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Meeting Between Greek Economic Staff and Creditors' Reps Underway

A meeting between Greece’s economic staff and creditors’ representatives on the implementation of the prior actions required by the bailout program is underway.
On the Greek side, Finance Minister Euclid Tsakalotos and State Minister Alekos Flambouraris participated in meetings on Wednesday morning. Alternate Finance Ministers Giorgos Chouliarakis and Tryfon Alexiadis will take part in Wednesday afternoon meetings.
The Greek officials are meeting with Delia Velculescu from the International Monetary Fund, Rasmus Rueffer from the European Central Bank, Nicola Giammarioli from the European Stability Mechanism, and Declan Costello from the European Commission. Officials will be in Athens for three days. The representatives will evaluate the pace of prior actions required by the bailout program.
According to European Union officials in Brussels, Athens is rushing to speed up the disbursement of a 2-billion-euro-tranche. However, talks with lenders’ representatives have just started and they will continue through Friday. Additionally, the Euro Working Group scheduled to meet on Wednesday will no longer be meeting.
The lenders’ representatives will have to complete a compliance report regarding the implementation of the reforms and measures required. Thereafter, they will debrief the Euro Working Group, who will evaluate the progress of the reforms implementation and decide to give the OK to the Eurogroup to convene and outline the disbursement of funds.
Prior to the meeting with creditors, when asked by reporters about the postponement of the Euro Working Group, Flambouraris said: “I do not think that the postponement of the Euro Working Group is related to the negotiation.”
A EU official in Brussels told reporters that the main concern of lenders at the moment is not whether the prior actions are legislated in parliament but whether they are in effect in practice. Also, he said, it is important that the major reforms are implemented and the Greek government doesn’t need to panic if some minor measures are delayed slightly.
Overall, the EU official said, it is too early for Athens to panic and too early to expect the disbursement of the 2-billion-euro-tranche.

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