FinMin states the need for an agreement with the Troika as the country’s financing get tighter

During a speech in Parliament, the Finance Minister commented that the troika’s technical delegates have returned to Athens. The Govt has submitted its proposals and there has been convergence between the Govt and the troika in most open matters.

The Finance Minister highlighted the need for an agreement to be reached soon as this will give the green light for the disbursement EUR1.8mn from the EFSF, the last installment from the EU program, and another EUR3.6mn from the IMF.

He added that Greece’s financing needs in the next quarter amount to EUR4.5mn, excluding T-bills that mature within that period and if no agreement has been reached by then, Greece might seek financing from the domestic banking system, a fact that would effectively reduce financing towards the private economy.

Finally, he commented that a successful outcome in the negotiations will bring Greece out of the MoU, reducing the amount of prior actions that have to be met and relaxing the deadlines while it will also open the way for discussions to begin on the issue of Greek Debt.