EuroGroup: Approval of 3rd review and release of tranche to Greece expected in Brussels
Eurozone Finance Ministers are expected to approve the release of a 6-7 billion euro bailout tranche to Greece during the EuroGropup meeting in Brussels, Monday. The cash will most likely be disbursed in two sub-tranches a couple of weeks into the next month. The Mario Centeno, the Portuguese Finance Minister will take up his post as the body’s new President for the first time. The EuroWorking Group, a precursory body to the EuroGroup had given the green light in principle last Friday for the bailout cash to Greece and the closing of the 3rd review, after finding the country had implemented the majority of the prior actions.
If the Eurogroup does approve the completion of the third review, ratification proceedings of will commence in a number of European parliaments and finally the disbursement of the European Stability Mechanism (ESM) so that the first sub-tranche is released in the second half of February.
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