Tuesday October 21, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
EWG gives nod for bailout tranche

 Having secured 1-bln-euro sub-tranche from eurozone, Finance Ministry will proceed to 3-year debt issue

By Eleni Varvitsiotis and Sotiris Nikas

The Euro Working Group meeting of senior eurozone finance ministry officials on Friday approved the disbursement of the 1-billion-euro bailout sub-tranche from the bloc to Athens following the successful completion of the six prior actions Greece had promised to fulfill as a condition for the payment.

This paves the way for a new Greek bond issue next week, which will offer a safety cushion for the state ahead of its August obligations and the official negotiations with the country’s creditors that are set to begin in September.

The Finance Ministry confirmed on Friday that the Euro Working Group “convened via videoconference and approved the installment of 1 billion euros.” According to sources, the Greek authorities had completed the six prior actions that were due at the end of May by Thursday evening.

A senior eurozone officer said on Friday in Brussels that “the competent European institutions approved the disbursement of the first sub-tranche and on Monday the governing board of the European Financial Stability Facility (EFSF) will ratify the decision for the disbursement to take place later next week.”

The same source explained that the visit by the creditors’ heads of mission to Greece next week will be of a technical character aimed at preparing for the next inspection, “which I assume will start in September, or at some point after the holidays,” he said. Creditor sources argued that the July mission is mainly intended to put pressure on Athens to complete its prior actions. “A physical presence exerts a different pressure to an e-mail exchange,” said an official in Brussels.

The implementation of the first batch of prior actions scheduled for this summer combined with the satisfactory execution of the state budget now mean that the Finance Ministry can proceed with a new issue of bonds.

The word on the market is that at sometime next week, possibly by Thursday, the ministry will issue a new, three-year bond aimed at drawing between 2.5 and 3 billion euros with an interest rate that investors estimate could be even lower than 3 percent.

ekathimerini.com , Saturday Jul 5, 2014 (00:50)  
At loggerheads over role of the IMF
Hong Kong telecom group buys out Greek start-up
Local tourism could see more arrivals, investments next year
Troika exerts pressure using return date
Wage dispute hurts gov’t unity before troika return
Changes to the public sector wage structure are at the heart of a dispute within the coalition that has raised concerns about whether the government will be in a position to negotiate effect...
Most Britons want to see Parthenon Marbles back in Athens, poll shows
The majority of Britons think that their country should return the Parthenon Marbles to Greece, a new poll has found. According to the survey, which was conducted by the YouGov international...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PAOK fans stop coach Markopoulos´s move to Olympiakos
2. At loggerheads over role of the IMF
3. Hong Kong telecom group buys out Greek start-up
4. Local tourism could see more arrivals, investments next year
5. Troika exerts pressure using return date
6. Wage dispute hurts gov’t unity before troika return
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Turkish vessel enters Cypriot Exclusive Economic Zone
4. European leaders pivot back to debt crisis after wake-up call
5. Hardouvelis does not see 'big surprises' in ECB stress tests
6. Stop moaning and get in the game
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Greece nearing bailout exit, says gov't spokesperson after IMF talks
4. Istanbul skyscraper casts shadow over Greece's banking ambitions
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.