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Troika gives Greece ‘green light’ to disbursement of €2.8 bn bailout tranche

Greece’s international lenders, representatives form EU, IMF and ECB gave the green light for the rapid disbursement of the 2.8 billion euro bailout tranche, after negotiations with the government that lasted several days.

“The recent steps taken by the (Greek) authorities indicate that the March targets will be fulfilled soon, so the disbursement of 2.8 billion euros from the rest of the previous installment of the EFSF may soon agreed by Member States Eurozone” it was officially announced by the European Commission, the International Monetary Fund and the European Central Bank on Monday.

Regarding the banking sector, the so-called Troika, noted that it believes that the “50 billion euro plan for the recapitalization of the banks are enough, even under the weight of the more adverse scenario.”

“If the economic outlook remains unchanged compared to previous assessment, there is progressive perspective to return to growth in 2014,” the Troika added, making it clear to million of Greeks that there is no option for growth in 2013

Under immense pressure from its lenders, Greek government agreed to open the exit door to a total of 14,000 civil servants. 4,000 should go this year and 10,000 in 2014. The civil servants to seek their work future outside the state will come primarily from organisations to be merged or through ‘voluntary exit”.

However how quick the Greek state will evaluate which organisations, departments etc will have to be merged or close down is not clear.

 

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