Eurogroup expected to unlock 2.8 billion euro tranche for Greece

10 October 2016
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The European Union’s Finance Ministers are expected to approve the disbursement of a 2.8 billion euro tranche to Greece on Monday, in spite of the uncertainty over the IMF’s role in the bailout program, as all milestones of the first review have been addressed.

The institutions are expected to return to Athens on the 18th of October in order to begin talks on the second bailout program review, as well as talks on the mid-term and long-term aspects of the Greek debt. Athens is aiming to complete the second bailout review as soon as possible in order to avoid any further delays in opening talks on the issue of debt relief.

The goal, according to a Finance Minister official, is to complete the review by mid November. Realistically, Greece believes that the critical talks can begin at the final Eurogroup meeting of the year, scheduled for 7 December. Commenting on the IMF’s annual meeting, the same official estimated that thee are more ‘players’ who want a quick completion of the review and a solution for the country’s public debt than those who are avoiding such a prospect.

A major problem will emerge, the source added, if measures on the medium and long-term aspects of the debt are postponed for next summer. This, he explained, will increase uncertainty jeopardizing investments and will also mean that Greece will not be included in the ECB’s quantitative easing program.

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