The Eurogroup meeting which took place in Luxembourg concluded shortly before 19:30 and even though it was not described as crucial for Greece, it was important so as to clarify the future policy and to pave the way for both the disbursement of the subtranche and the recapitalization of the banks.

The first list of reforms agreed between Greece and the representatives of the lenders will have to be implemented by October 15, in order for the first 2-billion-euro subtranche of Greece’s loan to be disbursed, Eurogroup President Jeroen Dijsselbloem said.

At the press conference following the meeting, both Jeroen Dijsselbloem and European Commissioner Pierre Moskovisi highlighted the commitment of the Greek government to fully comply with what agreed with lenders.

Mr. Dijsselbloem expressed the satisfaction of all Eurozone finance ministers for the commitment shown by the Greek authorities to implement the program adding, though, that a lot of work needs to be done to regain trust inside and outside Greece.

Referring on the second batch of prior actions, he said it must be agreed upon later in October. “We asked the institutions and the Greek authorities to work as hard as possible to be able to conclude the first review as soon as possible,” he said.

He also mentioned that there should also be proposed reforms on the pension system, public administration and the financial system.

Regarding the recapitalization of Greece’s lenders, Mr. Dijsselbloem said that the first review will have to be completed successfully before it is discussed, noting that it should be done in November or December.