On Monday, Eurogroup reached a “political agreement” on the conclusion of the third review of Greece’s bailout program, and approved the next tranche of 6.7 billion euros, which will be disbursed in parts. According to the new Eurogroup President, Mário Centeno, the Eurozone Finance Ministers welcomed the implementation of almost all the prerequisites and ordered the working group to check the outstanding prerequisites that remain to be implemented “in the following weeks”. This decision “reflects the huge efforts and the excellent cooperation between the Greek authorities and the Institutions”, said Centeno. In addition, the Eurogroup President informed the Finance Ministers about the start of the talks on debt relief and the mechanism linking the debt repayment in the future with the growth of Greece’s economy.

Greek Finance Minister Euclid Tsakalotos stated that only some technical issues are still to be settled. The time has come to discuss over the debt, he said. The first sub-tranche will be disbursed upon implementation of the prerequisites in February, while the second one will be disbursed in April, and will depend on the electronic auctions and the “red loans”, explained ESM Managing Director Klaus Regling. This is a good day, not only because Greece is expected to exit the program in summer, but also because it will be again a normal country in the Eurozone, said European Commissioner for Economic and Financial Affairs Pierre Moscovici.

 

Translation: Eleni Gogou