p> </td> </tr> <tr style="mso-yfti-irow:16"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">ESF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Social Fund</span></span></p> </td> </tr> <tr style="mso-yfti-irow:17"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">ESY</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">National Health System</span></span></p> </td> </tr> <tr style="mso-yfti-irow:18"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">EU</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">European Union</span></span></p> </td> </tr> <tr style="mso-yfti-irow:19"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">GDP</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Gross Domestic Product</span></span></p> </td> </tr> <tr style="mso-yfti-irow:20"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">GEMI</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">General Commercial Registry</span></span></p> </td> </tr> <tr style="mso-yfti-irow:21"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">HRADF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Hellenic Republic Asset Development Fund</span></span></p> </td> </tr> <tr style="mso-yfti-irow:22"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">IDIKA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">E-governance of social insurance</span></span></p> </td> </tr> <tr style="mso-yfti-irow:23"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">IMF</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">International Monetary Fund</span></span></p> </td> </tr> <tr style="mso-yfti-irow:24"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">KTEL</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Joint Fund for Bus Receipts</span></span></p> </td> </tr> <tr style="mso-yfti-irow:25"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">ING</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Liquefied Natural Gas</span></span></p> </td> </tr> <tr style="mso-yfti-irow:26"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">LTV</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Loan-to-value</span></span></p> </td> </tr> <tr style="mso-yfti-irow:27"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">MEFP</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Memorandum of Economic and Financial Policies</span></span></p> </td> </tr> <tr style="mso-yfti-irow:28"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">MTFS</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Medium-Term Fiscal Strategy</span></span></p> </td> </tr> <tr style="mso-yfti-irow:29"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">NHS</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">National Health System</span></span></p> </td> </tr> <tr style="mso-yfti-irow:30"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">OASA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Athens Urban Transport Organisation</span></span></p> </td> </tr> <tr style="mso-yfti-irow:31"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">OECD</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.25pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Organisation for Economic Cooperation and Development</span></span></p> </td> </tr> <tr style="mso-yfti-irow:32"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">OGA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Agricultural Insurance Organisation</span></span></p> </td> </tr> <tr style="mso-yfti-irow:33"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">OSE</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Railway Organisation of Greece</span></span></p> </td> </tr> <tr style="mso-yfti-irow:34"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">OTE</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.75pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Hellenic Telecommunication Company</span></span></p> </td> </tr> <tr style="mso-yfti-irow:35"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">PPC</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Public Power Corporation</span></span></p> </td> </tr> <tr style="mso-yfti-irow:36"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">PSC</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Point of Single Contact</span></span></p> </td> </tr> <tr style="mso-yfti-irow:37"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">PSC</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Point of Single Contact</span></span></p> </td> </tr> <tr style="mso-yfti-irow:38"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">RAE</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Regulatory Authority for Energy</span></span></p> </td> </tr> <tr style="mso-yfti-irow:39"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">RSPP</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Radio Spectrum Policy Programme</span></span></p> </td> </tr> <tr style="mso-yfti-irow:40"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">SPA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Single Payment Authority</span></span></p> </td> </tr> <tr style="mso-yfti-irow:41"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">SPPA</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Single Public Procurement Authority</span></span></p> </td> </tr> <tr style="mso-yfti-irow:42"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style17" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle29"><span style="font-variant:normal !important">TAP</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Trans-Adriatic pipeline</span></span></p> </td> </tr> <tr style="mso-yfti-irow:43"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">TEN-T</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Trans European Transport network</span></span></p> </td> </tr> <tr style="mso-yfti-irow:44"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">TSO</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:12.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">Transmission System Operator</span></span></p> </td> </tr> <tr style="mso-yfti-irow:45;mso-yfti-lastrow:yes"> <td style="width:.75in;padding:0in 2.0pt 0in 2.0pt" valign="top" width="54"> <p class="Style15" style="margin-bottom:5.0pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">WHO</span></span></p> </td> <td style="width:276.7pt;padding:0in 2.0pt 0in 2.0pt" valign="top" width="277"> <p class="Style15" style="margin-top:0in;margin-right:0in;margin-bottom:5.0pt; margin-left:11.5pt;mso-pagination:widow-orphan"><span class="FontStyle30"><span style="font-size:11.0pt">World Health Organisation</span></span></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="text-align:justify;tab-stops:.25in"> </p>Ιωάννης Πανάρετοςhttp://www.blogger.com/profile/11349501669399533448noreply@blogger.com0