Stournaras: Troika will return after December 9

Troika will return to Athens after December 9, Finance Minister Yannis Stournaras said after his meeting with the Prime Minister earlier today, due to the cancellation of a planned visit by the representatives of Greece’s creditors.
 
Stournaras said the government has not agreed with the Troika on some issues but the technical staff will come next week and the tranche of 1 billion euros is not in danger. "This tranche has the prerequisites as a condition. They're going to close soon. There are very small differences now."
 
It should be reminded that according to Reuters, Troika canceled its planned return to Greece next week because the country has not implemented specific reforms.
 
Auditors pushing for auctions and layoffs
 
The Greek government is now rushing to reach an agreement with Troika on auctions, property taxes and measures of 2014.
 
Troika will return after the Eurogroup of December 9 and if it finds progress on two persisting problems: lifting the ban on auctions and more layoffs in the  public sector.
 

So Stournaras will go to the meeting without an agreement and the new target set by the Troika is agreement "until the end of the year", ie before Greece takes the European Presidency so as not to have open issues with its European partners.
 
Two things are likely to happen in this case:
 
-       Troika will return after the passing of the budget and the Eurogroup (December 7 and 9) or even later if it chooses to toughen its stance in the case that Greece does not cover the conditions for a partial lifting of the ban on auctions and the layoffs for 2013-2014
-       the auditors will complete the assessment report including the prerequisite actions and the current review of the program
 
Money will come from January
 
Thus, even if Troika arrives at a positive review for Greece, this should be approved by the Council of European finance ministers at a meeting in mid-January the earliest. Then they will determine when the 1 billion euro tranche will be given and how the tranche of the fourth quarter of 4.4 billion euros will be given.
 
The dates are pushing
 
The only positive aspect is that the Greek economic team is betting on the budgetary reserve and the relatively high cash balances of the State that two months ago were as high as 7,548 billion euros due to the consecutive tax payments.
 
However the fiscal reserve decreases as between November-December the Greek government had to pay back interest and repayments to the IMF amounting to 1.05 billion euros.