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EU WORKING GROUP CONFIRMS 4.2 BILLION EURO TRANCHE FOR GREECE

Eu Working Group
During a teleconference on Wednesday late afternoon, the Euro Working Group ratified the disbursement to Greece of the tranche of 4.2 billion euros of the country's financial aid for the first quarter of the year.

According to reports from EU sources, the disbursement must be ratified now by the relevant committees of certain parliaments, such as the German Parliament's Budget Committee. This is expected to take place by Friday at the latest to enable the amount to be credited on the same day to the special account held at the Bank of Greece.

On Monday May 20, Greek bonds (which were not included in last year’s PSI) amounting to 5.6 billion euros must be paid off; they are mainly held by the European Central Bank. Also, by the end of August, the state must pay off Greek bonds amounting to 4.9 billion euros.

With regard to the tranche of 3.3 billion euros (from the eurozone) for the second quarter of the current year, the amount is expected to be disbursed in June, provided that three prior actions have been fulfilled. These concern the deregulation of the power market, the implementation of legislation to deal with corruption and the bill on indebted households.

The heads of the EC-ECB-IMF troika are expected to arrive in Greece in early June for a new evaluation of the economy. Ways to cover the fiscal gap for the 2015-2016 period will be examined by the creditors' representatives in early autumn.

SOURCE: ATHENS-MACEDONIAN NEWS AGENCY

Last Updated Thursday, 16 May 2013
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