"It is now on the table by all members of the troika", Stournaras said of the two-year extension. "All the exercises that we are doing now they assume that the programme will last up to 2016, that ... 4.5 per cent of GDP for the budget deficit will be achieved in 2016 rather than in 2014", he said. "The implicit assumption is that the programme will be extended, despite the fact that it remains extremely frontloaded."
Extending the programme by two years would create a funding gap of about €12 billion, which could be covered by €8 billion the International Monetary Fund had set aside in case of a deeper than expected recession.
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