As part of its third bailout from this summer when the party that was elected on an anti-austerity, “no more debt” platform caved to Europe’s every demand (under the threat of deposit confiscation and bank failure) and promised to unleash even more “austerity”, while raising Greek debt to 200% of GDP over the next few years, Athens was supposed to get its first 2 billion installment of the first 26 billion tranche for discretionary spending purposes sometime around now.
Unfortunately, it isn’t, if only for the time being, for the simple reason that – surprise – it hasn’t implemented most of the reforms demanded under the terms of the Third bailout agreement.
According to Reuters reports, the country and its international creditors “remained at odds over the treatment of non-performing loans at Greek banks, a government official said on Sunday, holding up part of the first installment of aid under a multi-billion-euro bailout.”
Furthermore, “discussions have stumbled over how to foreclose on non-performing loans at Greek banks. Athens insists resolving the issue should not result in thousands of Greeks at risk of losing their homes.”
According to Kathimerini, the key issues being discussed over the weekend were the criteria that apply to home repossessions, the rules governing the 100-installment payment plan for unpaid taxes and the coalition’s continuing efforts to find a fiscal measure to replace the 23 percent value-added tax rate on private education, which it agreed in the summer but has since pledged to scrap.
This post was published at Zero Hedge on 11/08/2015 –.
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