Moody’s ratings agency has dubbed the recent tensions between Greece and its creditors as a negative outcome. The house assesses the difference could lead to delay in the completion of the second review of the Greek bailout program and the disbursement of the 6.1 trillion euro trance from the European Stability Mechanism (ESM). The report warms that the delay increases the risks of non payment of bonds i9n July 2017. Moody’s believes that Greece’s creditors will reevaluate the suspension of the implementation of the medium-term debt relief measures, after they have fully reviewed the measures Greek PM Alexis Tsipras announced regarding financial benefits to low income pensioners and the suspension of a VAT tax on islands hit by the refugee crisis in January. The house estimates that this move on the part of the institutions is a sign they are toughening their stance against Greece, while claiming the numerous elections across Europe will further complicate the completion of the second review. The report notes the IMF is less optimistic concerning the surplus targets set and would prefer a debt relief.