Most likely in early November.

No surprise.

  • Inspectors say decisive implementation of austerity measures should be enough to meet 2012 deficit target
  • Recession will be deeper than anticipated in June and recovery is expected only from 2013
  • Greece will miss 2011 target (who would have thunk it?)
  • Additional measures likely to be needed to meet 2013-2014 targets
  • Progress on reform has been uneven
  • Privatisation revenues to be significantly lower than expected in 2011
  • Essential that Greek authorities put more emphasis on structural reforms
  • Success of Greek programm depends on mobilising financing from PSI and official sector