After 11 hours of negotiation among the Eurogroup ministers who met in Brussels, they have reached a consensus. Greece has not only managed to get debt relief, but it has also obtained the release of a 10.3 billion euro loan. In short, all Alexi’s requests have been finally met. Nevertheless, the deadlock has bene broken not due to the Greek prime minister’s insistence, but due to the intervention of the International Monetary Fund (IMF).
In recent weeks, IMF has made pressure on the 28 ministers, explaining that it was going to sign the new aid plan only in case of their serious and concrete commitment to debt relief. The head of the IMF delegation in Greece, Poul Thomsen, confirmed this morning the participation of the International Monetary Fund to the third aid plan for Athens: “The IMF will partake in this program on condition that debt relief measures will be taken to make it sustainable,” said Thomsen at the end of the marathon of the Eurozone finance ministers.
“We have reached an agreement,” Jeroen Dijsselbloem, President of the Eurogroup, announced with pleasure at the end of the meeting that lasted long into the night in Brussels. The President has announced first the green light to the second tranche of aid, 10.3 billion that will be paid out in several sub-tranches. The first one, 7.5 billion, is expected to arrive in mid-June to meet deadlines with the ECB in July and part of the arrears that the Government has accumulated since October. Then, Dijsselbloem has dwelt on the more important and less obvious agreement, i.e., the one with which Greece will be helped to reduce the debt burden, which has grown also because of the loans.