Thursday Jul 31, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Euro Working Group to discuss 3.3 bln tranche

 Troika also expected in Rome to discuss solutions for funding gap created by Greek bond payment

By Sotiris Nikas

The Euro Working Group of eurozone finance ministry officials will on Thursday decide on the disbursement of the next bailout loan tranche to Athens, amounting to 3.3 billion euros, under the cloud of political turmoil created within the Greek government by the decision to shut down and reopen the Greek state broadcaster.

On a technical level Greece has fulfilled all prior actions required, but the eurozone has sent a clear message that if government stability is in doubt the disbursement of the tranche would be delayed.

The representatives of Greeces creditors left Athens on Wednesday to participate in Thursdays EWG meeting in Rome. They will head back to Greece after that. If all goes well on a political level, negotiations will resume on Monday.

The heads of the troika i.e. the heads of the mission of the European Commission, the European Central Bank and the International Monetary Fund were scheduled to travel to Rome to participate in the EWG, where, according to government officials, the meeting will explore the issue of the funding gap Greece will face by the end of 2014, amounting to 4.6 billion euros.

Talks will particularly focus on Greek state bonds held by national central banks of the eurozone, which, according to a decision of last Decembers Eurogroup, were not to be repaid upon maturity but after 2016. This would have allowed the eurozone to have a large part of its funding program for Greece covered by allowing Athens to delay payment to bondholders. However, that decision was never applied and in the last couple of months the Greek authorities along with the Eurogroup have been working to find a solution to the problem that has arisen.

Had the decision been applied, Greece would have avoided the payout of 2.1 billion euros this year, 2 billion in 2014, 1.5 billion in 2015 and 851 million euros in 2016. Now it has paid out 1.8 billion euros and will have to find other sources of funding in order to plug the hole created.

ekathimerini.com , Wednesday June 12, 2013 (22:55)  
Only 5 percent of stores see brisker business during this years summer sales
Euro flows reveal shift in sentiment as losses mount
EU puzzles over emergency funds for euro area bank crisis agency
Govt reins in spending of regions
Fake psychic caught in Thessaloniki after gaining 35,000 from victim
A 75-year-old woman has been arrested in Thessaloniki for pretending to be a psychic and convincing 58-year-old woman suffering from an illness to give her 35,000 euros. The 75-year-old woma...
Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
Cameras are to be installed at toll booths on the Corinth to Kalamata national road in the Peloponnese to record the details of cars whose drivers fail to pay toll charges. The devices will ...
Inside News
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
SOCCER
Greek league recruits former referee Dallas
Former referee Hugh Dallas has been appointed as the head referee of the Greek Super League, the Hellenic Football Federation (EPO) said in a statement on Wednesday. The 56-year-old Scot ear...
Inside Sports
EDITORIAL
Populism eating up education
The fact that the issue of education is not topping the list of priorities for the current coalition government, but instead, has been left in the hands of incapable politicians is utterly i...
COMMENTARY
A valued but mistreated professional
I did not know much on a personal level about Dimitris Stefanou, Greeces former administrative reform general secretary who died earlier this week at the age of 46. I did, however, have a s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
2. Only 5 percent of stores see brisker business during this years summer sales
3. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
4. Euro flows reveal shift in sentiment as losses mount
5. EU puzzles over emergency funds for euro area bank crisis agency
6. Goalless draw at Liege puts Greens in driving seat
more news
Today
This Week
1. Euro flows reveal shift in sentiment as losses mount
2. EU puzzles over emergency funds for euro area bank crisis agency
3. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
4. Only 5 percent of stores see brisker business during this year's summer sales
5. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
6. Wine cup used by Pericles found in grave north of Athens
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
3. Defense Minister Avramopoulos to represent Greece at European Commission
4. Front-line threats
5. Wine cup used by Pericles found in grave north of Athens
6. Greece names fifth privatization agency chief in four years
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.