Eurogroup: Two-month extension for Greece’s programme

Greece will get a two-month extension, to the end of February 2015, to complete its fiscal adjustment programme, Eurogroup officials said on Monday evening.

According to statements by Eurogroup president Jeroen Dijsselbloem and EU Commissioner for Economics and Financial Affairs Pierre Moscovici, the services of the troika of Greece’s lenders – the European Commission, European Central Bank and International Monetary Fund – will prepare an interim report on the state of negotiations with Greece, while the Greek government will officially submit the request for the two-month extension on Tuesday. The extension request must be approved by national parliaments of eurozone members formally.

Moscovici confirmed that a technical team from the troika will be returning to Athens on Tuesday as well.

Greece’s fiscal adjustment programme review must be completed by the end of February 2015 to allow the country to apply for an enhanced conditions credit line (ECCL).

Dijsselbloem expressed confidence that the final review of the fiscal programme would be concluded within two months, leading to the disbursement of the last tranche (1.8 billion euros) of the loan to Greece.