Eurozone finance ministers called on the Greek authorities to finalize the financial sector measures ahead of the release of EUR 2 billion of bailout funds.
On the finalization of both financial and legislative measures over the course of the coming week, the European Stability Mechanism would unlock funds.
Ministers took stock of the ongoing recapitalization exercise with Greek banks at the regular Eurogroup meeting on Monday.
Regarding the ongoing recapitalization exercise with Greek banks, Eurogroup President Jeroen Dijsselbloem said a lot of work has been done and the size of the recapitalization is smaller than expected earlier.
“The next thing to do is to have all the financial sector measures in place before the completion of the recapitalization process,” he said.
The governance of the banks and household insolvency are the two key issues still to be resolved, Dijsselbloem said after the meeting in Brussels.
Around EUR 10 billion has already been put in a segregated account in the ESM, which is ready if needed and when needed for the recapitalization process, but of course the agreed conditions need to be met, he said.
ESM Managing Director Klaus Regling said Athens will likely require less than the originally estimated EUR 86 billion bailout.
Eurogroup mandated the EuroWorking Group that prepares the agenda for the meeting, to reconvene at the latest at the beginning of the next week to assess the status of Greece’s bailout.
Further, Dijsselbloem said the Eurozone recovery will continue despite some global economic issues.
by RTT Staff Writer
source:rttnews.com
STUDIO 3 NEWCASTLE AUSTRALIA 