BERLIN Nov 12 Greece will need 32.6 billion
euros in extra financing if the country reaches its primary
budget surplus target of 4.5 pct of GDP in 2016, two years later
than originally planned, a draft document prepared for euro zone
finance ministers showed.
"To close the financing gap for the period through 2014,
additional programme financing of somebillion is required
in the short-term compared to the March 2012 assessment," the
The compliance report was drafted by the International
Monetary Fund, the European Central Bank and the European
Commission and will be the basis of discussions of euro zone
finance ministers this week on unfreezing emergency lending to
"Owing to lower than expected privatisation proceeds,
additional official financing ofbillion would be
required to close the financing gap for the period through
2014," the report, obtained by Reuters said.
"The two-year extension of the fiscal adjustment path
increases the funding gap for the period up to 2014 by
billion tobillion," it said.
"Financing needs for the Greek sovereign have to be
increased also for the period 2015-16 given the higher debt
profile, but also as access to capital markets remains
uncertain," it said.
The report said that even though the perception of the
overall policies and credibility of the government could improve
significantly after two years of successful programme
implementation, it would be prudent to assume that markets may
remain sceptical about Greece for a longer period, given the
vulnerability resulting from the high debt ratio and political
"Additional financing needs for 2015-16 amount to
billion if the originally scheduled fiscal adjustment path is
maintained and toif the fiscal adjustment path is
extended by two years," the report said.