Greece missing just one requirement for next aid tranche

Following yesterday’s news that the latest tranche of Greek aid was to be delayed after the country failed to confirm five of the 22 conditions required, the Eurogroup of finance ministers has said Greece has met 21 of the conditions and it is possible the final one will be met tomorrow.

The condition yet to be met is that on labour mobility. EU finance aides are planning to host a call on Greek aid on Friday. The signing off of the €2.5bn tranche has been postponed until next Monday.

In a statement, Eurogroup chairman Jeroen Dijsselbloem said:

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.