EIM Budgetary - December 2013

20 January 2014

Parliament began its examination of the Troika process. (Includes further reporting on Spain, Ireland, Portugal, Greece and Cyprus.)

Summary

• Parliament starts to examine the Troika process.

• Spain successfully exits ESM financial assistance programme after drawing down only €41 billion of the possible €100 billion bank assistance.

• Ireland successfully exits its Programme – public debt declining, growth rising.

• Portugal: Programme broadly on track.

• Greece: achieved the four milestones so “second sub-tranche of the fifth instalment” paid but PM  Samaras aims for decision on debt relief in April.

• Cyprus:  Programme is on track. All fiscal targets have been met with considerable margins.

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© Graham Bishop