Greece Macro Monitor (17, November 2015)
Agreement reached overnight on key prior actions for releasing next ESM loan installment
Positive news on the domestic front overnight as the government reached agreement with the representatives of the institutions (EC/ECB/ESM/IMF) on a number of prior actions required for the release of the next ESM loan instalment. This consists of €2bn to be mainly used for servicing public debt and €10bn for recapitalizing domestic banks. Coming on the heels of the better than expected flash Q3 GDP report , the deal is expected to facilitate the timely completion of the recapitalization of Greece’s four systemic banks, a key precondition for the eventual stabilization of domestic financial and macroeconomic conditions.
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GREECE MACRO FOCUS November 17, 2015
