ECONOMY

Gov?t introduces ministry monitoring system

The government is installing domestic surveying officials in all ministries to ensure the strict application of its bailout agreement with the country?s creditors in order to avoid missing fiscal targets and avert an external intervention as Berlin has suggested.

On Monday, while the Euro Working Group of eurozone finance ministry officials were in discussions that will continue today regarding the German proposal for stricter monitoring of the implementation of the Greek streamlining program and a change to the terms of the escrow account that serves the country?s debt, the government signed a legislative act that provides for Finance Ministry inspectors to be assigned to all ministries and state bodies that do not comply with fiscal targets. It will also promote a regulation that would stop expenditure by bodies that show unjustifiable excesses in spending.

?This mechanism is strictly Greek, without any involvement on the part of Greece?s creditors,? a statement from the prime minister?s office read on Monday.

It added that the act ?concerns the constant monitoring of public expenditure so as to offer a timely warning for serious spending excesses and automatic correction measures.?