Greece to be handed bail-out cash as inspectors return
Creditors are to decide on releasing €2bn in rescue funds as they assess government's progress on implementing reforms.
Greece's international creditors arrived in Athens today for the first time in two months to decide on whether to release the latest tranche of bail-out cash to the struggling economy.
Representatives of the "Quartet" - made up of the European Commissions, European Central Bank, European Stability Mechanism and International Monetary Fund - will carry out their latest assessment of the government's progress on implementing reforms needed to unlock the rescue money.
In a bid to satisfy lenders requirements, the newly-elected government of prime minister Alexis Tsipras has managed to pass a raft of "prior action" bills through parliament.
They include imposing penalties on early retirement and introducing a property tax.
Other areas, however, such as contentious 23pc VAT rate on private school fees and kick-starting plans to privatise the country's ports, have been pushed back.
Under the terms of its third €86bn bail-out, the Syriza-led government will have to jump over a number of hurdles to qualify for new rounds of rescue cash.
In total, Athens will have to satisfy at least 48 "milestones" to successfully complete this first bail-out review.
Should creditors deem the current measures sufficient, a €2bn tranche of bail-out funds could be released as soon as Monday.
The inspectors, who will meet with government officials, are due to complete their assessment by the end of the week.
In the coming weeks, the government will also be required to pass a law on bank recapitalisation. The European Central Bank is currently assessing the capital shortfalls of Greece's four main banks who have suffered from record levels of deposit flight.
The Telegraph
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