Eurozone finance ministers decided on Monday that the third review of Greece’s bailout program is complete and the €5.7 billion sub-tranche is to be disbursed by the end of March.
The Eurogroup decision will now pass through the parliaments of individual eurozone states before the amount is paid. Another billion will be disbursed as soon as Greece secures full and undisturbed online home auctions and the Greek State repays some overdue debts to the private sector.
“We are expecting the completion of national procedures and then the Board of Directors will make the final decision on the disbursement of the tranche before the end of the month. The total tranche is €6.7 billion euros. The €5.7 billion can be disbursed before the end of the month and a further €1 billion will also be disbursed on the condition that overdue debts are repaid and the auctions proceed smoothly,” said President of the European Stability Mechanism, Klaus Regling, after the Eurogroup.
“The goal is to make important decisions on June 21st,” Regling added. “The program ends in August, the deadlines are tight and our goal is that everything is over by June 21st.”