EU Official: Greece has 50% Chance to Close Agreement on Monday’s Eurogroup

A European Union official said that Greece has a 50% chance to come to a full agreement with creditors in closing the bailout program review by Monday’s meeting of euro zone finance ministers, according to Kathimerini newspaper.

The daily cites an EU official who said that the International Monetary Fund will give the green light to close the deal in time for Greece to receive the next loan tranche. Athens will receive about 7 billion euros as part of the rescue package. At the same time, Greece has to pay bond maturities worth about 7 billion euros in mid July.

The European official said that there are four key factors to close the deal:

First, an agreement on the policy package, which took place when the creditors’ mission heads were in Athens.

Secondly, the Greek government has to implement the bailout program prerequisites, a large part of which has been tabled in parliament and its ratification process has begun.

Thirdly, a compliance report must be drawn up to show that the bill voted in the House are the agreed ones (this includes thousands of pages of translations of the bill voted by the House).

Fourthly, a debt sustainability analysis is needed.

“When we have all the above, then we will have an agreement,” the source told Kathimerini.


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