HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 296/38
EN
Official Journal of the European Union
15.11.2011
DECISIONS
COUNCIL DECISION
of 12 July 2011
addressed to Greece with a view to reinforcing and deepening fiscal surveillance and giving notice
to Greece to take measures for the deficit reduction judged necessary to remedy the situation of
excessive deficit
(recast)
(2011/734/EU)
THE COUNCIL OF THE EUROPEAN UNION,
Regulation (EC) No 1467/97 of 7 July 1997 on speeding
up and clarifying the implementation of the excessive
deficit procedure ( 3 ). The Council also set a deadline of
Having regard to the Treaty on the Functioning of the European
27 October 2009 for Greece to take effective action. On
Union, and in particular Article 126(9) and Article 136 thereof,
30 November 2009, the Council established, in
accordance with Article 126(8) TFEU, that Greece had
not taken effective action; consequently, on
Having regard to the recommendation from the European
16 February 2010, the Council gave notice to Greece
Commission,
in accordance with Article 126(9) TFEU to take
measures to correct the excessive deficit by 2012 at
the latest (hereinafter ‘the Council Decision pursuant to
Whereas:
Article 126(9)’). The Council also set a deadline of
15 May 2010 for effective action to be taken.
(1) Council
Decision
2010/320/EU
of
10
May
2010
addressed to Greece with a view to reinforcing and
deepening fiscal surveillance and giving notice to
Greece to take measures for the deficit reduction
(5) According
to
Article
5(2)
of
Regulation
(EC)
No
judged necessary to remedy the situation of excessive
1467/97, if effective action has been taken in compliance
deficit (
with Article 126(9) TFEU and unexpected adverse

1 ) has been substantially amended several
times (
economic events with major unfavourable consequences

2 ). Since further amendments are to be made, it
should be recast in the interests of clarity.
for government finances occur after the adoption of that
notice, the Council may decide, on a recommendation
from the Commission, to adopt a revised notice pursuant
(2)
Article 136(1)(a) of the Treaty on the Functioning of the
to Article 126(9) TFEU.
European Union (TFEU) foresees the possibility of
adopting measures specific to the Member States whose
currency is the euro with a view to strengthening the
coordination and surveillance of their budgetary
(6) According
to
the
Commission
services’
autumn
2009
discipline.
forecasts, which provided the basis for the initial notice
addressed to Greece, GDP was expected to contract by
% in 2010, and recover as from 2011, when the
(3) Article
126
TFEU
establishes
that
Member
States
are
to
economy was forecast to grow by 0,7 %. A deeper
avoid excessive government deficits and sets out the
contraction in real GDP took place in 2010 and this
excessive deficit procedure to that effect. The Stability
contraction is expected to continue in 2011. A gradual
and Growth Pact, which in its corrective arm implements
resumption of growth is expected thereafter. This marked
the excessive deficit procedure, provides the framework
worsening of the economic scenario implies a corre
supporting government policies for a prompt return to
sponding deterioration of the outlook for public
sound budgetary positions taking account of the
finances at unchanged policy. To this should be added
economic situation.
the upward revision of the government deficit outcome
for 2009 (from an estimated 12,7 % of GDP at the time
of the Council Decision pursuant to Article 126(9) to
(4) On
27
April
2009,
the
Council
decided,
in
accordance
13,6 % of GDP according to the fiscal notification
with Article 104(6) of the Treaty establishing the
submitted by Greece on 1 April 2010) ( 4 ) and later on
European Community (TEC), that an excessive deficit
to 15,4 % of GDP following completion of the investi
existed in Greece and issued recommendations to
gations that Eurostat undertook with the Greek Statistical
correct that deficit by 2010 at the latest, in accordance
Authorities ( 5 ). Lastly, concerns in the markets for the
with Article 104(7) (TEC) and Article 3(4) of Council
( 3 ) OJ L 209, 2.8.1997, p. 6.
( 1 ) OJ L 145, 11.6.2010, p. 6.
( 4 ) Eurostat news release 55/2010, 22 April 2010.
( 2 ) See Annex I.
( 5 ) Eurostat news release 60/2011, 26 April 2011.

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Union L
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public finances outlook have been reflected in a sharp
2. The
adjustment
path
towards
the
correction
of
the
rise in risk premiums on government debt, compounding
excessive deficit shall aim to achieve a general government
the difficulties in controlling the path of government
deficit not exceeding EUR 18 508 million (8,0 % of GDP) in
deficit and debt.
2010, EUR 17 065 million (7,6 % of GDP) in 2011, EUR
14 916 million (6,5 % of GDP) in 2012, EUR 11 399 million
(4,8 % of GDP) in 2013 and EUR 6 385 million (2,6 % of GDP)
(7) Gross
government
debt
at
the
end
of
2009
stood
at in 2014. To this aim, an improvement in the structural balance
127,1 % of GDP. This is the highest debt ratio in the
of at least 10 % of GDP will have to be achieved over the period
EU, and is considerably higher than the 60 %-of-GDP
2009-2014.
reference value of the Treaty. Achieving the deficit
reduction path that is considered necessary and feasible
in the light of the circumstances would imply that the
3. The
adjustment
path
referred
to
in
paragraph
2
requires
increase in debt would be reversed from 2013. In
that the annual change in the general government consolidated
addition to persistently high government deficits,
gross debt does not exceed EUR 34 058 million in 2010, EUR
certain financial operations have further increased debt.
17 365 million in 2011, EUR 15 016 million in 2012, EUR
These factors have contributed to undermining market
11 599 million in 2013 and EUR 7 885 million in 2014.
confidence in the ability of the Greek Government to
Based on May 2011 GDP projections, the corresponding path
service the debt going forward. There is an urgent need
for the debt-to-GDP ratio shall not exceed 143 % in 2010,
for Greece to take decisive action, on an unprecedented
154 % in 2011, 158 % in 2012, 159 % in 2013 and 157 %
scale, on its deficit and on other factors contributing to
in 2014.
the increase in debt, in order to reverse the increase in
the debt-to-GDP ratio and allow it to return as soon as
Article 2
possible to market financing.
1. Greece
shall
adopt
the
following
measures
before
the
end
of June 2010:
(8) The
very
severe
deterioration
of
the
financial
situation
of
the Greek Government has led the other euro area
Member States to decide to provide stability support to
(a) a law introducing a progressive tax scale for all sources of
Greece, with a view to safeguarding the financial stability
income and a horizontally unified treatment of income
of the euro area as a whole, in conjunction with multi
generated by labour and capital assets;
lateral assistance provided by the International Monetary
Fund. Support provided by the euro area Member States
(b) a law repealing all exemptions and autonomous taxation
will take the form of a pooling of bilateral loans, coor
provisions in the tax system, including income from special
dinated by the Commission. The lenders have decided
allowances paid to civil servants;
that their support shall be conditional on Greece
respecting this Decision. In particular, Greece is
expected to carry out the measures specified in this
(c) the cancellation of the budgetary appropriations in the
Decision in accordance with the calendar set out herein.
contingency reserve, with the aim of saving EUR
700 million;
(9) In
June
2011,
it
became
evident
that,
taking
into
account
the 2010 budgetary slippage and budgetary execution
(d) the abolition of most of the budgetary appropriation for
until May, with unchanged policies, the 2011 target for
the solidarity allowance (except a part for poverty relief)
the deficit would be missed by a significant amount
with the aim of saving EUR 400 million;
which would jeopardise the overall credibility of the
programme. Therefore, there has been a need to update
(e) a reduction of the highest pensions with the aim of saving
specific budgetary measures to allow Greece to stick to
EUR 500 million for a full year (EUR 350 million for
the deficit target in 2011 and respect the deficit ceilings
2010);
for the following years established by Decision
2010/320/EU. These measures have been extensively
discussed with the Greek government and commonly
(f) a
reduction
of
the
Easter,
summer and Christmas
bonuses
agreed by the European Commission, the European
and allowances paid to civil servants with the aim of saving
Central Bank and the International Monetary Fund.
EUR 1 500 million for a full year (EUR 1 100 million in
2010);
(10) In the light of the above considerations, it appears appro
priate to amend Decision 2010/320/EU in a number of
(g) the abolition of the Easter, summer and Christmas bonuses
respects, while keeping unchanged the deadline for the
paid to pensioners, though protecting those receiving low
correction of the excessive deficit,
pensions, with the aim of saving EUR 1 900 million for a
full year (EUR 1 500 million in 2010);
HAS ADOPTED THIS DECISION:
(h) an increase in the VAT rate, with a yield of at least EUR
1 800 million for a full year (EUR 800 million in 2010);
Article 1
1. Greece
shall
put
an
end
to
the
present
excessive
deficit (i) an
increase
in
excises
for
fuel,
tobacco
and
alcohol,
with
a
situation as rapidly as possible and, at the latest, by the deadline
yield of at least EUR 1 050 million for a full year (EUR
of 2014.
450 million in 2010);

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Official Journal of the European Union
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(j) legislation
implementing
the
Services
Directive
( 1 );
2011); the implementation by the government of the legis
lation reforming the public administration and a reorgani
sation of local government (with the aim of reducing costs
(k) a law reforming and simplifying public administration at
by at least EUR 500 million in 2011, and additional EUR
local level with the aim of reducing operating costs;
500 million in each year 2012 and 2013); a reduction in
domestically-financed investments (by at least EUR
500 million) by giving priority to investment projects
financed by EU structural funds, incentives to regularise
(l) the
establishment
of
a
task
force
aiming
at
improving
the
land-use violations (yielding at least EUR 1 500 million
absorption rate of structural and cohesion funds;
from 2011 to 2013, of which at least EUR 500 million
in 2011); a collection of revenue from the licensing of
gaming (at least EUR 500 million in sales of licences and
(m) a law to simplify the start-up of new businesses;
EUR 200 million in annual royalties); an expansion of the
base of the real estate tax by updating asset values (to yield
at least EUR 400 million additional revenue); an increased
taxation of wages in kind, including by taxing car lease
(n) a reduction of public investment by EUR 500 million
payments (by at least EUR 150 million); an increased
compared to plans;
taxation of luxury goods (by at least EUR 100 million); a
special tax on unauthorised establishments (to yield at least
EUR 800 million per year) and a replacement of only 20 %
of retiring employees in the public sector (central
(o) the channelling of the budgetary appropriations for the co-
government, local governments, social security funds,
financing of structural and cohesion funds to a special
public companies, State agencies and other public insti
central account that cannot be used for any other purpose;
tutions). Measures yielding comparable budgetary savings
may be considered after consultation with the Commission;
(p) the establishment of an independent financial stability fund
to deal with potential capital shortfalls and preserve the
soundness of the financial sector, by providing equity
(b) a reinforcement of the role and resources of the general
support to banks as needed;
accounting office and the establishment of safeguards
against possible political interference in data projection
and accounting;
(q) the reinforced supervision of banks, with increased human
resources, more frequent reporting and quarterly stress
tests.
(c) a draft reform of wage legislation in the public sector,
including, in particular, the creation of a single payment
authority for the payment of wages, the introduction of
2. Greece shall adopt the following measures by the end of
unified principles and a timetable to establish a streamlined
September 2010:
and unified public sector wage grid to apply to the State
sector, local authorities and other agencies;
(a) fiscal consolidation measures amounting to at least 3,2
%
of GDP (4,3 % of GDP if carryovers from measures imple
mented in 2010 are considered) to be included in the draft
(d) legislation to improve the efficiency of the tax adminis
budget for 2011: a reduction in intermediate consumption
tration and controls;
of the general government by at least EUR 300 million
compared to the 2010 level (on top of savings stemming
from the reform of public administration and of local
government referred to in this paragraph); a freeze in the
(e) the launch of independent reviews of central administration
indexation of pensions (with the aim of saving EUR
and of existing social programmes;
100 million); a temporary crisis levy on highly profitable
firms (yielding at least EUR 600 million in additional
revenue per year in 2011, 2012 and 2013); a presumptive
taxation of professionals (with a yield of at least EUR
(f) the publication of monthly statistics (on a cash basis) on
400 million in 2011 and increasing returns by at least
revenue, expenditure, financing and spending arrears for
EUR 100 million per year in 2012 and 2013); a broa
the ‘available general government’ and its sub entities;
dening of the VAT base by including certain services
currently exempted and by moving 30 % of goods and
services from the reduced rate to the main rate (with a
yield of EUR 1 billion); a phased-in green tax on CO 2
(g) an action plan to improve the collection and processing of
emissions (with a yield of at least EUR 300 million in
general government data, in particular by enhancing the
control mechanisms of statistical authorities and of the
general accounting office and ensuring effective personal
( 1 ) Directive 2006/123/EC of the European Parliament and of the
Council of 12 December 2006 on services in the internal market
responsibility for cases of misreporting, in order to
(OJ L 376, 27.12.2006, p. 36).
ensure the prompt supply of high quality general

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government data required by Regulations (EC) No
concerning staff; and provides for the restructuring of the
2223/96 ( 1 ), (EC) No 264/2000 ( 2 ), (EC) No 1221/2002 ( 3 ),
holding company, including the sale of land and other
(EC) No 501/2004 ( 4 ), (EC) No 1222/2004 ( 5 ), (EC) No
assets;
1161/2005 ( 6 ), (EC) No 223/2009
( 7 ) and (EC) No
479/2009 ( 8 );
(m) a law to reform the wage bargaining system in the private
sector, which should provide for a reduction in pay rates
(h) the regular publication of information on the financial
for overtime work, enhanced flexibility in the management
position of public undertakings and other public entities
of working time and allow local territorial pacts to set
not classified as part of the general government (including
wage growth below sectoral agreements;
detailed income statements, balance sheets and data on
employment and the wage bill);
(n) a reform of employment protection legislation to extend
the probationary period for new jobs to one year, and to
(i) the establishment of a comprehensive central registry for
facilitate greater use of temporary contracts and part-time
public enterprises;
work;
(j) an
action
plan
with
a
timetable
for
concrete
actions
leading
(o) an amendment of the regulation of the arbitration system
to the creation of a central procurement authority;
to allow each of the parties to resort to arbitration if they
disagree with the proposal of the mediator;
(k) an act establishing an upper limit of EUR 50 million for
the annual public service obligation contribution from the
(p) a reform of the arbitration procedure to ensure that it
general government to railway operators for the period
operates according to transparent objective criteria, with
2011-2013 and establishing the principle that the State
an independent committee of arbitrators with decision
provides no additional explicit or implicit support to
making capacity free from government influence.
railway operators;
3. Greece shall adopt the following measures by the end of
December 2010:
(l) a business plan for the Greek railways. The business plan
specifies how operational activities will be made profitable,
including covering depreciation costs, as from 2011,
(a) the final adoption of the measures referred to in paragraph
including by closing loss-making lines, by increasing
2(a);
tariffs and by reducing wages and staffing; provides a
detailed sensitivity analysis on the implication for wage
costs of various scenarios for the outcome of collective
(b) the implementation of legislation strengthening the fiscal
agreement and provides information on several options
framework. This should, in particular, include the estab
lishment of a medium-term fiscal framework, the creation
of a compulsory contingency reserve in the budget corre
( 1 ) Council Regulation (EC) No 2223/96 of 25 June 1996 on the
European system of national and regional accounts in the
sponding to 5 % of total appropriations of government
Community (OJ L 310, 30.11.1996, p. 1).
departments, other than wages, pensions and interest, the
( 2 ) Commission Regulation (EC) No 264/2000 of 3 February 2000 on
creation of stronger expenditure monitoring mechanisms
the implementation of Council Regulation (EC) No 2223/96 with
and the establishment of a budget office attached to
respect to short-term public finance statistics (OJ L 29, 4.2.2000,
Parliament;
p. 4).
( 3 ) Regulation (EC) No 1221/2002 of the European Parliament and of
the Council of 10 June 2002 on quarterly non-financial accounts for
(c) a significant increase in the absorption rate of structural
general government (OJ L 179, 9.7.2002, p. 1).
( 4 ) Regulation (EC) No 501/2004 of the European Parliament and of
and cohesion funds;
the Council of 10 March 2004 on quarterly financial accounts for
general government (OJ L 81, 19.3.2004, p. 1).
( 5 ) Council Regulation (EC) No 1222/2004 of 28 June 2004
(d) legislation simplifying and accelerating the process of
concerning the compilation and transmission of data on the
licensing undertakings, industrial activities and professions;
quarterly government debt (OJ L 233, 2.7.2004, p. 1).
( 6 ) Regulation (EC) No 1161/2005 of the European Parliament and of
the Council of 6 July 2005 on the compilation of quarterly non-
(e) a modification of the institutional framework of the
financial accounts by institutional sector (OJ L 191, 22.7.2005,
Hellenic competition authority (HCC) with a view to
p. 22).
( 7 ) Regulation (EC) No 223/2009 of the European Parliament and of
increasing its independence, establishing reasonable
the Council of 11 March 2009 on European statistics and repealing
deadlines for the investigation and issue of decisions and
Regulation (EC, Euratom) No 1101/2008 of the European
entrusting it with the power to reject complaints;
Parliament and of the Council on the transmission of data subject
to statistical confidentiality to the Statistical Office of the European
Communities, Council Regulation (EC) No 322/97 on Community
(f) measures aiming at removing existing restrictions on the
Statistics, and Council Decision 89/382/EEC, Euratom establishing a
freedom to provide services;
Committee on the Statistical Programmes of the European Commu
nities (OJ L 87, 31.3.2009, p. 164).
( 8 ) Council Regulation (EC) No 479/2009 of 25 May 2009 on the
(g) a decree disallowing local governments to run deficits at
application of the Protocol on the excessive deficit procedure
annexed to the Treaty establishing the European Community
least until 2014; reduction in transfers to local government
(OJ L 145, 10.6.2009, p. 1).
in line with planned savings and transfers of competences;

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(h) publication of interim long-term projections of pension
(q) intensification of the fight against smuggling on fuel (at
expenditure up to 2060 as set out in the July 2010 legis
least EUR 190 million);
lative reform covering the main pension schemes (IKA,
including the pension scheme for civil servants, OGA and
OAEE);
(r) increase in court trial fees (at least EUR 100
million);
(i) implementation of a uniform e-prescribing system; publi
(s) implementation of an action plan to accelerate the
cation of the complete price list for the medicines in the
collection of tax arrears (at least EUR 200 million);
market; application of the list of non-reimbursed medicines
and of the list of over-the-counter medicines; publication of
the new list of reimbursed medicines using the new
(t) speeding up tax penalty collection (at least EUR
reference price system; the use of the information made
400 million);
available through e-prescribing and scanning for the
collection of rebates from pharmaceutical companies; intro
duction of a monitoring mechanism allowing for phar
(u) collection of revenue that results from the new framework
maceutical expenditure to be assessed on a monthly
of tax disputes and trials (at least EUR 300 million);
basis; enforcement of co-payments for regular outpatient
services of EUR 5 and extension of co-payments to unwar
(v) revenue from the renewal of telecommunication licences
ranted visits to emergency departments; publication of
that are about to expire (at least EUR 350 million);
audited accounts for hospitals and health centres; and
creation of an independent taskforce of health policy
experts whose task is to produce, by end May 2011, a
(w) revenue from concessions (at least EUR 250 million);
detailed report for an overall reform of the health system
aimed at improving efficiency and effectiveness in the
health system;
(x) a restructuring plan for the Athens transportation network
(OASA). The objective of the plan shall be to reduce oper
ational losses of the company and make it economically
(j) further
reduction
in
operational
expenditure
by
at
least
5
%
viable. The plan shall include cuts in operational expen
yielding savings of at least EUR 100 million;
diture of the company and tariff increases. The required
actions shall be implemented by March 2011;
(k) further reduction in transfers yielding savings for the
government as a whole of at least EUR 100 million. The
(y) an act that limits recruitment in the whole general
beneficiary public entities will ensure the concomitant
government to a ratio of not more than one recruitment
reduction in expenditure so that there is no accumulation
for five retirements or dismissals, without sectoral
of arrears;
exceptions, and including staff transferred from public
enterprises under restructuring to government entities;
(l) means-testing
of
family
allowances
from
January
2011
on
yielding savings of at least EUR 150 million (net of the
(z) acts to strengthen labour market institution and establish
respective administrative costs);
that: firm-level agreements prevail over those under sector
and occupational agreements without undue restrictions;
firm-level collective agreements are not restricted by
(m) reduction in the purchase of military equipment (deliveries)
requirements regarding the minimum size of firms; the
by at least EUR 500 million compared to the actual 2010
extension of sector and occupational agreements to
level;
parties not represented in negotiations is eliminated; the
probationary period for new jobs is extended; temporal
limits in the use of temporary working agencies are elim
(n) reduction in pharmaceutical expenditure by social security
inated; impediments for greater use of fixed-term contracts
funds by EUR 900
million owing to an additional
are removed; the provision that establishes higher hourly
reduction in drug prices and new procurement procedures
remuneration to part-time workers is eliminated; and a
and by hospitals (also including expenditure in equipment)
more flexible working-time management including part-
by at least EUR 350 million;
time shift work is allowed for.
(o) changes in the management, pricing and wages of public
4. Greece shall adopt the following measures by the end of
enterprises yielding savings of at least EUR 800 million;
March 2011:
(p) increase in the reduced rates of VAT from 5,5 % to 6,5 %
(a) publication of comprehensive long-term projections of
and from 11 % to 13 %, yielding at least EUR 880 million
pension expenditure up to 2060 as set out in the July
and reduction in the VAT rate applicable to medicines and
2010 legislative reform. The projections shall encompass
hotel accommodation from 11 % to 6,5 % with a cost not
the supplementary (auxiliary) schemes, based on a compre
exceeding EUR 250 million, net of savings for social
hensive set of data collected and elaborated by the National
security funds and hospitals that result from the lower
Actuarial Authority. The projections shall be peer-reviewed
VAT rate on medicines;
and validated by the Economic Policy Committee;

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(b) the government clears payment of arrears accumulated in
education system (primary, secondary and higher education)
2010 and reduces those of previous years;
and reach a more efficient use of resources;
(c) an anti-evasion plan which includes quantitative
performance indicators to hold revenue administration
(i) adoption of a law to establish the Single Public Procurement
accountable; legislation to streamline the administrative tax
Authority in line with the Action Plan; and development of
dispute and judicial appeal processes and the required acts
an e-procurement IT platform and setting up of inter
and procedures to better address misconduct, corruption
mediate milestones in line with the Action Plan, including:
and poor performance of tax officials, including prosecution
testing a pilot version, availability of all functionalities for all
in cases of breach of duty; and publication of monthly
contracts and phasing-in of the mandatory use of e-
reports of the five anti-evasion taskforces, including a set
procurement system for supplies, services and works
of progress indicators;
contracts.
(d) a detailed action plan with a timeline to complete and
implement the simplified remuneration system; preparation
of a medium-term human resource plan for the period up
5. Greece shall adopt the following measures by the end of
to 2013 in line with the rule of one recruitment for five
July 2011:
exits, also specifying plans to reallocate qualified staff to
priority areas; and publication of monthly data on staff
movements (entries, exits, transfers among entities) of the
several government departments;
(a) introduces to Parliament a streamlined and unified public
sector wage grid to apply to the State sector, local
authorities and other agencies, phased in over three years,
(e) implementation of the comprehensive reform of the
with remunerations reflecting productivity and tasks;
healthcare system started in 2010 with the objective to
keep public health expenditure at or below 6 % of GDP;
measures yielding savings on pharmaceuticals of at least
EUR 2 billion relative to the 2010 level, of which at least
EUR 1 billion in 2011; improvement in the accounting and
(b) a medium-term staffing plan for the period up to 2015 in
billing systems of hospitals, through: finalising the intro
line with the rule of one recruitment for five exits (one for
duction of double-entry accrual accounting systems in all
10 in 2011). The plan shall include tighter rules for
hospitals; the use of the uniform coding system and a
temporary staff, cancellation of vacant job post and reallo
common registry for medical supplies; the calculation of
cation of qualified staff to priority areas and take into
stocks and flows of medical supplies in all the hospitals
account the extension of working hours in the public
using the uniform coding system for medical supplies; and
sector;
the timely invoicing of treatment costs (no later than two
months) to Greek social security funds, other Member States
and private health insurers; and ensure that at least 50 % of
the volume of medicines used by public hospitals by the
(c) a detailed action plan with a timeline to complete and
end of 2011 is composed of generics and off-patent
implement the simplified remuneration system, in line
medicines by making it compulsory for all public
with private sector wages, achieving a reduction in the
hospitals to procure pharmaceutical products by active
total wage bill. This plan shall be based on the results of
substance;
the report published by the Ministry of Finance and the
single payment authority. The legislation for a simplified
remuneration system shall be phased in over three years.
(f) with the aim of fighting waste and mismanagement in
Wages of State-owned enterprises employees shall be in
State-owned companies and yield fiscal savings of at least
line with the new wage grid for the public sector;
EUR 800 million, an act that: cuts primary remuneration in
public enterprises by at least 10 % at company level; limits
secondary remuneration to 10 % of primary remuneration;
establishes a ceiling of EUR 4 000 per month for gross
earnings (12 payments per year); increases urban transport
(d) a reinforcement of the labour inspectorate, which shall be
tariffs by at least 30 %; actions that reduce operational
fully resourced with qualified staff and have quantitative
expenditure in public companies between 15 % to 25 %;
targets on the number of controls to be carried out;
and an act for the restructuring of the OASA;
(g) a new regulatory framework to facilitate the conclusion of
(e) an act revising the main parameters of the pension system
concession agreements for regional airports;
in order to limit the increase in public sector spending on
pensions over the period 2009-2060 to less than 2,5 % of
GDP, if long-term projections show that the projected
(h) establishment of an independent taskforce of education
increase in public pension expenditure would exceed this
policy aiming at increasing the efficiency of the public
amount. The National Actuarial Authority (NAA) shall

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continue the submission of long-term projections of
guarantee its irreversibility and professional management.
pension expenditure up to 2060 under the adopted
The Fund obtains the legal ownership of the assets to
reform. The projections shall encompass the main supple
privatise. The Fund cannot pledge its assets in a way that
mentary (auxiliary) schemes (ETEAM, TEADY, MTPY),
would frustrate its purpose, i.e. privatisation of assets;
based on comprehensive data collected and elaborated by
the NAA;
(m) tables legislation to close, merge and downsize non-viable
entities;
(f) a revision of the list of heavy and arduous professions to
reduce its coverage to no more than 10 % of employment;
the new list of difficult and hazardous occupations shall
(n) measures to strengthen expenditure control: a decision
apply with effect from 1 August 2011 to all current and
specifying the qualification and responsibilities of
future employees;
accounting officers to be appointed in all line ministries
with the responsibility to ensure sound financial controls;
(g) legislation to establish the Single Public Procurement
(o) new criteria and terms for the conclusions of contracts by
Authority (SPPA) with the mandate, objectives,
social security funds with all healthcare providers, with the
competences, powers and schedule for entry into force,
aim of achieving the targeted reduction in spending;
in line with the Action Plan;
initiates joint purchase of medical services and goods to
achieve substantial expenditure reduction of at least 25 %
compared to 2010 through price-volume agreements;
(h) additional measures to promote the use of generic
medicines through: compulsory e-prescription by active
substance and of less expensive generics when available;
(p) publication of binding prescription guidelines for phys
associating a lower cost-sharing rate to generic medicines
icians on the basis of international prescription guidelines
that have a significantly lower price than the reference price
to ensure a cost-effective use of medicines; publication and
(lower than 60 % of the reference price) on the basis of the
continuous update of the positive list of reimbursed
experience of other EU Member States; setting the
medicines;
maximum price of generics to 60 % of the branded
medicine with similar active substance;
(q) preparation of a plan for the reorganisation and restruc
turing of hospitals for the short and medium term with a
view to reducing existing inefficiencies, utilising economies
(i) publication
of
an
inventory
of
State-owned
assets,
including
of scale and scope, and improving quality of care for
stakes in listed and non-listed enterprises and commercially
patients. The aim is to reduce hospital costs by at least
viable real estate and land; a General Secretariat of Real
10 % in 2011 and by an additional 5 % in 2012 in
Estate Development shall be established with the aims of
addition to the previous year.
improving management of real estate assets, clearing them
of encumbrances and preparing them for privatisation;
6. Greece shall adopt the following measures by the end of
September 2011:
(j) the medium-term fiscal strategy (hereinafter ‘MTFS’)
through 2015 as described in Annex I to this Decision
and respective implementing bills. The MTFS shall
(a) a budget for 2012 in line with the MTFS and the objective
elaborate on the permanent fiscal consolidation measures
of respecting the deficit ceilings established in Article 1(2);
which ensure that the deficit ceiling for 2011-15 as estab
lished by the Council Decision are not exceeded, and that
the debt-to-GDP ratio is put on a sustainable downward
(b) a mitigation of tax obstacles to mergers and acquisitions;
path;
(c) a simplification of the custom clearing process for exports
and imports;
(k) privatisation of assets worth at least EUR 390 million;
adoption of a privatisation programme with the aim of
collecting at least EUR 15 billion by end-2012, EUR
(d) a further increase in the absorption rates of structural and
22 billion by end-2013, EUR 35 billion by end-2014 and
cohesion funds;
at least EUR 50 billion by end-2015; proceeds from the
privatisation of assets (real estate, concessions and
financial assets) shall be used to redeem debt and will
(e) the full implementation of the Better Regulation agenda
not reduce the fiscal consolidation efforts to comply with
with a view to reducing administrative burdens by 20 %
the deficit ceilings in Article 1(2);
(compared with 2008);
(l) establishment of a privatisation fund with sound
(f) legislation to close, merge and downsize large non-viable
governance to accelerate the privatisation process and
entities;

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15.11.2011 Official
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European
Union L
296/45
(g) measures enabling a reduction in procurement and third
shall conduct the necessary tendering procedures to
party costs in State-owned enterprises, updating tariffs, and
implement a comprehensive and uniform healthcare
creating new business lines, and reduce personnel costs
information system (e-health system);
by completing and implementing an employment
retrenchment plan. Excess staff that cannot be removed
by the hiring rule of one recruitment for five exits (one
(n) further measures to ensure that at least 30 % of the volume
for 10 in 2011) shall be dealt with through non-voluntary
of medicines used by public hospitals is composed of
redundancies and furlough (labour reserve). This rule is
generics with a price below that of similar branded
without sectoral exceptions; it shall also apply to staff
products and off-patent medicines, in particular by
transferred from public enterprises to other government
making it compulsory that all public hospitals procure
entities after screening of professional qualifications by
pharmaceutical products by active substance;
ASEP under its regular evaluation criteria. Staff in the
labour reserve shall be paid at 60 % of their wage for
not more than 12 months, after which they shall be
(o) decisions to provide for the institution and establishment
dismissed;
of positions for the SPPA’s (Single Public Procurement
Authority) personnel, as well as for the organisation of
human resources and services of the Authority in
(h) a legal framework enabling fast assignment of land use and
accordance with the provisions of the law on the SPPA;
accelerates State land ownership registration;
to appoint the members of the SPPA;
(p) Publication of monthly data on staff movements (entries,
(i) an act enabling the promotion of investment in the
exits, transfers among entities) of the several government
tourism sector (tourist resorts and secondary tourist
departments.
housing), with a view to, together with the bill on land
use, allow for accelerating the privatisation process of land
plots managed by the Greek Tourist Real Estate Agency
7. Greece shall adopt the following measures by the end of
(ETA);
December 2011:
(j) finalisation of the functional review of existing social
(a) the final adoption of the budget for 2012;
programmes; assessment by the government of the results
of the second and final phase of the independent functional
review of central administration; legislation and measures
(b) a reinforcement of the managerial capacity of all managing
to implement the operational recommendations of the first
authorities and intermediate bodies of operational
phase of the functional review of public administration at
programmes under the framework of the national strategy
central level and of the full review of existing social
reference framework 2007-2013 and their ISO 9001:2008
programmes;
(quality management) certification;
(c) a hospital case-based costing system to be used for
(k) an in-depth revision of the functioning of secondary/
budgeting purposes from 2013 on;
supplementary public pension funds, including welfare
funds and lump-sum schemes. The aim of the revision is
to stabilise pension expenditure, guarantee the budgetary
(d) acts to implement the operational recommendations of the
neutrality of these schemes, and ensure medium- and
first phase of the functional review of public administration
long-term sustainability of the system. The revision shall
at central level and of the full review of existing social
achieve: a further reduction in the number of existing
programmes; assessment of the results of the second and
funds; the elimination of imbalances in those funds with
final phase of the independent functional review of central
deficits; the stabilisation of the current spending at
administration;
sustainable level, through appropriate adjustments to be
made from 1 January 2012; the long-term sustainability
of secondary schemes through a strict link between
(e) starting of operations of the Single Public Procurement
contributions and benefits;
Authority with the necessary resources to fulfil its
mandate, objectives, competences and powers as defined
in the Action Plan;
(l) identification
of
the
schemes
for
which
lump
sums
paid
on
retirement are out of line with contributions paid with the
aim of adjusting payment by the end of December 2011;
(f) review of fees for medical services outsourced to private
providers with the aim of reducing related costs by at
least 15 % in 2011, and by an additional 15 % in 2012;
(m) further measures to extend in a cost-effective way the e-
prescribing of medicines, diagnostics and doctors’ referrals
(g) measures to simplify the tax system, broaden bases and
to all social security funds, health centres and hospitals. In
reduce tax rates in a fiscally-neutral manner, in relation to
compliance with EU procurement rules, the government
the personal income tax, corporate income tax and VAT;

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Official Journal of the European Union
15.11.2011
(h) further measures to ensure that at least 50 % of the volume
(c) the monthly State budget execution;
of medicines used by public hospitals is composed of
generics with a price below that of similar branded
products and off-patent medicines, in particular by
(d) infra-annual budgetary implementation by social security,
making compulsory that all public hospitals procure phar
local government and extra budgetary funds;
maceutical products by active substance.
(e) government debt issue and reimbursement;
8. Greece shall adopt the following measures by the end of
March 2012:
(f) permanent and temporary public sector employment devel
opments;
(a) a reform of the secondary/supplementary pension schemes,
by merging funds and starting the calculation of benefits on
the basis of the new notional defined contribution system;
(g) government expenditure pending payment, specifying those
freezing of nominal supplementary pensions and reduction
past due date;
of the replacement rates for accrued rights in funds with
deficits, based on the actuarial study prepared by the
(h) the financial position of public undertakings and other
National Actuarial Authority. In case the actuarial study is
public entities.
not ready, replacement rates shall be reduced, starting from
1 January 2012, to avoid deficits;
3. The Commission and the Council shall analyse the reports
with a view to assessing Greece’s compliance with this Decision.
(b) calculation of pharmacies’ profit margins as a flat amount or
In the context of those assessments, the Commission may
flat fee combined with a small profit margin with the aim of
indicate the measures needed to respect the adjustment path
reducing the overall profit margin to no more than 15 %,
set by this Decision for the correction of the excessive deficit.
including on the most expensive drugs.
Article 3
Article 5
Greece shall fully cooperate with the Commission and transmit
Decision 2010/320/EU is repealed.
without delay, upon a reasoned request from the latter, any data
or document required in order to monitor compliance with this
References to the repealed Decision shall be construed as
Decision.
references to this Decision and shall be read in accordance
with the correlation table in Annex III.
Article 4
1. Greece
shall
submit
to
the
Council
and
the
Commission
a
Article 6
report outlining the policy measures taken to comply with this
This Decision shall take effect on the day of its notification.
Decision on a quarterly basis.
2. The
reports
referred
to
in
paragraph
1
shall
contain
Article 7
detailed information on:
This Decision is addressed to the Hellenic Republic.
(a) concrete measures implemented by the date of the report in
order to comply with this Decision, including their
quantified budgetary impact;
Done at Brussels, 12 July 2011.
(b) concrete measures planned to be implemented after the date
For the Council
of the report in order to comply with this Decision, their
implementation calendar and an estimation of their
The President
budgetary impact;
J. VINCENT-ROSTOWSKI

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15.11.2011 Official
Journal
of
the
European
Union L
296/47
ANNEX I
Medium-term fiscal strategy measures
(as mentioned in Article 2(5) of this Decision)
The medium-term fiscal strategy (MTFS) through 2015 will include the following:
Cuts in wage bill by at least EUR 770 million in 2011, and additional EUR 600 million in 2012, EUR 448 million in 2013,
EUR 306 million in 2014 and EUR 71 million in 2015, through the implementation of attrition beyond the rule of one
recruitment for five exits (one for 10 in 2011); an increase in weekly working hours for public sector employees from
37,5 to 40 hours and reduction in overtime payments; reduction in the number of remunerated committees and councils;
reduction in other additional compensation, allowances and bonus schemes; reduction in contractors (50 % in 2011 and
additional 10 % in 2012 and onwards); temporary freeze of automatic progression; the implementation of a new
remuneration grid; the introduction of part-time public sector employment and unpaid leave; a reduction in the
number of admissions to military and policy academies, the transfer of excess staff to a labour reserve paid on
average at 60 % of the wage up to 12 months, and a cut in the productivity allowance by 50 %.
Cuts in the State’s operation expenditure by at least EUR 190 million in 2011, and additional EUR 92 million in 2012, EUR
161 million in 2013, EUR 323 million in 2014 and EUR 370 million in 2015, through the implementation of e-
procurement for all public procurement; rationalisation of energy expenses by public services; reduction in rental
expenses following more efficient use of public property; reduction of all telecommunication expenses, abolition of
free distribution of newspapers; cuts in operational expenditure in the ordinary budget, across the board; implementation
of benchmarks in public spending following a one-year full operation of MIS for the general government expenditure.
Cuts in extra-budgetary funds’ expenses and transfer to other entities by at least EUR 540 million in 2011, and additional EUR
150 million in 2012, EUR 200 million in 2013, EUR 200 million in 2014 and EUR 150 million in 2015, through the
assessment of the mandate, viability and expenses of all entities subsidised by the public sector and their mergers and
closure; merger/closure and reduction in subsidies to educational institutions (schools, higher education institutions);
reduction in State grants to entities outside general government, and an action plan on closing, merging and downsizing
entities.
Savings in State-owned enterprises by at least EUR 414 million in 2012, and additional EUR 329 million in 2013, EUR
297 million in 2014 and EUR 274 million in 2015, through increase in revenue of OSE, OASA and other enterprises,
the implementation of restructuring plans and privatisation in Hellenic Defence Systems, Hellenic Aeronautical Industry,
Hellenic Horse Racing Corporation; sale of enterprises’ assets associated with non-core activities; reduction in personnel
expenses; reduction in operational expenses and mergers and closure of enterprises.
Cuts in operational defence-related expenditure by at least EUR 133 million in 2013 and additional EUR 133 million in 2014 and
EUR 134 million in 2015, on top of the reduction in military equipment procurement (deliveries) of EUR 830 million
from 2010 to 2015.
Cuts in healthcare and pharmaceutical expenditure by at least EUR 310 million in 2011, and additional EUR 697 million in 2012,
EUR 349 million in 2013, EUR 303 million in 2014 and EUR 463 million in 2015, through the implementation of a new
‘health map’ and associated reduction in hospitals expenses; a re-evaluation of mandate and expenses of non-hospital
supervised entities; the implementation of central procurement system; reduction of average cost per case through case
mixing; reduction in the services provided to the non-insured (gate-keeping function); introduction of charges for services
provided to foreign citizens; the operation of the National Organisation for Primary Healthcare (EOPI); the scanning by
IKA of hand-written prescriptions; the expansion of the list of pharmaceuticals that do not require prescriptions; new
prices of medicines; the establishment of insurance price by social security sector and the full implementation of e-
prescription.
Cuts in social benefits by at least EUR 1 188 million in 2011, and additional EUR 1 230 million in 2012, EUR 1 025 million in
2013, EUR 1 010 million in 2014 and EUR 700 million in 2015, through an adjustment in supplementary pension
schemes and subsequent freeze through 2015; a freeze in the base pensions; the reform of the disability pension
system; a census of pensioners and cross-checking of personal data with full implementation of social security
number and upper cap on pensions; a rationalisation of criteria for pensioners (EKAS); a rationalisation of benefits
and beneficiaries of OEE-OEK and OAED; cuts in the lump-sums paid on retirement; the cross-checking of personal data
from introduction of ceilings for employees who can join OAED schemes; a reduction in the core pension of OGA and in
the lower pension thresholds of other social security funds and tightening of criteria based on the permanent residence;
reduction in expenses on social benefits though cross-checking of data; uniform regulation of health benefits for all social
security funds; uniform contracts with private hospitals and medical centres; the review of social benefits in cash and in
kind leading to the abolition of the least effective; an increase in the special pensioner contribution (Law 3863/2010) for

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Official Journal of the European Union
15.11.2011
pensioners whose monthly pension exceeds EUR 1 700; an increase in the special social contribution paid by pensioners
below 60 years old with monthly pensions above EUR 1 700; the introduction of special tiered contribution for
supplementary pensions above EUR 300 per month and reduction in transfers to NAT (sailors’ pension scheme) and
the OTE pension scheme with concomitant reduction in pension expenditure or increase in contributions from bene
ficiaries.
Cuts in State transfers to local governments by at least EUR 150 million in 2011, and additional EUR 355 million in 2012, EUR
345 million in 2013, EUR 350 million in 2014 and EUR 305 million in 2015. These reductions will be achieved primarily
through cuts in expenses of local government equal to at least EUR 150 million in 2011, and additional EUR 250 million
in 2012, EUR 175 million in 2013, EUR 170 million in 2014 and EUR 160 million in 2015. Additionally, local
governments’ own revenue will rise by at least EUR 105 million in 2012 and additional EUR 170 million in 2013,
EUR 130 million in 2014 and EUR 145 million in 2015, through an increase in revenues from tolls, fees, rights and
other revenue streams following the merging of local administrations, and an increase in local tax compliance following
the introduction of a local tax clearance certificate requirement.
Cuts in expenditure by the public investment budget (domestically-financed public investment, and investment-related grants) and
administrative costs by EUR 950 million in 2011, of which EUR 350 million will be permanent, and additional EUR
154 million (administrative costs) in 2012.
Increases in taxes by at least EUR 2 017 million in 2011, and additional EUR 3 678 million in 2012, EUR 156 million in 2013
and EUR 685 million in 2014, through an increase in VAT rate on restaurants and bars from 13 to 23 % from September
2011 on; increase in property taxes; reduction of income tax-free threshold to EUR 8 000 and establishment of a
progressive solidarity contribution; increases in presumptive taxation and levies on self-employed; reduction of tax
exemptions/expenditures; changes in tax regime for tobacco products with an accelerated payment of excise duty and
in tax structure; an excise on soft drinks; excises on natural gas and liquefied gas; abolition of the tax advantage for
heating oil (for enterprises from October 2011 on, and progressively for households from October 2011 to October
2013); an increase in the vehicles tax; an emergency contributions on vehicle, motorbikes and pools; increase fines of
unauthorised buildings and settlement of planning infringements; the taxation on private boats and yachts; a special levy
on high-value real estate; and special levy on smoking spaces.
Improvements in tax compliance by at least EUR 878 million in 2013, and additional EUR 975 million in 2014 and EUR
1 147 million in 2015.
Increases in social contributions by at least EUR 629 million in 2011, and additional EUR 259 million in 2012, EUR 714 million
in 2013, EUR 1 139 million in 2014 and EUR 504 million in 2015, through the full implementation of a single unified
payroll and insurance contribution payment method; an increase in contribution rates for OGA and ETAA beneficiaries;
the establishment of OAEE beneficiary solidarity fund; the adjustment of unemployment contribution for private sector
employees; the introduction of unemployment contribution for self-employed; and a contribution for unemployed paid
by the employees of the public sector, including State-owned enterprises, local government and other public entities.

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EN
15.11.2011 Official
Journal
of
the
European
Union L
296/49
ANNEX II
Repealed Decision with list of its successive amendments
Council Decision 2010/320/EU (OJ
L
145,
11.6.2010,
p.
6)
Council Decision 2010/486/EU (OJ
L
241,
14.9.2010,
p.
12)
Council Decision 2011/57/EU (OJ
L
26,
29.1.2011,
p.
15)
Council Decision 2011/257/EU (OJ
L
110,
29.4.2011,
p.
26)

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L 296/50
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Official Journal of the European Union
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ANNEX III
Correlation table
Decision 2010/320/EU This
Decision
Article 1 Article
1
Article 2(1) Article
2(1)
Article 2(2), introductory wording Article
2(2),
introductory
wording
Article 2(2)(a) Article
2(2)(a)
Article 2(2)(c) Article
2(2)(b)
Article 2(2)(d) Article
2(2)(c)
Article 2(2)(e) Article
2(2)(d)
Article 2(2)(f) Article
2(2)(e)
Article 2(2)(g) Article
2(2)(f)
Article 2(2)(h) Article
2(2)(g)
Article 2(2)(i) Article
2(2)(h)
Article 2(2)(j) Article
2(2)(i)
Article 2(2)(k) Article
2(2)(j)
Article 2(2)(l) Article
2(2)(k)
Article 2(2)(m) Article
2(2)(l)
Article 2(2)(n) Article
2(2)(m)
Article 2(2)(o) Article
2(2)(n)
Article 2(2)(p) Article
2(2)(o)
Article 2(2)(q) Article
2(2)(p)
Article 2(3), introductory wording Article
2(3),
introductory
wording
Article 2(3)(a) Article
2(3)(a)
Article 2(3)(b) Article
2(3)(b)
Article 2(3)(f) Article
2(3)(c)
Article 2(3)(i) Article
2(3)(d)
Article 2(3)(j) Article
2(3)(e)
Article 2(3)(k)
—
Article 2(3)(l) Article
2(3)(f)
Article 2(3)(m) Article
2(3)(g)
Article 2(3)(n) Article
2(3)(h)
Article 2(3)(o) Article
2(3)(i)
Article 2(3)(q) Article
2(3)(j)

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EN
15.11.2011 Official
Journal
of
the
European
Union L
296/51
Decision 2010/320/EU This
Decision
Article 2(3)(r) Article
2(3)(k)
Article 2(3)(s) Article
2(3)(l)
Article 2(3)(t) Article
2(3)(m)
Article 2(3)(u) Article
2(3)(n)
Article 2(3)(v) Article
2(3)(o)
Article 2(3)(w)
—
Article 2(3)(x) Article
2(3)(p)
Article 2(3)(y) Article
2(3)(q)
Article 2(3)(z) Article
2(3)(r)
Article 2(3)(aa) Article
2(3)(s)
Article 2(3)(bb) Article
2(3)(t)
Article 2(3)(cc) Article
2(3)(u)
Article 2(3)(dd) Article
2(3)(v)
Article 2(3)(ee) Article
2(3)(w)
Article 2(3)(ff) Article
2(3)(x)
Article 2(3)(gg) Article
2(3)(y)
Article 2(3)(hh) Article
2(3)(z)
Article 2(4), introductory wording Article
2(4),
introductory
wording
Article 2(4)(b) Article
2(4)(a)
Article 2(4)(c) Article
2(4)(b)
Article 2(4)(d)
—
Article 2(4)(e) Article
2(4)(c)
Article 2(4)(f) Article
2(4)(d)
Article 2(4)(g) Article
2(4)(e)
Article 2(4)(h) Article
2(4)(f)
Article 2(4)(i) Article
2(4)(g)
Article 2(4)(j) Article
2(4)(h)
Article 2(4)(k) Article
2(4)(i)
Article 2(4)(l)
—
Article 2(5), introductory wording Article
2(5),
introductory
wording
Article 2(5)(a) Article
2(5)(a)
Article 2(5)(b)
—
— Article
2(5)(b)
and
(c)

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L 296/52
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Official Journal of the European Union
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Decision 2010/320/EU This
Decision
Article 2(5)(c) Article
2(5)(d)
Article 2(5)(d) Article
2(5)(e)
Article 2(5)(e)
—
Article 2(5)(f) Article
2(5)(f)
Article 2(5)(g)
—
— Article
2(5)(g)
Article 2(5)(h) Article
2(5)(h)
Article 2(5)(i) Article
2(5)(i)
— Article
2(5)(j)-(q)
Article 2(6), introductory wording Article
2(6),
introductory
wording
Article 2(6)(a) Article
2(6)(a)
Article 2(6)(b) Article
2(6)(b)
Article 2(6)(c) Article
2(6)(c)
Article 2(6)(d) Article
2(6)(d)
Article 2(6)(e) Article
2(6)(e)
Article 2(6)(f)
—
— Article
2(6)(f)-(p)
Article 2(7), introductory wording Article
2(7),
introductory
wording
Article 2(7)(a) Article
2(7)(a)
Article 2(7)(b) Article
2(7)(b)
Article 2(7)(d) Article
2(7)(c)
Article 2(7)(e) Article
2(7)(d)
Article 2(7)(f) Article
2(7)(e)
— Article
2(7)(f)-(h)
Article 2(8), introductory wording Article
2(8),
introductory
wording
Article 2(8)(a) Article
2(8)(a)
— Article
2(8)(b)
Article 3 Article
3
Article 4 Article
4
— Article
5
Article 5 Article
6
Article 6 Article
7
— Annexes
I,
II
and
III

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