Update: Friday Nov 9, 2012

> NEXT STEPS

The government may have managed to overcome the hurdle of Wednesday’s vote and feel relatively comfortable for the budgetary procedure and the Syunday vote, however “the difficult part is ahead of us,” FinMin Yannis Stournaras noted, according to tovima.gr. Therefore, Maximos Mansion is mobilising all available resources to secure prompt disbursement of the EUR 31.5 billion tranche…

> EU-IMF DISAGREEMENT

The European side seems some distance from the International Monetary Fund in terms of their assessment of Greek debt sustainability. According to the Financial Times, the IMF wants Greek debt to be at 120 percent of GDP in 2020, whereas the European Commission is proposing this figure should be changed to 125 percent of GDP in 2022…

> THE TROIKA

With total debt estimated at 175% of GDP and forecast to rise to nearly 190 percent next year, it is extremely unlikely that the government will be able to reduce the ratio to 120% by 2020, the level the IMF has said is the maximum for debts to be sustainable in the long-term, Reuters writes…

> ECB

Mario Draghi, President of the ECB: “The ECB and the Governing Council certainly welcome the outcome of the vote [on Wednesday]. It is a very important step that the Greek government and the Greek citizens have undertaken. It really represents progress…

> PASOK IN TURMOIL

MP and former minister Andreas Loverdos requests the convening of the PASOK parliamentary group in a letter sent to PASOK leader Evangelos Venizelos yesterday. Loverdos, in his letter, presented by protothema.gr, argued: “The successful outcome of the vote completed the four-month period of the government, which as PASOK we supported after the June elections…