The Euro Working Group has given the approval for the disbursement of the loan tranche and extended the time for Greece to fulfill pending bailout program prerequisites.
Specifically, even if Greece is not ready by Thursday’s EWG in Helsinki, there is time to close the last administrative details until the Parliamentary Finance Committee of the German Parliament next week.
On Tuesday, the EWG met again by teleconference and recorded significant progress by the Greek government on several pending issues. The technocrats decided to grant more time to Greece to finish remaining details.
The German parliament approval, along with the approval by the parliaments of the Netherlands, Finland, Slovakia and Spain is required before the European Stability Mechanism disburses the tranche of 7.5 billion euros.
The decision to give additional time to Greece is because of the time required for ratifying the measures in parliament and other administrative procedures.
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