ECONOMY

EU-IMF money after tough measures approved

Recently appointed Greek Finance Minister Evangelos Venizelos said on Monday the country must approve the five-year medium-term fiscal plan by the end of the month in order to secure a fifth loan payment under the EU-led bailout.

?There is an immediate and urgent need to regain the credibility of the country, as far as the implementation of the program,? said Venizelos, who took over the Finance Ministry last week from Giorgos Papaconstantinou in a Cabinet reshuffle.

?The medium- term fiscal strategy and the implementation law must be voted by Parliament by the end of June.?

Venizelos said EU partners agreed the private sector should also be involved in any future financing plan for Greece with a ?completely voluntary participation? that would take the form of retention of existing bonds which are about to expire and in order to reduce Greece?s borrowing needs in the following years.

A new technical mission will travel to Greece tomorrow to verify Greek implementation of the terms of a bailout agreement with the European Union and International Monetary Fund, EU Economic and Monetary Affairs Commissioner Olli Rehn said.

?The aim is to verify that the Greek government is implementing the agreed revised memorandum and that we have the same understanding by the EU-IMF troika and the Greek government,? Rehn told reporters in Luxembourg today after euro area finance chiefs met to discuss Greece.