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Final tranche to Greece to be delayed until August after Germany's objections

Mario Centeno
Europe   Eurogroup President Mario Centeno

The final bailout tranche to Greece worth 15 billion euros is deferred to early August, following Germany’s objections at Thursday’s Eurogroup meeting due to Athens’ decision to extend the 30% value-added tax discount on five Greek islands without any prior consultation with its creditors.

“The final decision approving the formal closure of the review and providing green light for disbursement can be done as soon as all national procedures are completed. I expect this to happen in the beginning of August,” Eurogroup President Mario Centeno said.

Reportedly, Greek Finance Minister Euclid Tsakalotos pledged that the measures will only be applicable until the end of the year and the government will find ways to cover the estimated loss of 28 million euros from other sources. German lawmakers should approve the savings before they give the positive nod for the release of the bailout money.

As regards as the agreed pension cuts from 2019, a measure which Athens is trying to avoid, Eurogroup president Mario Centeno and the head of the European Stability Mechanism Klaus Regling said that Greece should deliver on its commitments.

“The next stage, the end of the program, is very important for the building of confidence in Greece, which must remain loyal to the pledges made in the course of the program,” Centeno said.


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