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Enhanced Surveillance Report – Greece, November 2019 Communication from the Commission and Accompanying Commission Staff Working Document

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Enhanced Surveillance Report – Greece, November 2019 Communication from the Commission and Accompanying Commission Staff Working Document ISSN 2443-8014 (online) Enhanced Surveillance Report Greece, November 2019 INSTITUTIONAL PAPER 116 | NOVEMBER 2019 EUROPEAN ECONOMY Economic and Financial Affairs European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. LEGAL NOTICE Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use that might be made of the information contained in this publication. This paper exists in English only and can be downloaded from https://ec.europa.eu/info/publications/economic-and-financial-affairs-publications_en. Luxembourg: Publications Office of the European Union, 2019 PDF ISBN 978-92-79-98863-9 ISSN 2443-8014 doi:10.2765/114254 KC-BC-19-023-EN-N © European Union, 2019 Reuse is authorised provided the source is acknowledged. The reuse policy of European Commission documents is regulated by Decision 2011/833/EU (OJ L 330, 14.12.2011, p. 39). For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. CREDIT Cover photography: © iStock.com/vasiliki European Commission Directorate-General for Economic and Financial Affairs Enhanced Surveillance Report – Greece, November 2019 Communication from the Commission and accompanying Commission Staff Working Document EUROPEAN ECONOMY Institutional Paper 116 ABBREVIATIONS ADEDY: Ανώτατη Διοίκηση Ενώσεων Δημοσίων Υπαλλήλων (Civil Servants' Confederation) ADMIE: Ανεξάρτητος Διαχειριστής Μεταφοράς Ηλεκτρικής Ενέργειας (Greek Electricity Transmission System Operator) ADP: Asset Development Plan AEDIK: Corinth Canal S.A. AEO: Authorised Economic Operator ALMP: Active Labour Market Services AFCOS: Anti-Fraud Coordination Service AFEK: Ατομικό Φύλλο Εκκαθάρισης (personal clearance certificate) AIA: Athens International Airport AMC: Asset Management Company ANFA: Agreement on Net Financial Assets APS: Asset Protection Scheme ASEP: Ανώτατο Συμβούλιο Επιλογής Προσωπικού (Supreme Council for Civil Personnel Selection) BoD: Board of Directors BoG: Bank of Greece CBD: Consolidated Banking Data CCM: Central Committee of Mediation CCP: Code of Civil Procedure CDLF (ΤΠΔ): Ταμείο Παρακαταθηκών και Δανείων (Consignment Deposits and Loans Fund) CEO: Chief Executive Officer CET1: Common Equity Tier 1 CF: Cohesion Fund CIT: Corporate Income Tax CO2: Carbon Dioxide CoCo: Contingent Convertible Bond CoEx: Committee of Experts CoS: Council of State COSME: (EU Programme for the) Competitiveness of Small and Medium-Sized Enterprises CSR: Country-specific Recommendation DAPEEP: Διαχειριστής Ανανεώσιμων Πηγών Ενέργειας & Εγγυήσεων Προέλευσης (RES Market Operator) DEPA: Δημόσια Επιχείρηση Αερίου (Public Gas Corporation of Greece) DESFA: Διαχειριστής Εθνικού Συστήματος Φυσικού Αερίου (Natural Gas Transmission System Operator) DESI: Digital Economy and Society Index DEYA: Δημόσια Επιχείρηση Ύδρευσης Αθηνών (Athens Municipal Water Utilities) DRG: Hospital Reimbursement Scheme DSA: Debt Sustainability Analysis DTAs: Deferred Tax Assets DTCs: Deferred Tax Credits EBA: European Banking Authority EBF: Extra Budgetary Funds i EBRD: European Bank for Reconstruction and Development ECB: European Central Bank EDA Attiki: Εταιρεία Διανομής Αερίου Αττικής (Natural Gas Distribution Company of Attica) EDP: Excessive Deficit Procedure EFKA: Ενιαίος Φορέας Κοινωνικής Ασφάλισης (Unified Social Security Fund) EFSF: European Financial Stability Facility EIB: European Investment Bank EKAPY: Εθνική Κεντρική Αρχή Προμηθειών Υγείας (National Central Authority of Health Procurements) EKAS: Επίδομα Κοινωνικής Αλληλεγγύης Συνταξιούχων (Pensioners' Social Solidarity Grant) EKXA: Εθνικό Κτηματολόγιο & Χαρτογράφηση (National Cadastral Mapping Agency) ELA: Emergency Liquidity Assistance ELSTAT: Ελληνική Στατιστική Αρχή (Hellenic Statistical Authority) ELTA: Ελληνικά Ταχυδρομεία (Hellenic Post) EMFF: European Maritime and Fisheries Fund EMU: Economic and Monetary Union ENFIA: Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων (Single Property Tax) EOPYY: Εθνικός Οργανισμός Υπηρεσιών Υγείας (National Health Insurance Body) EPA Attiki: Εταιρεία Παροχής Αερίου Αττικής (Natural Gas Supply Company of Attica) ERDF: European Regional Development Fund ERGANI: Database of Registered Employment Contracts ESA: European System of Accounts ESKAEN: Εθνικό Συμβούλιο για την Κωδικοποίηση και την Αναμόρφωση της Ελληνικής Νομοθεσίας (National Council for the Codification of Legislation) ESM: European Stability Mechanism ETAA: Ενιαίο Ταμείο Ανεξαρτήτων Απασχολούμενων (Independent Professionals Social Security Fund) ETAD: Εταιρεία Ακινήτων Δημοσίου ΑΕ (Public Properties Company) ΕΤΕΑΕP: Ενιαίο Ταμείο Επικουρικής Ασφάλισης & Εφάπαξ Παροχών (Single Social Security Fund for Supplementary and Lump Sum Benefits) ETMEAR: Ειδικό Τέλος Μείωσης Εκπομπών Αερίων Ρύπων (Special Duty for Reduction of Gas Emissions) ETS: Emissions Trading Scheme EU: European Union EYATH A.E.: Εταιρεία Ύδρευσης και Αποχέτευσης Θεσσαλονίκης Α.Ε. (Thessaloniki Water Supply and Sewerage Company S.A.) EYDAP A.E.: Εταιρεία Ύδρευσης και Αποχέτευσης Πρωτευούσης A.E. (the Athens Water Supply and Sewerage Company S.A.) FDI: Foreign Direct Investments FEK: Φύλλο Εφημερίδος της Κυβερνήσεως (Government Gazette Issue) GACS: Guarantee on Securitisation of Bank Non-performing Loans GAIAOSE: State-owned Enterprise Active in the Fields of Railway Property and Rolling Stock Exploitation, Management and Development GAO: General Accounting Office (Part of Ministry of Finance) GDP: Gross Domestic Product ii GFN: Gross Financing Needs GGE: General Government Entities GLF: Greek Loan Facility GRECO: Group of States against Corruption GSAC: General Secretariat for Anti-corruption GSCO: General Secretariat for Coordination GSIS: General Secretariat of Information Systems HBA: Hellenic Banking Association HCA: Hellenic Court of Auditors HCAP: Hellenic Corporation of Assets and Participations HELPE: Hellenic Petroleum HENEX: Hellenic Energy Exchange HFED: Hellenic Fund for Entrepreneurship and Development HFSF: Hellenic Financial Stability Fund HICP: Harmonised Index of Consumer Prices HR: Human Resources HRMS: Human Resources Management Strategy HTA: Health Technology Assessments IAPR: Independent Authority for Public Revenue ICT: Information and Communication Technologies IDIKA: Ηλεκτρονική Διακυβέρνηση Κοινωνικής Ασφάλισης Α.Ε. (Government Centre for Social Security Services) ILIMS: Ολοκληρωμένο Πληροφοριακό Σύστημα Άσκησης Δραστηριοτήτων και Ελέγχων (Integrated Licensing and Inspections Management System) IMD: International Institute for Management Development IMF: International Monetary Fund JMD: Joint Ministerial Decision KATH: Κεντρική Αγορά Θεσσαλονίκης (Central Market of Thessaloniki) KEAO: Κέντρο Είσπραξης Ασφαλιστικών Οφειλών (Centre for the Collection of Social Security Debt) KEK: Kεντρική Επιτροπή Κωδικοποίησης (Central Codification Committee) KEPA: Κέντρο Πιστοποίησης Αναπηρίας (Disability certification centre) KEPE: Κέντρο Προγραμματισμού και Οικονομικών Ερευνών (Centre of Planning and Economic Research) KPI: Key Performance Indicator KYSOIP: Governmental Council for Economic Policy LCR: Liquidity Coverage Ratio LFS: Labour Force Survey LNG: Liquified Natural Gas MAR: Ministry of Administrative Reform MFI: Monetary Financial Institution MIP: Macroeconomic Imbalance Procedure MoJ: Ministry of Justice, Transparency and Human Rights MoF: Ministry of Finance MREL: Minimum Requirement for own funds and Eligible Liabilities MSS: Motor Service Stations MTFS: Medium-Term Fiscal Strategy MTO: Medium-Term budgetary Objective iii MW: Megawatt MWh: Megawatt hour NACAP: National Anti-corruption Action Plan NECP: National Energy and Climate Plan NED: Non-executive Directors NFC: Non-financial Corporation NIIP: Net International Investment Position NOME: Nouvelle Organisation du Marché de l'Electricité (Electricity Auction) NPE: Non-performing Exposure NPL: Non-performing Loan NSJ: National School of Judges NSRF: National Strategic Reference Framework OAEE: Οργανισμός Ασφαλίσεων Ελεύθερων Επαγγελματιών (Self-employed Social Security Fund) OAKA: Ολυμπιακό Αθλητικό Κέντρο Αθήνας «Σπύρος Λούης (Olympic Athletic Centre of Athens) OASA: Οργανισμός Αστικών Συγκοινωνιών Αθηνών (Athens’ Public Transport Company) OASTH: Οργανισμός Αστικών Συγκοινωνιών Θεσσαλονίκης (Thessaloniki’s Public Transport Company) OBL: Organic Budget Law OCC: Operational Coordination Centre OCW: Out-of-court Workout mechanism OECD: Organisation for Economic Co-operation and Development OGA: Οργανισμός Γεωργικών Ασφαλίσεων (Agricultural Insurance Organisation) OKAA: Οργανισμός Κεντρικών Αγορών και Αλιείας (Central Market of Athens) OPEKA: Οργανισμός Προνοιακών Επιδομάτων και Κοινωνικής Αλληλεγγύης (Organisation of Welfare Benefits and Social Solidarity) OPS-SEPE: Ολοκληρωμένο Πληροφοριακό Σύστημα - Σώμα Επιθεώρησης Εργασίας (Integrated Information System - Labor Inspectorate) OSDDY/PP: Ολοκληρωμένο Σύστημα Διαχείρισης Δικαστικών Υποθέσεων / Πολιτικών και Ποινικών (Integrated Management System for Judicial Cases / Civil and Penal) OTC: Over-the-counter PCI: European Project of Common Interest PCR: Price Coupling of Regions PDMA: Public Debt Management Agency PFM: Public Financial Management PIB: Public Investment Budget PIT: Personal Income Tax PPC: Public
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