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EU Reminds Greece to Fulfill Agreement Requirements

euroworking  groupAfter the Euro Working Group session on Thursday it was decided that the Greek government is still within the timeline to implement reforms required and fulfill the terms of the agreement.
The lenders representatives gave the Euro Working Group a report on the progress of reforms and state of the Greek economy. Athens was represented by Frangiscos Koutentakis.
The EWG urges Greece to draft a catalog of prior actions required for September and October so the first review begins. The prior actions are connected to a tranche of 3 billion euros that will be disbursed in two equal installments if Athens passes the review.
Regarding bank recapitalization funds, a source close to the EWG said it is closer to the upper limit estimated, which is 25 billion euros. Greece has already received 10 billion euros for recapitalizing the banking sector. Thereby it is imperative for Athens that the remaining 15 billion euros are disbursed.
Since the deadline for bank recapitalization is December 15, it is crucial that the review is completed successfully by early December.

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