The approval in the early hours of Monday morning by Greece’s parliament of the critical omnibus reform bill needed to release a delayed €10.5 billion instalment from international lenders means the sustainability of Greece’s debt hinges upon a new cycle of negotiations.
Beyond gearing up for the forthcoming local and European parliamentary elections, these meetings start in earnest on Tuesday, April 1, when Greece enters the final stage of negotiations on the permanent management of its debt with Ecofin and the Eurogroup, the latter in attendance to confirm payment of the fourth instalment of the country’s bailout. If it gets the green light, most of the €10.5 billion will likely be paid out in May, when Greece will have to cover a bond maturing.
Two days later, on Thursday, April 3, the European Central Bank is scheduled to hold a board meeting at which it is expected to make an official statement in support of the Greek economy.
On Friday, April 4, credit rating agency Moody’s will release its new assessment on Greece’s credit worthiness, which is expected to be upgraded following the recent approval of the bill by parliament and the Troika.
The return of the Troika’s representatives to Greece is scheduled for the end of April, when talks begin on improving the sustainability of Greece’s debt, which will open a debate on the possibility of writing some off.