Greece’s Countdown begins for completion of fiscal programme

A Euroworking Group (EWG) meeting on Thursday is the beginning of Greece's completion of its fiscal adjustment programme with talks leading to open discussion on Greece's growth strategy, a topic on the agenda of the upcoming Eurogroup meeting in Sofia, Bulgaria on April 27.

According to sources, Greece’s creditors are already working on a draft plan for Greece’s future which will be presented formally in Sofia by Finance Minister Euclid Tsakalotos. The completion of prior actions by end of April will allow the Eurogroup to reach a preliminary agreement for Greece's exit from the loan programme.

On his part the IMF-World Bank Spring Meetings in Washington DC on April 20-22 is expected to discuss the issue of Greek debt relief. It should be noted that the IMF has said it will activate a stand-by arrangement with Greece if the country's European partners can guarantee the debt's sustainability.

Brussels' timeplan foresees that June's Eurogroup will put the final touches on an agreement including the completion of the fourth and last fiscal review, debt relief, and post-programme supervision.

Heads of institution missions are expected to return to Athens early in May, to complete the fourth review. Unfulfilled prior actions at the time, including energy plans and privatisation, will be given until June to be completed.