Negotiations for Greek Bailout Resumed at Euro Working Group

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(Greece) – After a summer break, the Greek government met with its creditors at the Euro Working Group in order to discuss future bailout considerations. The EWG, which is taking place in Brussels, is designed to help Greece and its creditors decide on key issues before being awarded the rest of the bailout funds from Greece’s third bailout. The first wave of funds was awarded in the early summer shortly after a privatization deal for the abandoned Hellinikon Airport in Athens, Greece was finalized. Alternate Minister of Finance, Giorgos Houliarakis, is representing Greece at this crucial meeting. After the talks, the Eurogroup will meet on September 9th in order to finalize the details for the rest of the bailout money, which totals 2.8 billion euro.

According to a Greek newspaper, Naftemporiki, Euclid Tsakalotos, the Minister of Finance in Greece, will meet with Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs for talks about how the remaining 2.8 billion euros in funds can be unlocked. There are fifteen action items that remain on the list that was negotiated back when the third bailout was approved. The bailout was scheduled to be released in two payments, the first of which was delivered to Greece at the beginning of the summer. The first wave of payments was needed so that Greece could pay loan balances that came due to the International Monetary Fund and the European Central Bank.

Meanwhile, it is still unclear as to whether or not the International Monetary Fund will support this third bailout in any way. They have criticized the conditions of this bailout saying that the measures won’t do anything to help encourage Greece’s economy to grow over the long term. The Greek economy, however, is showing some signs that the efforts are working. The economy has recently expanded by 0.2%.

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