Programme
Focus of banking sector commitments shift to NPL reduction, debt restructuring framework
The safeguarding of financial stability is one of the pillars of Greece’s third programme and the Supplemental Memorandum of Understanding (sMoU) has a section dedicated to the banking sector, with the focus on the secondary market for Non-Performing Loans (NPLs), debt restructuring and insolvency procedures and the overall governance of Hellenic Financial Stability Fund (HFSF) and the banks.
No breakthrough on debt talks at Eurogroup but June 21 goal remains
Thursday’s Eurogroup in Brussels failed to deliver a breakthrough on the debt relief talks between Greece’s lenders, although the institutions insist that they are still aiming to deliver a comprehensive agreement by June 21.
Supplemental MoU sets out path for maintaining fiscal sustainability
A swift staff-level agreement (SLA) was reached between Greece and the institutions last Saturday and the details of the deal were revealed in the Supplemental Memorandum of Understanding (sMoU) was published by the European Commission on Thursday.
Growth strategy sets out reform targets, broad policies for post-MoU era
Greek Parliament debated on Wednesday the holistic growth strategy compiled by the government as part of the commitments it had agreed at last summer’s Eurogroup, when the second review was concluded.
![Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]](resources/toolip/img-thumb/2014/08/11/imf_439_1108-medium.jpg "Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]")
Debt relief talks enter final phase, with June 21 as target for deal
No final decision on Greek debt relief is expected at Thursday’s Eurogroup, although Athens has received assurances that an agreement will be reached by June 21, when eurozone finance ministers are due to meet in Luxembourg.
After unveiling growth plan, Athens has fourth review loose ends to tackle
Prime Minister Alexis Tsipras outlined at a cabinet meeting on Monday the growth strategy for the post-programme era, confirming that this task has now been completed and that his government can focus on the other parts of the fourth review that need to be taken care of.
After fourth review SLA, build-up to May 24 Eurogroup begins
After Greece and the institutions reached a staff-level agreement on Saturday, attention is turning to the implementation of the fourth review’s prior actions and the discussion on debt relief and post-programme monitoring between the creditors.
Greece and creditors reach SLA - legislation of reforms and debt relief talks next
Greece and the institutions confirmed on Saturday that they have reached a staff-level agreement (SLA), which paves the way for a global agreement between all sides by June 21, the date targeted by Athens and the lenders.
Fiscal issues appear settled as Greece and institutions head for review deal
There appears to have been a breakthrough in the negotiations between Greece and the institutions regarding fiscal issues, which would remove one of the biggest obstacles towards reaching a staff-level agreement on May 24.
Fourth review talks move along but some obstacles yet to be cleared
Greece and the institutions took another step towards reaching a staff-level agreement on Wednesday as some issues were apparently settled, although much more needs to be done before talks in Athens wrap up on Saturday.