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The Eurogroup agreed on the next tranche of the Greek debt management package European Union 

The Eurogroup agreed on the next tranche of the Greek debt management package

The Eurogroup Finance Ministers and the International Monetary Fund (IMF) have reached an agreement on the next installment of the Greek debt management package, which will allow Greece to provide another 8.5 billion euros.

According to the Euro Group, the minister of the 19 countries participating in the Luxembourg meeting and Christine Lagarde, CEO of the International Monetary Fund (IMF), agreed in July to pay the next installment to Greece to be able to meet the debt to avoid a new financial crisis.
At the meeting, CEO of the International Monetary Fund (IMF) Christine Lagarde announced he would suggest that the currency base also join the group of international creditors in Greece, although it still does not consider it sustainable to repay the Greek debt.
Jeroen Dijsselbloem, Dutch Finance Minister, Eurogroup President, after having been able to draw the next line of credit to Greece, the eurozone finance ministers are working on developing a financial strategy that will allow Greece to “set its own feet” by 2018 During the reform program.
He explained that the International Monetary Fund is also ready to provide more financial support to Greece for paying its debts. Repayment of some debt items may be delayed by up to 15 years, and repayments will take into account the current level of growth in Greece.
Greece’s international creditors, despite Thursday’s agreement, are still divided on how to pursue the third rescue package program of a country that has been financially affected seven years ago.
In the financing of the EUR 86 billion credit package, unlike the previous two, the International Monetary Fund (IMF) has so far not participated in because it did not consider it sustainable to repay the Greek debt and therefore sought to ease it in the creditors’ group.
However, in the case of creditors, the German government rejects any form of remission of debt, but since the beginning it has considered the participation of the IMF in the program as indispensable in order to enforce the credit terms.
The Greek budget has been operating international loans since 2010. At the latest, current, third-party rescue package package, Athens agreed on 2015 with creditors and committed itself to implementing comprehensive reforms by 2018.
Greece and its creditors closed the first revision of the third international rescue package at the end of May, opening the way for the debt relief service in Greece. In addition, the finance ministers of the eurozone countries have approved the transfer of EUR 10.3 billion in the next tranche. Thursday, the EUR 8.5 billion agreement on disbursement, on the condition that the Greek Parliament modifies recently adopted legislation on pensions, privatization and default payments.

Source: MTI

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