Creditor representatives return to Athens on Thursday

The European Central Bank, European Commission and International Monetary Fund return to Athens to monitor the…

The European Central Bank, European Commission and International Monetary Fund return to Athens to monitor the implementation of milestones as set out by the Eurogroup and to prepare for the program review scheduled for the end of October. Specifically, technical teams specialized in pension systems, public administration, privatization and energy will work in Athens for a week. Afterwards new teams will arrive to deal with finances, the budget and the banking system.

Depending on the progress, the heads of the missions – Declan Costello (EC), Rasmus Refer (ECB) and Delia Velculescu (IMF) – may visit Athens for a series of meetings with the Greek government. The new head of the Task Force for Greece Maarten Verwey will also return to Greece, following a brief visit to Athens and Mytilene on Tuesday. Mr. Verwey has been tasked with coordination migration, for which the Greek government is set to receive significant funding, as well as contributing towards the tax reform plan.

Following the implementation of the 48 prior actions required to unlock the 2-billion-euro tranche, Greek and European authorities will work on a plan for the remainder of actions that need to be taken by the end of the year. The second set of milestones has to be complete by the end of October and includes many reforms that due to time shortage will be included in the upcoming review, which is expected to conclude by the end of November.

Should the government successfully complete the recapitalization of Greek banks by the 15th of December, without a ‘haircut’ of uninsured deposits, then Greece will receive 15 billion euros towards this target.

Successful completion of the upcoming review will also unlock 1 billion euros that was approved in August by the Eurogroup and 5 billion euros from the new tranche. This will be used to pay off the 1.6 billion euros due to the IMF in December and January, support the public investment program (thus securing NSRF-funded projects) and settle part of the State debts towards the private sector.

Finally, the government expects the Eurogroup to issue a binding statement regarding the restructuring of the Greek debt, either on the planned session for the 7th of December or later in the month, at an emergency session.

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