Calamos Supports GreeceCalamos Supports Greece Greek News Economy Approval of Greek Program by Eurozone Parliaments May Take Weeks

Approval of Greek Program by Eurozone Parliaments May Take Weeks

Berlaymont_building_european_commissionThe Greek proposal has to be voted by Eurozone parliaments and the final approval of Greece’s third bailout program may take 4 to 5 weeks, said a Brussels report.
If Saturday’s Eurogroup approves the Greek proposal, then the program has to be approved by Eurozone parliaments, a process that is rather lengthy.
Meanwhile, Athens has a 3.4-billion-euro payment due to the European Central Bank (ECB) on July 20. It is impossible to disburse funds of the new bailout program by then. Also, according to a report, the International Monetary Fund (IMF) is asking for the 1.53 billion euros Greece failed to pay on June 30.
The report said that IMF Managing Director Christine Lagarde called Brussels asking for a payment to the Fund be made before the ECB payment.
If an agreement is signed, Greece can receive 3.35 billion euros in profits the ECB made from Greek state bonds under the Securities Market Program (SMP). However, the amount is not sufficient to cover both debt payments.
European Commission officials are examining the situation in order to find a solution.

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