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GreekReporter.comGreek NewsEconomyCould Greece Be Headed to Another Bailout Standoff?

Could Greece Be Headed to Another Bailout Standoff?

Greece is in the danger zone again with reports that eurozone countries will refuse to release additional funds on account of Athens having implemented only two of the 15 reforms that were a pre-requisite of last year’s rescue package. German daily Handelsblatt reports that Greece’s delays in the privatization of state assets have only served to add to the frustrations of the Eurogroup that consists of the EZ’s finance ministers and that a new bailout standoff is possible during Friday’s informal meeting in Bratislava, Slovakia’s capital.
Following Friday’s short progress report, Eurogroup finance ministers will meet again on September 21, however inside sources say that they are unlikely to agree on new payments for Greece.
The funds benchmarked for Greece under the European Stability Mechanism (ESM) are due to give the country up to 86 billion euros of financial assistance by 2018 in exchange for reforms. The first tranche of 10.3 billion euros was approved in spring, however only 7.5 billion euros have been released so far with the Eurogroup expected to disburse the rest this month. Athens lack of progress, however, could result in a delay.
ESM Chief Klaus Regling, speaking with Greece’s daily Ta Nea on the weekend, said: “We have been working on these measures and they could be implemented very soon,” Klaus Regling told Greek newspaper Ta Nea.

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