Greece is likely to receive 44 Billion more euros in emergency loans from the IMF (International Monetary Fund). This tranche is likely to be payed out just two days after the December 3rd Eurogroup meeting.
Tuesday, at the November 20th Eurogroup meetings, euro zone finance ministers may release a tentative approval of Greece’s emergency loans.
Greece is required commit to a package of economic reforms. It is called “prior actions”.
These prior actions could be watched by the international lenders to make sure Greece is in position to receive the next tranche.
A senior euro zone official was asked about Greece completing their steps up to this point and said: “They have done so, and two small items remain to be done before disbursement.” (Reuters)
Yannis Stournaras the Greek Finance Minister, declined to comment Sunday when asked if the tranche would be approved tomorrow.
On the other hand Jean-Claude Juncker, the Luxembourg Prime Minister predicted a “definite decision” last week concerning the release of more aid to Greece. (Bloomberg)
Interesting enough, it was Jean-Claude Junker who said, concerning last Monday’s euro zone meetings that he did not anticipate a “definite” decision to be made. With Tuesday’s meeting, his outlook has obviously shifted. That news gives us a good chance that an influential annoucement could be released tomorrow. Volatility is likely if the new tranche does get scheduled to be released in December.
Greece owes hundreds of billions of euros to the troika, Greece appears to only take from the Euro zone and not contribute. This could possibly lead to a future Greek exit. A Greek exit has been talked about for numerous months. Eventually, if Greek heads down their current direction, I would think the Euro zone leaders may have to make that hard “exiting” decision.
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