Discussion on lowering the Greek debt may begin only if three conditions are met first, Eurogroup president Jeroen Dijsselbloem said after the group's meeting ended in Luxembourg on Thursday.
The three conditions include completing the prior actions, achieving a primary surplus, and assessing that debt relief is necessary.
Greek authorities would meet the first six prior actions by the end of June
Dijsselbloem said that new Greek Finance Minister Gikas Hardouvelis informed the Eurogroup that the Greek authorities would meet the first six prior actions by the end of June, in order to secure the disbursement of the next loan tranche, worth 1 billion euros.
He added that Hardouvelis promised that the government will continue with its difficult efforts and provided details regarding Haris Theoharis’s departure from the post of general secretary for public revenues. He added that he was “reassured by Hardouvelis that the new secretary general of public revenues would be chosen with transparency”.
European Commissioner for Economic and Monetary Affairs, Olli Rehn noted that the decisive factor in assessing the Greek debt's viability is the country's growth index.
European Stability Mechanism managing director Klaus Regling reiterated that the 2 billion euros would be disbursed to Greece after the prior actions were completed, adding they had not yet been so.
The European Financial Stability Facility has disbursed 139.9 billion euros to Greece so far, he said, which left 3.8 billion euros outstanding.
International Monetary Fund (IMF) managing director Christine Lagarde said it was necessary to establish the amount the Greek banks would need for their recapitalization.
Hardouvelis promised that the government will continue with its difficult efforts
The IMF needs to know which percentage of the 10 billion euros available for the recapitalization would be needed, in order for the Fund "to complete Greece's financing needs."
The Eurogroup president said on the same issue that the amount should be determined during the troika of Greece's lenders current (fourth) review of Greece's fiscal adjustment program, in order to allow the fifth review to begin after the end of the summer. "We still have work to do," he commented.
source: AMNA
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