(Athens, Greece) – Greece Finance Minister has announced that he hopes Athens will qualify for the European Central Bank’s quantitative easing program, or QE program, as soon as possible. Now that the bailout review is complete and Greece is set to receive a third round of bailout funds, with the first payment due to arrive in June of 2016, this will hopefully insure that they will qualify. Greece received word that the Eurogroup and other international creditors have approved the latest bailout.
The international creditors have sad that they wouldn’t make their final review until Greece agreed to the austerity measures. Greek Parliament voted in favor of the newest round of austerity measures last week. On Tuesday, the Eurogroup approved the bailout. This concluded six months of talks between all parties involved and now, Greece is looking for ways to boost its financial future.
Euclid Tsakalotos, Greece’s Finance Minister, told reporters, “With this review one of our aims was to enter the quantitative easing program, which we hope will come very soon.” He has said that he was confident that the ECB would begin accepting Greek government bonds as collateral for lending funds to Greek banks. The ECB is currently buying around 80 billion euros of bonds each month to stimulate the economy in the Eurozone, of which Greece is a member. Tsakalotos has said that these actions would, “send a message to the markets that Greece is like every other country”.
Deputy Finance Minister George Chouliarakis told reporters that he hopes that Greece will return to the bonds market sometime in 2017. He has said that, “It’s very important that for capital controls to unwind, (that) money return to banks.Our intention is to do this (tap markets) when there is stabilization and after the economy recovers, and start in 2107 but we don’t want to rush.”
The current Greek government believes that this latest round of bailout funds, which will total around 10.3 Billion Euros in aid, will help stimulate and secure the future growth of the Greek economy. The funds will be used to bay off state arrears, which will hopefully offset the austerity measures. The rest of the funds will then be used to pay off loans from the International Monetary Fund and from ECB bonds.