Greece this week intends to perform the first part of the creditors

Greece this week intends to perform the first part of the creditors


Representatives of the Eurogroup noted the progress in the implementation of the Greek reform programme. The Greek government has become a “victim of its own success”, said the Minister of Finance of Greece Euclid Tsakalotos.

ATHENS, 10 Nov. Gennady Melnik. The Minister of Finance of Greece Euclid Tsakalotos acknowledged that Athens is late with the implementation of some items of the reform program, however I am sure that within a week will be completed the first part of the creditors.

“We had a good meeting at the Eurogroup. We talked about what kind of conditions (for the loan) we have fulfilled. There was some delay, but most were very pleased that we did so much work, so fast and so organized,” said Tsakalotos reporters after the Eurogroup meeting on Monday.

According to him, the recapitalization of banks is faster than anticipated, and in this sense the government has become a “victim of its own success” — some of the issues will be resolved sooner.

“Now we have a week to finish some of the things that remained from the first set of requirements of creditors” — said Tsakalotos.

He said they had discussed the issues of financial system recapitalization and rules to regulate banks and financial sectors and nonperforming loans.

“There is every reason to expect that we will have good news next week”, — said the Minister.

At the meeting on Monday, the Eurogroup has not taken a decision on allocation of Greece the next tranche of the loan. However, representatives of the Eurogroup noted the progress in the implementation of the Greek reform programme.

The third financial aid program (up to 86 billion Euro of loans) was approved for Greece on August 19. The first tranche of the new package is 26 billion. Of this money, Greece has already received at the end of August 13 billion euros. It remains to obtain 3 billion for budgetary purposes and 10 billion to recapitalize banks.