Delay in Reforms Implementation by Greek Gov’t Might Stall Loan Tranche



tsipras-tsakalotos-vrixelesDespite the fact that the omnibus bill, which includes austerity measures agreed upon with Greece’s creditors was voted on during yesterday’s plenary session, only 30 percent of prior actions required by the bailout program have been legislated.

Now the finance ministry must rush to implement 49 prior actions in order to avoid further delays that may postpone the 2-billion-tranche Greece expects to receive.

According to Kathimerini newspaper, many problems and delays related to ministerial decisions have been recorded in government pamphlets that have been issued. This lack of expedient execution could cause a delay in the lenders’ first evaluation of the program.

The evaluation might be postponed until December due to this delay, as German weekly business magazine Wirtschaftwoche reports.

Kathimerini says that creditors‘ representatives have found that ministries have not proceeded with issuing the relevant legislation needed in order to implement the prior actions.

Based on the existing schedule, the institutions should draft an evaluation report on the implementation of the 49 prior actions by Tuesday, so that Euroworking Group would hold a meeting on Wednesday and, if the report is positive, give the “green light” for the disbursement of 2 billion euro tranche.

IMF leadership has decided to send a mission to Athens, Washington sources say

International Monetary Fund (IMF) Managing Director Christine Lagarde has made the decision to send an IMF mission to Greece, according to Washington-based sources.
Along with the IMF mission led by Delia Velculescu, the heads of the other institutions representing Greece’s creditors are also expected in Athens, the same sources said on Saturday.


2 COMMENTS

  1. I wish to remind the Greek citizens that the implementation of the EU memorandum will never take place. Greek politicians have been playing the cat & mouse game all along the way. There will never be any changes in our corrupt system.

  2. The latest bailout will fail there is no doubt. The political cat and mouse game will eventually end when either the cat or the mouse gives up……..its just a matter of time.

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