council decis march commun loan favour hellen republ eec council european commun regard treati establish european econom commun regard council regul eec june establish singl facil provid medium term financi assist member state balanc payment articl thereof regard propos commiss submit consult monetari committe greek govern appli medium term financi assist support balanc payment econom programm adjust reform amount outstand previou loan grant member state ceil regul eec addit problem balanc payment aris deterior current account make substanti repay extern debt greek economi suffer structur defici affect extern perform prospect balanc payment loan disburs tranch justifi measur rectif adjust undertaken improv perform greek economi enabl hellen republ particip fulli commun integr join exchang rate mechan erm european monetari system agre start date stage econom monetari union requir signific reduct inflat improv structur economi object met substanti reduct public sector deficit tight monetari polici firm exchang rate polici reform liber product labour financi market commun offer support greek economi fund commun programm favour hellen republ commun support framework structur assist benefit commun support enhanc achiev financi stabil reduct inflat low level repay due loan grant hellen republ council decis eec decemb commun loan favour hellen republ made schedul greek author adopt year programm adjust reform consult commiss present programm time applic loan greek govern implement fulli programm adjust reform year period achiev object programm includ restor extern account sustain posit achiev low rate inflat extern current account deficit gross domest product gdp inflat rate end consist object greek govern step achiev target introduc specif measur programm year period agre central govern net borrow requir express percentag gdp exce addit measur propos greek author target achiev freez million drachma reserv includ budget end septemb review place commiss central govern revenu expenditur trend agre basi trend net borrow requir target set exclud million drachma reserv reserv releas pro rata basi amount greater million drachma foreseen net borrow requir exce target greek govern measur ensur target met combin net borrow public enterpris public entiti express percentag gdp exce percentag exceed purpos consolid take exist unrecord debt public enterpris entiti enhanc transpar public sector account effect oper net borrow public enterpris public entiti combin exce addit gdp ceil similar natur agre process disburs tranch public sector employ calcul number civilian employe central govern local author public enterpris public entiti industri reconstruct organ iro amount employe end reduc end reduct achiev restrict recruit polici includ reduct employ achiev privat iro compani public enterpris case public enterpris employ enterpris count reduct public sector employ public enterpris sold privat foreign sector tax base broaden increas effici tax collect introduct tax improv effici tax collect greek govern undertak seek assist intern expert commiss seek exist commun support framework provid resourc improv tax administr addit altern incom tax system liber profess handicraft sector introduc made effect incom tax revenu agricultur sector gradual brought line revenu rais agricultur sector fiscal year revenu rais form incom tax agricultur sector million drachma respect oil tax system greek govern undertak adjust consum price oil product promptli reflect world price oil view firstli avoid reduct oil tax compon consum price increas tax compon event world oil price fall deregul market review commiss end structur environment tax energi order assess situat deregul prospect rais addit revenu oil tax total expenditur current grant subsidi exce million drachma million drachma million drachma nomin wage increas public sector announc greek govern exce januari juli limit appli central govern public entiti public enterpris public sector bodi incom polici public sector continu restrict wage current budget expenditur good servic reduc real term adjust period addit measur enhanc transpar public sector financi account system monitor control oper result borrow requir public enterpris public entiti introduc consult commiss june cash limit disburs budget grant public enterpris public entiti appli govern system effect compulsori bank financ govern budget bank deposit phase margin accord timet earlier juli juli juli respect system compulsori financ handicraft sector preferenti interest rate bank deposit greek govern ration system begin phase system june direct access treasuri central bank liquid amount increas govern expenditur abolish line progress achiev elimin monetari financ member state case end monetari polici set year respect target agre fiscal deficit accommod failur achiev target total credit grant public privat sector exce million drachma million drachma million drachma respect exchang rate polici greek govern follow polici complet accommod inflat differenti member state nomin exchang rate period adjust reflect deceler inflat object join erm respect structur reform order ensur hellen republ particip fulli intern market programm greek govern undertak provid consult commiss june timet legisl action adjust period includ main element propos reform deregul good labour servic market tax social secur reform reduct share wider public sector capit liber accord commun legisl limit tourist expenditur restrict capit movement subject exist derog articl treati remov month decis effect agre implement decis greek author consult close commiss make inform full effect monitor agre programm adjust accord decis develop greek economi greek econom polici review year monetari committe frequent warrant adopt decis articl commun grant hellen republ regul eec loan ecu million equival amount currenc articl loan made hellen republ instal averag durat instal exce year instal made instal amount ecu million equival amount currenc borrow oper complet instal amount ecu million equival amount currenc earlier februari case instal releas commiss consult council light examin made collabor monetari committe result obtain execut programm satisfi agre measur fulli implement target programm achiev addit measur achiev target agre fulli implement instal amount ecu million equival amount currenc earlier februari subject examin verif consult case instal articl loan grant basi decis hellen republ implement econom recoveri programm present object set recit decis commiss collabor monetari committe examin regular interv evolut econom situat greec execut econom recoveri programm implement examin continu loan fulli repaid articl decis address hellen republ brussel march council presid poo oj oj