Troika experts visit labour ministry, accept medium-term targets - The Best from Greece

A team of EU-IMF 'troika' experts paid a visit to the labour and social insurance ministry on Wednesday for talks with ministry officials and accepted their medium-term forecasts for spending cuts amounting to 7.5 billion euro until 2015.

They noted the need for specific schedules for achieving the targets set, however, and went over the proposals for savings generated by increasing revenues and cutting spending point by point.

The ministry estimates that it can save more than 1.4 billion euro from restricting spending on pharmaceuticals since measures taken last year yielded savings of 850 million euro, while spending on health care has been reduced by 1.07 billion euro relative to 2009.

A further 100 to 200 million euro are expected to be saved by uncovering those receiving more than one pension or illegally claiming benefits.

The ministry also hopes to greatly boost revenues by stamping out uninsured 'black' labour that now accounts for an estimated 25 percent of the total by introducing an electronic work card and measures concerning social insurance contributions.