Eurogroup to Declare End of Bailout Review, but No Cash Tranche Yet

The Greek government has invested heavily in a smooth conclusion of the third bailout review and Monday’s Eurogroup meeting is expected to confirm that, but it is also expected to hold off on the 6 to 7 billion euro bailout tranche dispensation until a final review in early February.

In Mário Centeno’s first meeting as president of the Eurogroup, the finance ministers will confirm that Athens has adopted the vast majority of a total of 113 economic reforms the country needs to take under this phase of its €86bn bailout.

The measures range from labour market reform to removing bureaucratic obstacles blocking a €7bn tourism and leisure project in Athens.

For Greece to receive its next allocation of bailout money, estimated at €6.7bn, a further check will need to take place in early February to ensure that the remaining measures have been completed.

But at Monday’s meeting ministers will say the recent progress in effect closes the latest review of the bailout. In coming weeks, the Eurogroup and their Greek interlocutors will have to get to grips with the more fundamental issue of Athens’ transition to post-bailout life.

(Source: FT)


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