The ‘end of the tunnel’ in sight for Greece, ‘Les Echos’ article finds

Eurozone finance ministers meeting in Brussels on Monday are expected to formally mark the conclusion of the third review and start preparing for the Greece’s exit from the economic adjustment programme, according to an article in the French newspaper “Les Echos” on Monday.

According to the newspaper, Greece has a “clear horizon” ahead while it cited a European source saying that Greece’s government “has done a great deal of work. We can approach it with confidence from here on.”

The article said that the next tranche of loans to Greece, amounting to 6.7 billion euros, will be disbursed quickly and that the European Stability Mechanism (ESM) will convene for this purpose on Monday. This will allow the Greek government pay off arrears and start to build a cash buffer for when it turns to the markets to finance its needs.

The focus was now on the post-memorandum period, with Greece due to exit the programme in the summer if it promptly concludes the fourth review by June, the paper said. A staff-level discussion is underway on a French debt relief mechanism for Greece that is linked to growth, while the discussion will be picked up by ministers at their next meeting in March.