Greece hopes to get next bailout tranche

It is expected that a group of supervisors consisting of high-ranking officials of the European Commission, ECB, and the IMF will visit Greece in the short term. The creditors demand the country’s government should take decisive measures. To prove Greece is serious, Athens, in order to save budget funds, decided to reduce the number of employees in the government apparatus. 12,500 managers in the sphere of education, municipal administration, defense, and domestic affairs are on the verge of dismissal. These are necessary measures within the framework of the administrative reform; after it is implemented, 15,000 public officials will be discharged. The representatives of the troika intend to make sure that the promises are fulfilled by the Greek government. As a result, a report on the inspection will be presented. Based on it, a decision about financial aid for Greece is to be taken. It should be noted that in October 2013 the next tranche equaling 1 billion euros is planned to be earmarked. However, Athens might need extra 10 billion euros, Greek Finance Minister Yannis Sturnaras says. The sum has already been under discussions during the meeting of the European Commission, ECB, and IMF. It is quite possible that the figure will change after the report is published. While Greece is preparing for lay-offs, the troika has to witness de facto the allocated money is transferred to consolidation of the economy, not the payments for officials’ salaries.