Delay of latest release of loans from Greece creditors

Posted by Christian J. Hadjipateras 04/07/2017 0 Comment(s)
It has been revealed that there will be a delay in the release of the latest bailout installment from creditors due to previous conditions not being fulfilled by Greek authorities. This poses problems given that payments to private bondholders amounting to some €2bn are due on July 17th followed by €290m to the International Monetary Fund (IMF) and €4bn to the European Central Bank (ECB) due three days later. The final decision to release the funds will be made by the European Stability Mechanism (ESM) at some point next week which will be literally  last minute given that payments are due on July 17th.
 
The IMF has reiterated that the mentioned conditions must be completed before the latest installment is released. These include domestic changes regarding a reduction of pensions, changes to the engineering industry and allowing certain businesses to remain open on Sundays during the summer months. 
 
The latest developments are in stark contrast to the government’s sheer arrogant and delusional stance in trying to persuade the public that the Eurogroup meeting on June 15th was in some way a positive conclusion for Greece.