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Progress in meeting adjustment programme targets Where we currently stand and what lies ahead

This note takes a close look at the progress made so far in meeting the adjustment programme targets, in the context of the upcoming troika assessment. Greece has already fulfilled the bulk of prior actions to the 3rd programme review and, as such, we expect no major delays in the next loan disbursement. Looking further ahead, we expect the 5th and the 6th reviews (August 2013 and November 2013, respectively) to be particularly challenging, not only on the basis of their quantitative targets and structural benchmarks, but also because by that time we will have a clearer picture as to the pace of current year’s GDP contraction and the progress made in certain key arrears, including tax administration and the privatization program.