Monday September 1, 2014 Search
Weather | Athens
29o C
23o 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 countrys 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)  
Prospect of Greek grand prix back on the agenda; huge investment needed
Juggling lighter tax burden and fiscal targets
Government tries to get handle on NPLs
Fuel tax cut would spark illicit trade, says sector expert
Deputy Education Minister Koukodimos resigns
Deputy Education Minister Costas Koukodimos has resigned from his post citing personal reasons. In a statement released Monday, Koukodimos said he would continue to support the conservative-...
Excavation work at Amphipolis reveals section of marble mosaic floor
Excavation work at the site of Ancient Amphipolis, in central Macedonia, has revealed a mosaic of random while marble pieces against a red background, the Ministry of Culture has said. The m...
Inside News
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
SOCCER
Tough draw for Greek sides in Europa League group stage
Following Thursday nights high, when all three Greek teams competing in the Europa League made it into the group stage of the competition, a harsh reality struck Friday as they found out wh...
Inside Sports
COMMENTARY
A great president
I fully understand the countrys need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
EDITORIAL
Dont feed the zombies
There can be no growth without resolving the issue of nonperforming business loans. However, the solution to this problem should not be based on old establishment criteria, such as political...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Deputy Education Minister Koukodimos resigns
2. Excavation work at Amphipolis reveals section of marble mosaic floor
3. Greek officials meet to fine tune strategy for Paris talks with troika
4. Fulham striker Mitroglou set to re-join Olympiakos
5. Large fire in Crete brought under partial control
6. Prospect of Greek grand prix back on the agenda; huge investment needed
more news
Today
This Week
1. A great president
2. Dont feed the zombies
3. Greek officials meet to fine tune strategy for Paris talks with troika
4. Excavation work at Amphipolis reveals section of marble mosaic floor
5. Deputy Education Minister Koukodimos resigns
6. Prospect of Greek grand prix back on the agenda; huge investment needed
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. The battle against progress
3. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.