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European Commission Warns that Bailout Progress Report Must Precede Euroworking Group

andreeva2872015European Commission spokesperson Mina Andreeva declared on Friday that a EuroWorking Group must convene early next week to green-light the disbursement of the two billion euro bailout installment to the Greek Government, as well as the 10 billion euros that have been reserved for the Greek bank recapitalization.
Andreeva further claimed that for the Euroworking group to convene creditors must conclude a report on the progress of the bailout’s implementation.
The European Central Bank recently assessed that Greece’s four systemic banks need 14.4 billion euros in the worst case scenario to cover their capital shortfalls. Each of the four banks will have to cover their share of the 4.4 billion euro baseline scenario requirement to avoid nationalization. The remaining funds will be covered by the aforementioned reserved 10 billion euros that will be transferred to the Hellenic Financial Stability Fund once the Greek government settles with creditors on the bailout reforms.
The Greek Governmental Council convened earlier in the day to discuss the outstanding issues that need to be resolved with Greece’s creditors. Among these disputes are conditions for foreclosures on first homes, the adjustment of the 100 installments of debt repayments and the VAT on private education.
Greek Finance Minister Euclid Tsakalotos and Greek Economy Minister Giorgos Stathakis are currently meeting with creditor representatives in Athens.

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