Expectations for the disbursement of a large tranche for Greece are being lowered just a week ahead of the Eurogroup meeting of Eurozone finance ministers in Brussels on May 24. A European official said that the first packet of measures are acceptable, however the contingency mechanism is still not ready for a full agreement.
The Euroworking Group on Monday, May 23, hopes to create the blueprint regarding debt so that the Eurogroup can give the “green light” on Tuesday.
The same source said that nothing has been agreed to regarding the curtailment of debt. One of the proposals, by the International Monetary Fund (IMF), for debt relief with steady interest rates of 1-1.5 percent is viewed as a longshot.