The Ministers of Finance and Economy of the euro zone, the Eurogroup, have passed the baton to national parliaments to give the final green light to the agreement on the third bailout of Greece that passed last night up to 86,000 euros to stabilize the Greek economy.
After six hours of negotiations, the 19 ministers of the euro countries gave their backing to the agreement previously achieved at the technical level between Athens and its international creditors.
The Greek Parliament adopted on Thursday the negotiated text after intense debate and with the support of the opposition, a vote in which the ruling Syriza party was weakened to be up to 47 of their MPs who turned their backs on their training.
Now is the turn of the parliaments of Germany, Finland, Austria, the Netherlands, Estonia and Slovakia, countries whose national laws require them that procedure to pass the bailout is valid.
The full Spanish Congress also discussed at the request of the Government on Tuesday on the third bailout of Greece although it is not obliged to do so.
Once you have completed the procedures in the national parliaments, the board of governors of the European Stability Mechanism (ESM) will meet on Wednesday afternoon to approve the financing agreement of the program, so that it is unlocked first tranche of 26,000 million euros.
All this face to that on Thursday the 20th, when Greece must deal with the payment of 3,400 million euros to the European Central Bank (ECB) Athens count with an initial injection of 13,000 million euros.
Then, you receive 3,000 million euros in one or two tranches in September or October if measures comply specific- , representing a total of 16,000 million.
So, Greece may return the 7,160 million euros that has received a bridge loan from the European Union (EU) and deal with payments to the ECB and the International Monetary Fund (IMF) and pay “domestic” bills.
With regard to the recapitalization of banks, shall immediately move 10,000 million to a special account of the ESM and 15,000 million was disbursed after an initial review of the rescue before November 15, taking into account requirements such as analysis of asset quality and strength tests.
He also accelerate to earlier end of the year the creation of a privatization fund that public assets are transferred for 50,000 million euros, including shares in Greek banks after its recapitalization.
Despite the realization of these details of the agreement, the Eurogroup has yet to IMF a binding commitment to their participation in the third rescue, as Germany had explicitly requested.
The Fund has postponed its decision to fall when he fully expects to meet fiscal, structural and Greek financial sector reforms, and “has evaluated the need for additional measures and agreed on a possible debt relief,” he explained at the end of the meeting the President Eurogroup Jeroen Dijsselbloem.
The manager of that institution, Christine Lagarde, director welcomed the agreement but stressed that the Greek debt is “unsustainable” and should be considered “significant relief” if they want to succeed.
According recognized ministers and the Spanish Minister of Economy and Competitiveness, Luis de Guindos, the look is now also start possible “risks” to the bailout program as supposed “potential political instability in Greece.”
The Greek prime minister, Alexis Tsipras, must now facing internal dissent that threaten the stability of his government, while local media, cited government sources say that the government call for a motion of confidence in their leader after Thursday.
With the pact, the President of the European Commission, Jean-Claude Juncker said on his part that the message it is “clear”: “Greece is and will remain irreversibly a member of the euro area”.
EFE
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