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Troika to
arrive on Monday for bailout revision talks
Eurogroup confirms release of 1 bln euros to Athens
The new government is drafting its negotiating blueprint ahead of talks with
its official creditors regarding a revision of Greece’s bailout agreement, with
inspectors arriving in Athens to see how far behind the fiscal adjustment
process has fallen owing to the back-to-back general elections.
Representatives of the European Commission, the European Central Bank and the
International Monetary Fund -- known collectively as the troika -- are due to
arrive in Greece on Monday for their first talks with the new administration,
paving the way for talks on a technical as well as a political level for a
bailout adjustment that Greece is keen to secure.
“They will take stock of the situation. On the basis of the guidance we seek,
a full troika mission will go to Athens with a view to reaching an agreement on
the conditionality that should be reflected in an updated memorandum of
understanding,” stated the head of the Eurogroup, Jean-Claude Juncker, late on
Thursday.
He added that the remainder of the May bailout tranche of 5.2 billion euros,
amounting to 1 billion, would be disbursed soon, but Athens will only receive
100 million euros as the rest will go into the escrow account that serves its
debt.
The Eurogroup meeting on Thursday postponed any talks on amendments to the
bailout agreement until after the issue of the report by the troika at the
earliest. The report is expected to be issued ahead of next week’s European
Union summit on June 28 and 29.
In Athens the three parties that comprise the new coalition government are
putting together a set of proposals for the troika that are aimed at rekindling
growth and easing the burden on Greek households and corporations. The
government’s arguments will highlight the depth of the recession, which has
beaten all forecasts, along with taxpayers’ inability to adhere to their tax
obligations which, due to the elections, have now been deferred to the second
half of the year. | 
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