One of the pillars in the reform agenda that shaped Greece’s agreement with its lenders in the context of the third programme review is safeguarding of financial stability, which is also addressed in the supplemental Memorandum of Understanding (sMoU).
The supplemental Memorandum of Understanding (sMoU) that was the product of the Staff Level Agreement (SLA) between the Greek authorities and the institutions outlines the understanding and obligations on the fiscal sustainability front, which range from improving public financial management to strengthening the institutions and processes that will deliver on the fiscal commitments.
Despite reaching a staff-level agreement (SLA) with its lenders a few days ago, the Greek government continues to face challenges in implementing some of the commitments it made to the institutions.
Monday’s Eurogroup rubber stamped the staff-level agreement reached between Greece and the institutions in Athens, paving the way for the Greek government to complete the remaining prior actions so the disbursement of the next tranche can be made and talks on debt relief can follow.
The Greek government and the institutions reached a staff-level agreement (SLA) on Saturday, as had widely been expected, leaving Athens close to concluding the third review.
Greece and its lenders appear close to reaching a Staff Level Agreement (SLA) this week after talks appeared to progress on Thursday, with the two sides said to have agreed on next year’s projected fiscal overperformance.
Electronic auctions made a successful, albeit brief, debut on Wednesday, boosting hopes that Greece and its lenders will conclude a Staff-Level Agreement (SLA) this week and pave the way for the completion of the third review in January.
Electronic auctions are due to begin on Wednesday, with the Greek government hoping that the process runs smoothly and that an agreement with the institutions can be secured by the end of the week.
Talks between the institutions and the Greek government are due to resume on Tuesday with hopes of a staff-level agreement (SLA) being reached by the end of the year growing after notaries decided to end their strike so that electronic auctions can start on Wednesday.
The institutions are returning to Athens this week with the aim of having a staff-level agreement (SLA) in place before Monday’s Eurogroup.