Troika wants a clause for automatic adoption of additional measures

The risk of Greece implementing all the measures but not getting the 31.5 billion euros it is expecting seems more than visible. Greece has so far missed all critical appointments for the tranche and its lenders do not seem to be very interested in dispatching the money to the country any sooner. The most pessimistic in the Finance ministry predict that we will have an "early Christmas" if we get the tranche in early December, while they say that it might take a while longer.

The parliament might have voted for the multi-bill but the Troika negotiations so far show that the evaluation is still under way. Auditors do not want to be confronted again with voted laws that are not being implemented and await to see some actual progress in the prerequisite actions before giving the green light.

The financing of the gap that will be caused by the two-year extension is still pending, but the IMF and Berlin disagree about who will take over its payment.

Auditors expressed concerns about the privatization processes as well because they believe that the form passed in the mid-term leaves room for involvement by the parties in parliament.

The form of the agreement on the conditionality clause that will be set as a clause in the mid-term and means the automatic implementation of corrective measures if the ones already agreed upon fail, also remains unclear.

These issues will be discussed during the Euro Working Group which meets today, while 

in yesterday’s special meeting the managers of the debt of European governments discussed the payment of the bonds held by ECB that end next Friday, November 16. These are expected to be covered internally by the special issue of treasury bills on Tuesday, November 13 that will be covered mainly by Greek banks.