EWG convenes to confirm the completion of prior actions

9 June 2016
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The Euro Working Group is scheduled to convene on Thursday in Helsinki, where it is expected to greenlight the disbursement of 7.5 billion euros to Greece. This will then be confirmed and finalized at the upcoming Eurogroup on June 16, as explained by Economic and Financial Affairs Commissioner Pierre Moscovici on Wednesday.

Greece successfully completed the series of prior actions with signing the MoU for the Elliniko development on Wednesday. As such, the next step will be for the European Houses of Parliament to approve disbursing the funds to the Greek government. The German Parliament is expected to give its approval in a matter of “hours”, according to reports.

After the national Parliaments have given their approval, the European Stability Fund’s board of directors will convene to make the final decision on the funding. The Greek Ministry of Finance estimates that the 7.5 billion euros will be paid out around the 20th of June. The Ministry also expects the ECB to lift the waiver on Greek bonds – which was postponed due to the prior actions – and to be included in the quantitative easing program.

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