ECONOMY

Process to approve next Greek bailout tranche to be completed by July 29, says Dijsselbloem

The process for Greece’s next, 2.5-billion-euro, bailout tranche to be approved is due to be completed by July 29, Eurogroup president Jeroen Dijsselbloem said on Wednesday.

In a statement, the Dutch Finance Minister also said that Greece only had one «prior action» to complete and this would be done next week.

The remaining condition is for Greece to “issue all necessary legal acts in order to place 4,200 employees in the labor mobility scheme,” according to a document obtained by Bloomberg News. The document, dated July 22, specified Greece needs to confirm the numbers to complete the requirement.

Technical experts on the Euro Working Group discussed the loan disbursement durin a conference call on Wednesday. They are due to hold another call on Friday morning.

Here is Dijsselbloem’s statement in full:

“The euro area Member States have been informed today by the Troika institutions that Greece has satisfactorily implemented the prior actions required for the release of the next disbursement under the financial assistance programme, except for one action whose adoption by the Greek Parliament needs to be completed by Thursday, 25 July. These prior actions included important steps in the areas of fiscal policy, tax reform, revenue administration, public administration reform, privatisation and financial sector restructuring. 
Subject to confirmation of compliance with the last outstanding prior action, national procedures may thereafter be finalised and are expected to be completed by 29 July. Once this process has been satisfactorily concluded, the EFSF will be authorised to release the first sub-tranche of the next instalment, amounting to EUR 2.5 billion, according to the programme.”