Greece and the European creditor institutions have reached an agreement on the basic package of measures worth 5.4 billion euros, a European official confirmed here on Friday. The two sides had not yet reached a final agreement on the details of an automatic fiscal correction mechanism, the same official said, but this was expected over the weekend.
According to the official, the European institutions were waiting for Greek authorities to provide some clarifications relating to the credibility of the correction mechanism, which is to be passed into law during next week.
In relation to the size of the loan tranche that will be disbursed once the agreement is clinched, the same official said that this would be decided at the Eurogroup on May 24. He predicted, however, that it will be in the order of 10 billion euros in order to also cover the state’s overdue debts to the private sector.
Source:ANA-MPA
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