Eurogroup FinMins: July Decision on Next Greek Funding

MARKET NEWS INTERNATIONAL – Eurogroup finance ministers said Monday
that they will decide next month on further disbursements to Greece,
after seeing the results of a compliance report on the embattled
country.

After a six-hour-long conference call, ministers said they
“recognized the considerable progress achieved by the Greek authorities
over the last year (and) are also conscious of the serious challenges
that Greek citizens are facing in these difficult times.”

The ministers said they expect that the Greek Parliament will also
have passed key laws on privatisation and the necessary fiscal strategy
by the time of their decision.

Those moves would “pave the way for the next disbursement” of
loans, the ministers said.

Voluntary rollovers of existing Greek debt would be permitted under
the rescue plan, the ministers said, given that the government isn’t
likely to have time to address the issue until early next year.

Ministers noted that Greece is unlikely to regain private market
access by early 2012, and agreed that required additional funding will
be financed through both official and private sources.

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