Expansion, Spain
The Ministers of Economy and Finance of the euro zone have given approval to the list of reforms introduced by the Government of Greece after that International Monetary Fund, European Commission and ECB have considered it a “valid starting point” to complete the current program.
However, the IMF has shown doubts about the commitment of Athens in some of the “key points”, since the letter sent not offer “clear assurances that the government intends to undertake the necessary reforms”.
The Eurogroup ministers gave the green light on a conference call convened by its chairman, Jeroen Dijsselbloem, at 14 am on Monday. The appreciation of the euro partners was required to accept the Greek request to extend for four months the current bail conditions. Thus, Athens does not lose the right to receive the latest disbursement or 11,000 million in bonds to recapitalize its banks if needed.
Now the national parliaments of the Netherlands, Germany, Finland and Estonia initiate processes approval of the extension request bailout of Greece.
However, the extension of the program does not guarantee that Greece will receive disbursements. As has warned today Dijsselbloem in the European Parliament, all payments must be authorized by the Eurogroup and that will only happen when the troika certify that Athens “is making progress” in that list of reforms. According to the president of the Eurogroup, first go advances in measurements and then disbursements and has warned that Greece needed funding will not invest both.
In fact, what today is only a preliminary analysis. The overhaul of the program and the measures should be done by the troika in April. It is then that all these measures will be specified and properly quantified to assess its impact on public finances and the competitiveness of the Greek economy. No room for ambiguity and equivocation, that will be the big test for the Greek government: trying to reach a detailed with the troika and the Eurogroup without internal rebellion in the party agreement
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