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Privatization proceeds amounting to 15 billion euros expects the government in the period 2011-2013. This was announced by the Finance Minister George Papakonstantinou, who presented to journalists the main points of the revised local economy recovery memorandum.  It should not be unnoted that the socialist government estimates are not correct, given the recent statement of the supervisory Troika, which announced privatization proceeds of whole 50 billion euros by 2015.

In this regard, Papakonstantinou said slightly nervously: "The Troika should not refer to the plan for 50 billion euros from privatizations." The plan for them has not been ratified yet and there is no specific government decision on its implementation. Currently there is an enlisting  procedure for the state property, and the first list will be presented to the end of March 2011 and the second by the end of the year.  

The Finance Minister made it clear that the press conferences of the tripartite mission of the International Monetary Fund, the European Central Bank and the European Commission are not a proper way of communication with the public and clearly expressed his dissatisfaction with the leaked information. Fifty billion privatization proceeds may be regarded as a government purpose outside the context of the Memorandum of financial support and Papakonstantinou did not want it discussed before the announcement of the formal decision on the matter.

George Papkonstantinu stressed that the report of the supervisory Troika appreciates the government efforts to implement the fiscal consolidation program and no problems are expected with the payment of the fourth installment of the financial support from the IMF and European countries. Greece must obtain 15 billion euros in March 2011, 10.9 billion euros of which will come from the eurozone and 4.1 billion euros – from the International Monetary Fund.

Nevertheless, the government targets are to take additional measures beyond those included in the Memorandum, so that the deficit tol fall below 3% of GDP at the end of 2013. Fiscal consolidation measures and the results of structural reforms should reduce the deficit in the next three years by around 20 billion or 8% of GDP. The government must ensure deficit reduction in time and therefore provides additional measures that exceed the initial estimates of performance targets.

"The interest rates on the external debt increased and they will be higher than the current levels in subsequent years. Early measures should be taken to keep the budget deficit stable and not rise again. There are a number of other budget costs that will surely increase in the next period and the deficit reduction requires a wider range of measures in the process of fiscal consolidation," explained the Minister.

In the banking sector George Papakonstantinou said that the government will provide another 30 million euros state guarantees for banks funding by the European Central Bank. Permanent flow of funds into the banking sector is not meeting the required understanding in the public sector. Asked by a journalist "How long will you give Greek banks guarantees to fund, provided that they themselves do not give money to the local market?" Papakonstantinou said that banks have no access to free funding due to the economic crisis. So, the state is obliged to support this sector. He stressed that to resist the pressure of the crisis, banks have to regroup their forces and mergers between financial institutions are recommended. They must submit a medium term action plan to the central bank of Greece by the middle of the year which is expected to include reduced operating costs and lower salaries.