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Troika releases 5th review of 2nd program

The Greek authorities committed to deliver a strong and comprehensive package of reforms to ensure the program remains on track to meet its objectives. This requires moving forward on structural benchmarks and other key programme conditionality, without compromising quality and credibility.

This is how the Troika report "Greece: State of play of the 5th review of the 2nd economic adjustment programme" begins.

The report sets out 15 areas that the Greek government must deliver on. The report also notes that the EC-ECB-IMF project a sizeable gap, and discussions are ongoing on measures to close it, including legislating now measures that have been proposed by the authorities on a contingent basis.

The issue of the political instability at this time, makes it difficult to assess when and if there will be an agreement with troika, making markets antsy, although spreads on Greek bonds have deflated today.

read the report here: http://air.euro2day.gr/cov/ec/economicprogramme.pdf