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Greece Reportedly to Receive First Installment of Bailout Funds on August 17

Money LaunderingIf the expected timeline runs on schedule, Greece could be seeing the first installment of the 86 billion euros of bailout money on August 17.
Bloomberg reports that an official “with knowledge on the matter,” who provided this information, also said that negotiations between the Greek government and international creditors should be concluded by August 6.
Greece must pay 3.2 billion euros of bonds to the European Central Bank on August 20. The international official said that in order for the first bailout installment to be given to Greece, the Greek parliament must have ratified all prior actions by August 7.
The Greek parliament already voted in the first set of prior actions that the government must undertake on Wednesday, July 15 and is voting another set on Wednesday July 22. The Greek government removed farmer tax hikes and early retirement from this week’s package. A European Commission source said that these two measures will be voted on in parliament on August 5.
If the Greek parliament greenlights the deal by August 7, the Euro Working Group and the Eurozone‘s finance ministers are expected to endorse the program by August 11. The national parliaments of other countries must also approve the bailout package by August 13.

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