The Deputy Finance Ministers of the Eurogroup approved the allocation includes €2 billion

BRUSSELS, 21 November. The Deputy Finance Ministers of member countries of the Eurozone at today’s meeting of the Working group of the Eurogroup (Euro Working Group, EwG) gave the green light to the allocation of Athens next tranche of €2 billion from the second loan programme a total volume of €86 billion, the Head of the Eurogroup Jeroen Dijsselbloem stated that Greece has implemented all the reforms under the first package of measures agreed with creditors that the country opens the way to get the next credit tranche.

“The working group of the Eurogroup agreed that the Greek authorities have so far fulfilled the main points of the first package (of reforms) and adopted measures in the financial sector, which are necessary for the success of the process of recapitalization (of banks),” he said, Dijsselbloem Reuters.

The head of Eurogroup has underlined that “the agreement paves the way for formal approval on Monday, November 23, the Board of Directors of the European stability mechanism (ESM) the transfer of the tranche of €2 billion”. According to Dijsselbloem, it will also allow the ESM to take a number of decisions on the transfer of Greece money to recapitalize the banking sector.

The European stability mechanism has already reserved to replenish the capital of Greek banks €10 billion from the second loan of the program. The needs of the Greek banks to increase sufficiency of their capital is estimated at this stage at about €6-9 billion.