While the Greek government maintains that it has already completed 90 percent of prior actions required, Brussels doubts that Athens has met its pledges.
There are several key issues that have not yet been resolved, such as foreclosures on bad loans, value added tax on private education and the opening of the pharmacy market. The Greek government tries to negotiate the issues, thereby delaying the compliance report and the first bailout program review.
The Euro Working Group is meeting on Thursday to decide whether Greece has complied to the program requirements. However, there won’t be a compliance report to be presented to the EWG.
A European Commission source said that creditors may overlook two or three required actions at the present time, but they say that the unresolved issues are many more, some of them major.
EC spokesperson for Economic and Financial Affairs Annika Breidthardt said that there has been progress in Greece’s implementation of reforms, but it is up to EU member states to decide if the progress is satisfactory enough in order to approve the release of funds.
Greece may have to wait until November 9 when the 2-billion-euro subtranche can be unlocked. This is the day when European Union finance ministers meet in Brussels to decide on the Greek issue.
The Greek government is submitting to parliament two new draft bills on Thursday in order to appease creditors. The draft bill for bank recapitalization will be voted through fast track procedures after being delayed for half a month. Next week, more prior actions concerning energy and tax restructuring will also be tabled in parliament.
The EC expects all pending issues to be resolved soon because the 15 billion euros allocated for Greek bank recapitalization will be released only after the first review of the bailout program is completed.
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