Considerable progress in the implementation of measures contained in the initial Economic and Monetary Policy Memorandum agreed to between the Greek government and the European Commission, European Central Bank (ECB), and International Monetary Fund (IMF) "troika" is anticipated in the updated memorandum that was unveiled on Friday.

Among other things, the updated memorandum anticipates the detailing of measures to fulfill targets set for the Greek economy, including changes in labour market status, deregulation of so-called "closed professions" and the electrical power sector, as well as interventions vis-a-vis salaries in public utilities.

The updated memorandum notes that "the policies of the Greek government remain fully orientated towards the safeguarding of fiscal viability, securing the stability of the monetary system and the strengthening of potential growth and competitiveness."

It is further noted that "the quantitative performance criteria set for the end of June were all met, as a result of the dynamic implementation of the fiscal adjustment programme."

However, deviations are ascertained from the targets of decreasing expenditures in public sector agencies, such as hospitals and local governments, which are covered by the greater decrease in expenditures in other sectors achieved so far, resulting in primary expenditures of the budget over the January-June 2010 six-month period being decreased by 5.6 billion euros in excess of the target set. According to the memorandum, at the end of the year the decrease in primary expenditures in excess of targets is estimated to amount to four billion euros.

As regards growth, the memorandum anticipates a decrease of 4 percent in 2010 and a decrease of 2.5 percent in 2011. The assessment regarding harmonised inflation is that it will approach 4.75 percent for this year.

Opposition political parties issued stern reactions on Saturday following the previous dayβs unveiling of the closely watched updated memorandum between the Greek state and the "troika", a landmark set of obligations that must be met to ensure continued emergency loans offered to the country.

Main opposition New Democracy (ND) party spokesman Panos Panayiotopoulos emphasized that the latest memorandum merely "brings our people more problems ... those who voted for it (memorandum) should consider their responsibility. New Democracy insists that there is another path for the country, and it has also proposed specific measures."

A statement by the Communist Party of Greece (KKE) stated that the memorandum "is yet more proof of the barbarous and anti-popular measures have no end."

The Radical Left Coalition (SYRIZA) party said the government and troika have failed in their policy "and have decided to implement new measures, absolutely in the same dead-end direction of the up-until-now memorandum