Sunday October 26, 2014 Search
Weather | Athens
17o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Funding freezes as cash clock ticks

 Commission confirms troika will arrive next week, while Athens will have money until end-July

By Nikos Chrysoloras

BRUSSELS - The European Commission confirmed on Monday that is it officially freezing funding to Greece from the bailout mechanism until its inspectors, along with those of the European Central Bank and the International Monetary Fund, complete their assessment of the country’s economy.

The inspectors of the so-called troika are expected to arrive in Athens next Monday.

Questioned on Greek funding by Kathimerini, Amadeu Altafaj, the spokesman for Economic and Monetary Affairs Commissioner Olli Rehn, pointed to last Thursday’s Eurogroup decision for the disbursement of 1 billion euros withheld from the May tranche of 5.2 billion euros.

However, Altafaj continued, any further disbursements will come after a valuation of Greece’s progress to date and possibly an update of the memorandum agreement, as well as a decision by the Eurogroup and the IMF to approve the installment’s payment. Rehn had warned on Thursday that the country’s smooth funding cannot continue during the valuation process by the troika, which has not carried out an assessment of Greece’s finances since last March.

Cashwise, time is therefore running out for Greece, which Altafaj appeared to be aware of, stressing the urgent character of the troika visit that was postponed due to the ailments of Prime Minister Antonis Samaras and Vassilis Rapanos -- originally proposed as finance minister.

Reliable sources have told Kathimerini that if the government uses the reserves of 3 billion euros from the Hellenic Financial Stability Stability (HFSF) and issues another set of treasury bills, it will be able to cover its cash needs until the end of next month. Consequently, that is the absolute deadline for the completion of any negotiations to follow in the next days and weeks.

As for the substance of negotiations regarding the adjustment of the bailout program, European officials expressed reservations on Monday over the blueprint agreed to by the three coalition parties in Athens. They noted that there are proposals that cannot be accepted, such as changes in labor relations, saying that “the IMF is going to go away.”

ekathimerini.com , Monday June 25, 2012 (22:53)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.