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Greece: Quick take on the outcome of the March 20 Eurogroup, key items & timeline

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Global Economic & Market Outlook- Focus Notes (March 22, 2017)

Quick take on the outcome of the March 20 Eurogroup, key items & timeline

Following the March 20 Eurogroup, the present report aims to provide an update on the state of play in the ongoing negotiations between Greece and its official lenders in the context of the 2nd programme review.

Background and facts

After the February 20 Eurogroup the institutions (EC/ECB/ESM/IMF) mission heads returned to Athens and resumed negotiations in the framework agreed at that Eurogroup. This framework envisioned that aside from the items of the 2nd programme review, Greece would also have to pre-legislate an additional set of measures to be implemented as of 2019 that would address the IMF’s concerns regarding the longterm attainability of the agreed medium-term primary surplus target and would open the way for its financial participation in the 3rd Economic Adjustment Programme. At the same time it was agreed that if the primary surplus target beyond 2019 were to be exceeded Greece would be able to use this fiscal space to implement growth-enhancing measures. These measures would also have to be stipulated with official creditors and pre-legislated. In this framework negotiations resumed on February 26 until March 9 while teleconferences on a technical level continued throughout the past week.

Viewers can log herebelow and read the full report: Global Focus Note_Quick take on the outcome of the March 20 Eurogroup key items & timeline_22 March 2017

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