The government is already drafting the bill to close the remainder of open issues prior to Greece’s program review before the next Eurogroup on May 24, said government sources following the cabinet meeting headed by leftist SYRIZA Prime Minister Alexis Tsipras on Tuesday.
The same sources state that the way is open for legislating measures on issues that are still pending, such as non-performing loans (NPLs), the privatization fund and contingency measures. It is believed that these issues will be brought to Greek parliament over the next 15 days through normal procedures prior to the next Eurogroup meeting of Eurozone finance ministers.
A great deal of attention has been cast on the contingency mechanism that will foresee interventions in the budget to automatically be activated if Greece swerves from its targets. Government sources said that it may be drawn up but is unlikely to be necessary.
An agreement at the Eurogroup on May 24 will mean that the program review has ended and the next loan installment will be disbursed with a payment in June so that Greece can pay off its debts in July and pay off state arrears to the private sector.
The same government sources state that technical teams have started talks on the three phases of debt relief and are working on a clear, automated roadmap for the Greek economy.