EuroWorking Group approves the disbursement of 7.5 bln euros tranche

10 June 2016
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The EuroWorking Group gave the green light for the disbursement of the next tranche on Thursday putting an end to the negotiation talks, at least for now, and concluding the program review.

After accepting to impose hundreds of new austerity measures, the Greek government seems to have avoided to assign 5% of OTE to HRADF, but also to establish legal protection for the management and experts of new privatization fund, called ‘superfund’.

The program review is concluded paving the way for the partial disbursement of another 10.3 billion euros, out of which 7.5 billion euros are expected to be seen in state’s account on June 20.

About 2.8 billion euros will be gradually disbursed until September or October, based on new conditions and prior actions.

But, in order for all this to happen, the Eurogroup and the European Stability Mechanism (ESM) must give their approval (16-17 June) and decide on the number of the tranches.

However, the disbursement of the tranche must also be approved by at least five foreign parliaments (including Germany, Austria, Netherlands and Finland). The German Bundestag is expected to convene again on Friday after rejecting the tranche disbursement on June 8.

It should also be noted that Greece’s lenders are expected to receive at least 4-5 billion euros, since Greece has to pay loan installments and interests, while the state owns about 6.7 billion euros to citizens and businesses.

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