BERLIN (MNI) – The German government has endorsed paying the next
tranche of fiscal aid to Greece, according to a Finance Ministry draft
to be approved by the parliamentary budget committee later on Wednesday.
The document lauds Athens for implementation of reforms required of
it and for its recently conducted debt-buyback.
“Against the backdrop of the program changes, the status of the
program implementation, the successfully executed debt buy-back and the
debt sustainability analysis based on it, the federal government
endorses the payment of the next loan tranche to Greece,” the ministry
draft says.
The Eurogroup plans to approve payment of a E34.3 billion loan
tranche to Greece this month, according to the ministry draft. This
figure includes E16.0 billion for bank recapitalisation and resolution,
E11.3 billion for the debt buy-back — up from the originally approved
figure of E10 billion — and E7.0 billion for the budget.
In the first quarter of next year, the Eurogroup foresees another
E14.8 billion payment to Greece, comprised of E7.2 billion for bank
recapitalisation and resolution and E7.6 billion for the budget. The
budget tranche will be paid out in three steps: E2.0 billion in January,
E2.8 billion in February and E2.8 billion in March.
Another E3.3 billion for Greece will come from the International
Monetary Fund, which brings the total of EU-IMF aid in December and the
first quarter of 2013 combined to E52.4 billion, according to the
ministry document.
While this is higher than initially planned, the full Greek program
will remain limited to E144.6 billion, the ministry stressed. Subsequent
tranches will be lower than planned to offset the higher payment this
time, it said.
The Eurogroup is to decide on the payments at its meeting on
Thursday in Brussels.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@mni-news.com
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