In relation to ongoing negotiations, Greek Alpha Bank has criticized the Troika for not giving the green light to the next tranche of funds.
“Two of the most striking developments in the Greek Economy for 2013 were the successful reformation and recapitalization of the banking system as well as the achievement of a primary surplus by the Greek government. Moreover, as the Greek economy is expected to have stronger growth in 2014, the Troika’s delay in approving the agreed installment of Greece’s bailout raises questions over what the country’s international lenders are trying to achieve. Surely this failure to approve the next installment has a negative impact on Greece’s intense efforts to rebuild its economy. Furthermore, it makes it even more difficult for the Greek banking sector to prove that it can be trusted again,” according to Alpha Bank in their report last week.
The report continued, “After all, the delay increases the risk of creating problems for the process of budget execution for 2014 due to fiscal gaps which could be covered if the Troika give the economy breathing space. The Greek economy has started to recover despite constant and suffocating pressure by the Troika. This has not allowed the economy to operate at normal levels of liquidity or in a normal economic environment,” according to Alpha Bank.