Tsipras says Greece will exit bailout pro­gramme in Au­gust ’18

Financial Mirror (Cyprus) - - FRONT PAGE -

Greek Prime Min­is­ter Alexis Tsipras said on Mon­day that the govern­ment’s plan to put the pub­lic fi­nances in order was work­ing and that the coun­try would be out of the bailout pro­gramme in Au­gust 2018.

Greek press re­ported that Tsipras ex­pressed his op­ti­mism about the third as­sess­ment of the bailout pro­gramme say­ing that it will be con­cluded soon and that the pre­req­ui­sites un­der dis­cus­sion with the lenders will not cause “sur­prises”.

“Our plan brings re­sults […] the coun­try will be out of a memorandum in Au­gust 2018, and even those who were more cau­tious in the past will have to recog­nise it,” Alexis Tsipras was quoted as say­ing.

In the mean­time, the Board of Di­rec­tors of the Euro­pean Sta­bil­ity Mech­a­nism (ESM) an­nounced yes­ter­day the dis­burse­ment of a EUR 800 mln sub­tranche to Greece as part of the sec­ond as­sess­ment of the bailout pro­gramme, which was con­cluded ear­lier this year.

The money is ear­marked to cover the govern­ment’s out­stand­ing debt to the pri­vate sec­tor.

“I am sat­is­fied to note the Greek govern­ment’s con­tin­ued com­mit­ment to clear ar­rears. The amount of ar­rears re­duced in re­cent months means that Greece has over­per­formed the tar­get set in the pro­gramme, and this should have a pos­i­tive im­pact on the coun­try’s econ­omy,” ESM Managing Direc­tor Klaus Regling said in a state­ment, ex­press­ing his hope the third review to be com­pleted in a “timely man­ner”.

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