A joint EC/IMF/ECB first review mission under the Economic Adjustment Programme visited Athens from 26 July to 5 August 2010. The aim was to assess compliance by Greece with the terms and conditions for the first review of the economic adjustment programme required for the quarterly disbursements of bilateral financial assistance from euro area Member States. The mission also discussed policy challenges ahead and an update and specification of the conditionality requirements for the next reviews.

This report by the European Commission staff provides a detailed assessment of compliance, an overview of challenges faced by Greece and a summary of the main findings of the mission.

This document contains in annex the following updated programme documents:

• the Memorandum of Economic and Financial Policies (MEFP)
• the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU)
• the Technical Memorandum of Understanding (TMU)

On 19 August the European Commission assessed measures taken by Greece to remedy the situation of excessive deficit. Subject to the approval of the Eurogroup, the overall positive assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.

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>> Occasional paper 61 - The Economic Adjustment Programme for Greece