“For this second review to be successful, it is necessary that the risk of fiscal slippage at the end of 2009 be eliminated and the budget for 2010 be adopted, based on a budget deficit of up to 5.9 percent of GDP. Moreover, it is essential to reach an agreement regarding fiscal, macroeconomic, and structural policies, which are needed for the success of the financial aid program,” an EC statement said.
On 20 October, the spokeswoman for the Directorate-General for Economic and Financial Affairs, Amelia Torres, said that the next tranche of the loan granted by the European Union (of €1 billion, after the first €1.5 bln tranche was paid in July) should be paid in the last quarter of 2009. The total value of the loan is some €5 bln.
