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Posted on: March 28th, 2013 by AlYunaniya Staff No Comments

Greece prepares for troika return; FM certain about next installment

samaras eurogroup

photo: PM flickr

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Finance Ministry is preparing for the new round of talks with troika representatives expected in Athens in early April.

Should everything go according to plan, the March EUR 2.8 billion installment will be granted at the Euro Working Group in early April.

FinMin Yannis Stournaras appears certain that Greece will collect the following EUR 6 billion installment in the Eurogroup that is scheduled to take place in mid April in Ireland. A ministry official told journalists: “we will not return from Ireland without the installment”.

In order to approve the March installment, troika will have to approve the reforms in government structures, evaluations of staff and the mobility/redundancy programme of the Ministry of Administrative Reform, as well as the number of “necessary layoffs” by the end of 2014.

Finance Ministry will have also to come up with a solution as regards the emergency levy on real estate property, in order to convince the troika about the plan to introduce a uniform real estate property tax. Rumors suggest the new levy will be up to 20% less than the current one.

Earlier this month Greece’s international lenders left talks in Athens without a deal that would secure the next tranche of bailout loans for the country and would return in April.

The troika then said that Greece had made “significant progress” with economic reforms required to receive the funds but it added that “technical issues” still needed to be resolved.

The troika’s current review is to determine whether Greece should get the next 2.8bn-euro tranche of the bailout funds. Specifically, the troika is looking into whether Greece is making progress on a promise to reduce substantially the size of its civil service.

Greece’s coalition government has pledged to make 25,000 civil service lay-offs by 2014.

Greece has received more than EUR 200 billion in loans since May 2010.



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