• Greek govt had no other choice but focusing efforts on stabilising economy
  • Greece deserves credit for fiscal efforts under EUR/IMF plan so far
  • Immediate challenges facing Greece continue to be in the fiscal area, weaker than expected economy
  • Greece needs underlying structural reforms
  • Additional measures will be needed in Greece to cut deficit to suistainable level
  • Greece should not resort to higher and higher taxes
  • Greece will not be able to undertake fiscal consolidation without much stronger resolve to tackle tax evasion
  • Greece must improve tax collection rather than put new and more taxes into the system
  • Tax rates can only be reduced after Greece has managed to improve tax collection
  • Greece must reduce public sector’s claim to resources
  • Greece has made impressive progress, but further progress needed
  • Concerned that Greek EU/IMF program does not have broad political support
  • The ball is in the Greek court, implementation of reforms is key