Greek PM Samaras to Meet Barroso, Van Rompuy in Brussels; Tranche Release Timetable


A day after the Eurogroup meeting, Greek Prime Minister Antonis Samaras will meet EU Commission President Jose Barroso and EU Council President Herman Van Rompuy in Brussels today. The meetings are scheduled for after 1 p.m. on Tuesday.

Samaras is expected to raise the issue of the disbursement of the 31.5 billion euro bailout tranche and seek an immediate solution to the problem.

According to in.gr, Samaras will also raise the issue of the tranches due last September and upcoming November totalling 13 billion euro.

The 31.5-billion-euro tranche was due last July/August, however the whole process of  ‘structural reforms, spending cuts and bailout aid’ was delays due to parliament elections that took place in May and June.

The Eurogroup finance ministers agreed to give the “green light” for the two-year extension of the Greek fiscal program, but  important decisions on the Greek debt crisis, including the disbursement of the tranche, have been postponed for November 20th 2012.

On Monday night, after the Eurogroup meeting, Greek finance minister Yiannis Stournaras told reporters, that the disbursement of the tranche will be due after November 26th.

According to Stournaras, the timetable for the tranche release looks like that:

  • Troika report will be completed on Nov 17th
  • Eurogroup finance ministers will approved it on Nov 20th
  • EZ/EU member-states parliaments will vote for the new Greek aid

The “green light” for the tranche will be turned on on Nov 26th during a Eurogroup meeting either per teleconference or via physical presence

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