On Monday, June 9, there’s a scheduled Eurogroup meeting within which Troika officials will conduct the first discussion on the mission’s ongoing inspection to Greece and try to develop an approach for the negotiation of the updated bailout agreement.
According to the sources from Luxembourg, until the revised bailout agreement is signed, there will be no further disbursements from the ESM to Greece beyond the 1 billion euro that had been withheld from the May tranche.
In addition, the European Commission, the ECB and the IMF will discuss Greece’s bond maturity on August 20 which the nation won’t be able to pay unless it gets ESM funds. A month’s extension could be granted, although several European governments will likely object. Another item on the agenda will be Spanish and Cyprus requests for entry into the ESM.
Moreover, the Eurogroup may call an extraordinary meeting on July 20 to talk over the ongoing situations in Greece and Spain, reports say.
That is when the Troika will receive its political instructions regarding its negotiating mandate and signal what kind of concessions European governments are ready to make. The new round of talks with the Greek side will begin on July 24.
Photo from thefinancepages.co.uk
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