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Monday's Eurogroup to Decide on Disbursement of €2.8 Bln Loan Tranche to Greece

eurogroup-genikiOn Monday afternoon (today), the Eurogroup in Luxembourg will decide on the disbursement of the 2.8 billion euros loan tranche to Greece.
The meeting of the euro zone finance minister officials will be preceded by a Euro Working Group session that will assess whether Greece has completed the bailout program prerequisites. Based on the EWG decision, the European Stability Mechanism will give the green light for the release of funds.
The funds are earmarked for repayment of outstanding debts of the state to individuals (1.7 billion euros) and 1.1 billion euros will go to the sovereign debt repayment.
However, it is not certain that Greece will receive the full amount as there are a few details that remain to be resolved since the Greek side has not sent all the necessary information, according to euro zone sources.
According to the May Eurogroup, 1.8 billion euros of the June tranche should have been allocated to repay arrears of the state to individuals. However, there are no data available proving that the funds have been fully absorbed for that purpose. Therefore, the disbursement of the 1.7 billion euros is in the air. The euro zone sources say that there is a possibility that only the 1.1 billion euros for the debt repayment will be disbursed at present.
Financial analysts say that the 1.7 billion euros earmarked for state debt repayments to individuals would give a much-needed blood infusion in the suffering Greek market.
Monday’s Eurogroup is also expected to decide on the return of creditors’ representatives in Athens for the start of the second bailout program evaluation on October 18.

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