The Eurogroup’s agenda set for this afternoon in Brussels is like a “Christmas bazaar”. Agenda highlights include the implementation of Greece’s adjustment program, specifically the upcoming implementation of the second set of milestones that would unlock the disbursement of the remaining 1 billion euros from the first tranche of financial assistance and bank recapitalization.

Greek Finance Minister Euclid Tsakalotos is expected to pledge the immediate occurance of 13 prior actions to bring funds to Greece by December 31 otherwise there will be many months before Greece manages to see the specific installment bearing in mind that it comes attached with an expiration date. Among the first priorities is the future of non-performing loans (NPL), the so-called “red loans”.

At the end of November 2015, the Eurogroup Working Group agreed on the second set of milestones, which Greece is expected to implement as soon as possible. Up to 10 billion euros has been earmarked for the recapitalisation of Greek banks, from which funds are disbursed as required, on a case-by-case basis and following the relevant state aid decisions adopted by the European Commission.