The Greek government is rushing to vote on bills for prior actions in order to get a compliance report by lenders before the November 9 Eurogroup.
According to analysts, Greece must go to the meeting of Eurozone finance ministers with a positive compliance report by the creditors’ technical team that will evaluate the progress implementation of prior actions required. Otherwise, it will send a negative message to Eurozone member states.
Bank recapitalization is a crucial part of the progress of talks between Greece and creditors. The results of stress tests will be announced on Saturday. It is estimated that Greece’s four major banks need a total of 15 billion euros for recapitalization.
Commissioner for Economic and Financial Affairs Pierre Moscovici will meet with pertinent ministers to discuss the thorny issue of security fund reforms. Moscovici expects to see that the Greek ministers will commit on implementing the reforms and stay within the deadlines, a source from Brussels says.
Regarding the compliance report, lenders’ representatives assure the European Commission that the Greek side shows the political will to implement the reforms and keep the time frames given. Even after the delay, EC officials say that there is a great effort on Greece’s part and it seems that the deadlines will be met.
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