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Troika: Next Aid Tranche Probably Available In Early November

The sixth aid tranche would be released to Greece most likely in early November, said the Troika in a joint statement.
Once the Eurogroup and the IMF’s Executive Board have approved the conclusions of the fifth review, the next tranche of EUR 8 billion will become available, said European Commission, the ECB and IMF.
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have concluded their fifth review mission to Greece to discuss recent economic developments. The mission has reached staff-level agreement with the authorities on the economic and financial policies needed to bring the government’s economic program back on track.
The inspectors from the International Monetary Fund, European Commission and European Central Bank, collectively known as the troika, said Tuesday that Greece’s deficit targets for 2011 were “no longer within reach,” but that additional measures announced were adequate for 2012. They said additional measures would be needed for 2013-2014.
Greece Has 40 Days To Implement Pending Issues
The Troika has given Greece a deadline expiring in 40 days in order to implement “everything”, according to a senior Finance Ministry official.
This means that the Greek government should settle all pending issues such as budget plan, labour reserve, privatizations, tax bill, closed professions, health reforms, etc.
The same official said that the PSI program and the new aid loan should be completed by then.
He also added that if Greece manages to get a new loan with the terms agreed on July 21, then liquidity of the country would be secured for the next decade, explaining that financing needs would be would be €80-90 billion, while the package would amount to €109 billion.
(source: AP, capital)

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