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EWG to discuss today Greeces upcoming third bailout review

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Euro Working Group will meet and discuss today the process of Greece’s upcoming third bailout review, ahead of the Eurogroup meeting on 15-Sept.

 

Note that this €0.8bn further disbursement is subject to a) Greece making significant progress on arrears clearance, using its own resources to the arrears clearance effort as well as the funding from the July €8.5bn disbursement, and b) a further decision by the ESM BoD.

 
Today’s EWG is also expected to take stock of the progress of the prior actions and plan the next steps i.e. details/timing/prior actions of the 3rd review of the Greek programme, which is expected to be officially launched sometime in October.

 

The Institutions’ technical teams are due to return to Athens on 11 September (i.e. right after the PM’s speech at the TIF on 9Sept) in order to start preparations for the 3rd review as well as review the draft 2018e budget, which has to be submitted to the Parliament by 2 October.

 

That said, the Institutions’ mission heads are due to Athens from 16 October onwards, i.e. after the German general elections and, possibly, the formation of a new government, and shortly after the annual meeting of the World Bank Group and the IMF in Washington on 13-15 October.

 

The government’s objective is for the 3rd review to be successfully completed by the 4Dec Eurogroup.
 

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