Financial News: Eurogroup to determine main parameters of new bailout loan to Greece

Eurogroup finance ministers will meet here on Monday to determine the main parameters of the new bailout loan to debt-stricken Greece.
A European Commission statement issued in view of the Eurogroup meeting stressed that in line with the June 23-24 EU Summit meeting conclusions, consultations with Greece’s creditors are underway in order to define the modalities for voluntary private sector involvement. It was also underlined that the precise modalities and scale of private sector involvement and additional funding from official sources will be determined in the “coming weeks”.
The statement also mentioned that the Eurogroup on July 2 agreed that the main parameters of a multi-year adjustment programme for Greece will revolve around a continued strong commitment to implementing fiscal consolidation measures as well as ambitious and concrete structural reform and privatisation plans. A large-scale technical assistance provided by the European Commission and member states will also be available.
The Eurozone finance ministers approved the disbursement of the fifth tranche of the current Greek Loan Facility by July 15 and welcomed the progress made by the Greek authorities in implementing the policy understandings reached with the European Commission, in liaison with the ECB and the IMF, according to the European Commission statement. In particular, the ministers noted with satisfaction the adoption of key laws on the fiscal strategy and privatisation by the Greek parliament.
The statement also stressed that the Eurogroup ministers endorsed the Commission’s Compliance Report based on which the disbursement of the fifth tranch of the bailout loan for Greece was approved.

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