BUSINESS

Commission: Greece completed all prior actions of fourth program review

TAGS: Economy, EU

Greece has completed all the pending prior actions required to conclude the fourth program review, which opens the way for the disbursement of the country's last loan tranche, the European Commission said in its compliance report on Wednesday.

“Based on the above considerations, the ESM programme is on track. This paves the way for the final disbursement to Greece for an amount necessary to cover debt servicing needs, plus an amount to help build a cash buffer,” the Commission says in its report.

The report said conditions are in place for a successful conclusion of the European Stability Mechanism's program, but called on Greek authorities to press on with reforms.

“Greece needs to build upon the progress achieved under the ESM program and strengthen the foundations for a sustainable recovery, notably by continuing and completing reforms launched under the program and ensuring that the objectives of the reforms adopted are safeguarded,” it said. 

Read the report attached below.

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