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> Economy

EU source says institutions confident Greece will implement the measures from 3rd memorandum

IMF participation dependent on first review

Newsroom September 9 03:45

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According to a high ranking source in Brussels the EU institutions are convinced that Greece is committed to implementing the reforms agreed in July. As the top EU official says all political forces in Greece show a ‘heightened’ level of ownership regarding the measures of the 3rd bailout program, which makes EU politicians confident that regardless of the composition of the government that emerges after the September 20 elections, Greece will honor the agreed actions emanating from the program. The same official ruled out the possibility of a protracted discussion on Saturday during the unofficial Eurogroup meeting in Luxembourg, predicting a short briefing by interim Finance Minister Giorgos Chouliarakis concerning the preparatory course of the 3rd rescue plan measures. Despite voices from different Greek media outlets calling for changes in some of the 3rd program measures, the EU official believes this something natural as the program is ‘constantly changing’, adding however, that there is no ‘Plan B’ as it is unnecessary . Meanwhile,  the recapitalization of the Greek banks is on track, with the first 10bln Euros of the total 25bln released and the remaining 15bln expected to be disbursed after the first review of the ESM program, the latest estimated at November 15. The same source said the Greek debt matter will be examined in a long discussion, adding however that the it will be under more favourable circumstances compared to 2012. Furthermore, he said that the participation or not of the IMF in the 3rd program will largely depend on the outcome of the first review of the Greek program.

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