A disbursement worth Eur1.7 billion was recently agreed to be released to Greece as a second tranche to its bailout funding after the government instituted legislation that would set to dismiss employees from the public sector payroll.
Now the focus of the Greek government is to improve tax collection according to the International Monetary Fund who released an email statement on the matter after the meeting with Greek financial authorities.
According to a statement released, IMF Managing Director Christine Lagarde said, "Greece is well underway to complete its ambition fiscal adjustment plan and is on track to meet its 2013 fiscal targets. A critical priority is to tackle tax evasion by pressing forward rapidly with reform of the revenue administration to improve operational independence and make the burden of adjustment more equitable."
After more than three years after Greece's admission it had misinformed its European Union partners as to its true financial condition, the country's economy continued to shrink as it relies heavily on loans from the EuroZone and IMF to pay pension and wages.
One of the its accessions to the bailout feal is the passage of a bill that would eliminate 15,000 positions in the bureaucracy by the end of 2014. With that law passed, the approvals of the latest tranche was given the green light by EU nation finance heads from the total Eur130 billion rescue fund.
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