council decis decemb commun loan favour hellen republ eec council european commun regard treati establish european econom commun regard council regul eec march adjust commun loan mechan design support balanc payment member state amend regul eec articl thereof regard propos commiss submit consult monetari committe examin commiss collabor monetari committe econom situat greec shown mark deterior balanc payment fall foreign exchang reserv rapid increas extern indebted difficulti persist liabl jeopard proper function common market greek govern appli medium term loan commun loan mechan design support balanc payment member state grant loan measur framework mutual assist facilit adjust greek economi main reason deterior balanc payment greec absenc control domest factor notabl sharp acceler inflat rapid rise labour cost mark deterior situat product sector substanti run domest budgetari monetari target greek author adopt econom recoveri programm present programm time applic loan commiss address greek govern recommend measur suggest adopt greek author approv term recommend greek govern implement recoveri programm undertak pursu period year take correct measur period object slowdown inflat annual rate price increas brought end mid exclud effect introduct ad tax januari appreci slowdown upward movement labour cost last adjust wage index mechan base advanc inflat norm exclud wage adjust rise import price reduct public sector borrow requir percentag point gross domest product similar amount progress substanti reduct domest credit expans compar signific reduct proport public sector borrow requir cover monetari resourc reduct current account deficit earli extern public debt stabil term absolut implement programm give prioriti medium term perspect strengthen modern product structur result condit recoveri product invest establish adopt decis articl commun grant hellen republ regul eec loan million ecu equival amount currenc articl loan made hellen republ equal instal instal borrow oper complet instal year payment instal case januari commiss releas instal light examin made collabor monetari committe evolut econom situat beneficiari member state result obtain execut econom recoveri programm implement articl loan grant basi decis beneficiari member state implement econom recoveri programm present object set recit decis commiss collabor monetari committe examin regular interv evolut econom situat beneficiari member state execut econom recoveri programm implement articl decis address hellen republ brussel decemb council presid santer oj oj