1  To achieve this it is assumed that Greece would need growth of 3.5% a year, a cost of public borrowing of 5%, and a primary budget surplus of 6.7% of GDP. It is also assumed that the general government takes on contingent liabilities and debt of public enterprises (outside the general government).
3  BIS Review 98/1999  At the macroeconomic level, it was argued earlier that, in the case of Greece, public finances will have to regain the necessary room for manoeuvre to cope with adverse economic developments and country-specific disturbances. Where structural adjustment, rather than mere macroeconomic stabilisation, is called for, an improvement in price competitiveness will be needed.