Finance Minister Euclid Tsakalotos is to report to Monday’s Eurogroup on the progress of reforms required by Greece’s third bailout program.
Eurozone finance ministers will meet in Brussels to discuss the state of play of the cash-for-reforms program. The first list of prior actions must be completed within the next two weeks. The second list of prior actions will be drafted within the same period.
Once the first prior actions are legislated in the Greek parliament, lenders will prepare a compliance report. After that, the first review will take place, estimated towards the end of the month.
The new government expects to pass the first review that will unlock a tranche of 3 billion euros. It will also get the green light for 15 billion euros for Greek banks recapitalization and talks about debt write-down.
“We need to quickly wrap up the first review, so that the indispensable discussion on the restructuring of the debt can begin,” Prime Minister Alexis Tsipras said on Saturday.
According to a European Commission official, the review will be delayed but the date is not a pressing issue. The Greek government has to pass 15 reforms by the end of October. Most of the reforms are very unpopular since they include high taxes and pension cuts.
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