Speeding up the implementation of the Stability and Growth Programme
The Greek Government has announced measures to speed up the implementation of
the Stability and Growth Programme. The Ministry of Finance has set up a task force entrusted with
the monitoring of the execution of the Budget and of the reforms described in the Programme.
Overall coordination across Government will be ensured by an inter-ministerial committee chaired by
the Deputy Prime Minister Mr. Theodore Pangalos.
In its first meeting the inter-ministerial committee confirmed the Government's
commitment to consolidate or close down a large number of public sector entities, organisations and
companies.
In terms of expenditure control, the Ministry of Finance has announced the
setting aside of a 10% contingency reserve in the budget in order to ensure strict adherence to the
2010 deficit target.
On the revenue side the Greek Parliament passed with a fast track procedure an
increase in the excise tax for alcohol of 20% and tobacco of over 10%. This is expected to lead to
an increase in revenue by about 710 million Euro.
