Lloyd's Register
The American Club
Panama Consulate
London Shipping Law Center
Home Banking Greece- First programme review; timeline and key prior actions (October 2, 2015)

Greece- First programme review; timeline and key prior actions (October 2, 2015)

by admin
Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Greece Marco Monitor (October 2, 2015)

First programme review

Timeline and key prior actions

Contents

  • Official talks on 1 st program review expected to incept mid-October
  • Completion of 1st review is key prerequisite for the release of additional official funding, initiation of debt relief discussions
  • Key prior actions & timeline of key dates and events

Preparatory talks on 1 st programme review expected to incept by mid-October

In order to prepare the ground for the inception of official discussions in the context of the 1 st programme review, staff of senior inspectors representing Greece’s official creditors are reportedly expected to visit Athens by the end of next week. This will follow submission of the draft FY-2016 Budget to the Hellenic Parliament (October 5) and the presentation of the new government’s programmatic statements (October 5-6 ).1, 2 As per the same reports, the mission heads are scheduled to arrive in mid-October, with an intention to have the programme review completed by early November, at the latest. This is somewhat later compared to the initial review completion deadline (October 2015), as the September 20th snap election has caused certain delays in the necessary technical work as well as the political and legislative decisions necessary for the implementation of the required prior actions. Taking into account that out of a total of c. 200 milestones outlined in the new Memorandum of Understanding (MoU), c. 75 (or c. 40% of total) need to be delivered by November 2015, it goes without saying that the 1 st programme review will be a major challenge for the domestic authorities. This holds especially after international press reports suggested earlier this week that the IMF now sees risk of the review being pushed back to December as around 66% of the required milestones are still pending…

Viewers can log n and read the full report:

GREECE MACRO FOCUS October 2, 2015 (1)

You may also like

Leave a Comment