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Greek Government Spokesperson: Prior Actions for Bailout Funds in One Piece of Legislation

Time is a scarce resource for the Greek government.
Greek government spokesperson Olga Gerovasilli revealed on Wednesday that all the prior actions the Greek parliament must ratify if Greece is to see additional bailout funds will be included in a single piece of legislation.
“They (the measures) will be gathered in one legislation, as time demands that it be, and it must be voted in by around October 15. I say around because I do not know the exact time. It is a fast process, so that we can get to the first review. The goal is twofold at this point: one is that a dialogue on the debt, which has been expressed by all sides, begins, second is the bank recapitalization, which is equally important for economic stability and the viability of the agreement,” she said during an interview with VIMA FM radio station. 
Monday’s Eurogroup meeting agreed on the prior actions that Greece must legislate by mid-October in order to receive two of the first bailout payment’s remaining three billion euros. These three billion euros are the final funds of the first 26 billion euro instalment, whose disbursement to Greece was agreed on with international creditors in August.
That leaves 60 billion euros that the crisis-ridden country should collect by August 2018 when the 86 billion euro cash-for-reforms Greek bailout expires.
Gerovasilis’s statement echoes Greek Prime Minister Alexis Tsipras’s remarks on Monday. The Greek head of stated had noted that a first review of the third Greek bailout must take place before there can be a discussion on debt easing for Greece as well as the recapitalization of Greek banks. Eurogroup President Jeroen Dijsselbloem said on Monday that he expects Greek banks to recapitalize sometime between November and December of this year.
The Greek Parliament will hold a vote of confidence in the new Greek government at the stroke of midnight.

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