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BRUSSELS – Finance Minister Gikas Hardouvelis expressed satisfaction in Brussels over the decision of the Eurogroup convening Monday evening to give Greece a two-month extension to end-February 2015 for the final review by the troika of its lenders and the completion of the fiscal adjustment programme.

Speaking after the Eurogroup meeting, Hardouvelis said, “I am satisfied because there is disengagement [from negotiations] and we have another two months to complete the review, something that can be carried out without stress and with the right analysis.”

The services of the troika of Greece’s lenders – the European Commission, European Central Bank and International Monetary Fund – will prepare an interim report on the state of negotiations with Greece, while the Greek government will officially submit the request for the two-month extension on Tuesday. The extension request must be approved by national parliaments of eurozone members formally.

The conclusion of a positive review to the programme will also lead to the disbursement of the last tranche (1.8 billion euros) of the loan to Greece.

In Brussels after the meeting, EU Commissioner for Economics and Financial Affairs Pierre Moscovici confirmed that a technical team from the troika will be returning to Athens on Tuesday, while Greek government sources said he was likely to visit Athens before Christmas.

Greece’s fiscal adjustment programme review must be completed by the end of February 2015 to allow the country to apply for an enhanced conditions credit line (ECCL).

The post FinMin Hardouvelis ‘Satisfied’ over Eurogroup’s Extension of Programme appeared first on The National Herald.

Source: The National Herald
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