Euro Working Group President Thomas Wieser has illuminated what Greece needs to do to receive additional funds from the bailout in the short term.
During an interview with Bloomberg on Tuesday, Wieser stated that Greece’s new 86 billion euro bailout agreement, has already given the country 23 billion euros. The provision of an additional 3 billion euros hinge on specific financial sector reforms, according to Wieser.
“They (3 billion euros) are tied to two lists of milestones which have to be implemented over the coming weeks or two months — this is what one has to agree with him on, what are the milestones, what are the important reforms that he has to undertake,” he said and added “There are beliefs that the second set of these milestones will be tied to financial-sector governance and financial-sector reform.”
The Euro Working Group President said the stress test on the Greek banks should be completed by the end of October and Greece would receive additional funds for banking recapitalization by mid November based on the results of this stress test.
Wieser noted that he expects to see a “fairly stable government” under newly reelected Greek Prime Minister Alexis Tsipras’s guidance.