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IMF Postponing Next Tranches to Greece

thomsenIt appears that the Executive Board of the IMF keeps postponing the meeting during which they will approve the disbursement of the next two tranches of 3.6 billion euros to Greece.
The evaluation report of the Greek program, which is usually released ten days after the meeting of the Executive Board is expected after the European elections.  It is estimated that the report by the head of the IMF mission in Greece, Poul Thomsen will reveal a budget gap of 2 billion euros for 2015 and of over 3 billion euros for 2016.
The IMF estimates are similar to those included in the evaluation report of the European Commission. However, they are not aligned with the assessments of the Greek government, which admits that there is a gap of 911 million for 2015 and of 1.93 billion for 2016. Thomsen’s report despite the 2 billion gap for 2015 doesn’t foresee any measures for the next year given that the progress of the Greek economy will be reevaluated in September, during talks for the 2015 budget.
The report on Greece’s evaluation will be the basis of the discussions for the approval of the disbursement of 3.6 billion euros. However, given that the IMF’s meeting was postponed, the report will most likely be published after the European elections.  According to the Greek Finance Minister Yannis Stournaras, there is no reason for concern as there are sufficient cash resources.

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