The Eurogroup taking place today in Brussels is expected to approve the first trimester 2013 loan installment worth 4.2 billion euros and discuss the possibility of approving the second trimester loan installment of 3.2 billion euros.
The Minister of Finances Giannis Stournaras will attend the meeting to update his European colleagues on the progress of reform implementations, as well as a number of issues related to the troika representative report on the Greek economy. The report will be presented today by members of the European Commission and the ECB to the Eurozone Council of Finance Ministers.
The Eurogroup will also seek a solution to pay the 5.6 billion euro bonds held by the European Central Bank and which mature on the 20th of May. The IMF’s executive council is expected to approve its 1.8 billion euro participation in the 6 billion euro installment on the 31st of May, with that money available about ten days later. In order to cover the 1.4 billion euros remaining to cover the bonds, it seems likely that the Eurogroup will allow Greece to issue bonds, as it did in August 2012.
