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Greece Resolves Final Details for Loan Tranche Disbursement

550_334_504182Greece is to close all the bailout program pending issues on Tuesday, after, on Monday, Creditors gave Greece 24 hours to complete prerequisites in order to give the green light for the disbursement of the next loan tranche.
If the Greek government fulfills its obligations, institutions are expected to send a letter to the Euro Working Group members today (Tuesday) — or the latest on Wednesday — that will confirm that Athens has completed the issues agreed on and can now open the way for the disbursement of the 7.5-billion-euro tranche. Among the pending issues Athens has to complete today are:
• The privatization of the old Athens airport in Elliniko. Reportedly, State and investors are very close to signing the Memorandum of Understanding (MoU) for the investment.
• The transfer of 5% of OTE telecommunications company shares from the State to Hellenic Republic Asset Development Fund. All that is required is a Finance Minister’s decision to complete the action.
• The ministerial decision for the calculation of pensionable earnings, which is expected today for supplementary pensions and the lump sum given upon retirement.
• Give the Hellenic Statistical Authority (ELSTAT) better access to data from the General Secretariat for Public Revenue. This prerequisite is twofold. One part relates to the provision of data from 2010 to 2015, which to a large extent has been completed. The second part has to do with the signing of an agreement between ELSTAT and General Secretariat for Public Revenue, to ensure access to these data in perpetuity (even after the establishment of the new independent revenue authority).
On Monday the finance ministry was assuring the Press that the prerequisites will be completed on Tuesday and the loan funds will be disbursed by the end of June.
If the pending issues close, the EWG will give the first “green light” for the release of tranche. The EWG approval will pave the way for the procedures related to the national parliaments of certain euro zone member states that would approve the release of the funds. Specifically, the parliaments of the Netherlands, Germany, Finland, Slovenia, Slovakia, Austria and Estonia, will be the ones that would give the final approval for the disbursement of the 7.5 billion euros.
According to reports, it is expected that the parliaments will complete the approval procedures by Monday, June 13.
The final “green light” for the disbursement of the funds will be given by the board of the European Stability Mechanism. The ESM board consists of representatives of the EWG and its decision should be preceded by the adoption of the revised MoU by the heads of the ESM, who are the finance ministers of the euro zone. The next ESM board meeting is scheduled to take place during the Eurogroup / Ecofin session on June 16 in Luxembourg. The objective is to disburse the loan tranche before the British referendum on June 23.

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