Aside from marking the completion of Greece’s third and final European Stability Mechanism (ESM) programme, last Thursday’s Eurogroup also outlined the set of commitments that the Greek authorities will have to undertake so the complete set of reforms are successfully signed off.
After lengthy discussions in Luxembourg on Thursday, the Eurogroup arrived at a decision on significant debt relief for Greece that ticks many of the boxes the government had been hoping for but which will still leave Athens with a significant exposure to the International Monetary Fund.
Greece’s travel balance fell by 29 percent year-on-year (YoY) in April, dropping into negative territory after March’s growth of 48.30 percent, Bank of Greece (BoG) data revealed on Thursday.
Ahead of this week’s Eurogroup, the bad loans plaguing Greece’s banks are once again coming into focus.
Greece’s current account (C/A) balance recorded a deficit of 1.34 billion euros in April, deepening from March’s deficit of 955.8 million, Bank of Greece (BoG) figures showed on Wednesday.
Details of the post-programme framework that is set to be agreed at Thursday’s Eurogroup, ensuring that Greece meets its fiscal and reform targets in the future, have been published.
Greece’s industrial turnover reflected a strong increase in April with growth of 6.7 percent after March’s figure was revised upward to 3.7 percent, Hellenic Statistical Authority (ELSTAT) data published on Tuesday showed.
Greek ministers and representatives of the institutions held a teleconference on Monday to discuss the state of play in the fourth review as all sides attempt to clear the decks so a comprehensive agreement, including debt relief, can be reached at Thursday’s Eurogroup.
Greece’s central government primary cash balance recorded a surplus of 6.40 billion euros in the first five months of the year, Bank of Greece (BoG) figures showed on Monday.
The government will be looking to demonstrate a significant reduction in its list of 88 prior actions by the June 21 Eurogroup, including covering ground on several major privatisations.