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EC Official Says Greek Debt Relief Could Come After December 5

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A high-ranking European Commission official, who wished to remain anonymous, said that the second review of the 3rd bailout needs to close by the end of November if a deal for debt relief can be reached at the December 5 Eurogroup meeting of EU finance ministers. Such a development would then pave the way for the International Monetary Fund (IMF) to enter the Greek program. The same source said that the completion of the second review is a thorny issue as it would require hammering out an agreement on issues such as labor and Greek finances.
The same official said he was optimistic regarding a deal by the end of the year, however, he added that all matters need to close “simultaneously in order to reach a complete agreement.” Thus far, the IMF participation in the Greek program continues to remain unclear and depends on the debt sustainability analysis report (DSA) which is directly influenced by the measures Greece’s creditors decide on the country’s debt. This means that the measures on Greek debt by lenders have to be clear in order for the IMF to reach a final decision on whether it will remain on board the bailout program.
Furthermore, apart from reaching a decision on the Greek issue, the Eurogroup scheduled for Monday, November 7, will also look at the Cyprus issue and a possible union between both sides of the divided island.

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