Although the eurozone finance ministers delayed the decision to disburse the first sub-tranche of bailout money to Greece in mid-November due to doubts about the pace of reforms, last week the expert-level Euro Working Group of the Council gave it a go. The Greek government was slow to implement financial sector reforms, which would make way for the planned recapitalization of problematic banks. Last week, though, the Greek parliament adopted all measures necessary. The first sub-tranche, the disbursement of which was bound to successful adoption of reforms (first money from the third bailout was disbursed immediately after the signed memorandum to provide emergency funding for Greece), can thus be sent to Greece after formal decision of the ESM Board of Directors (provider of the bailout money), expected on Monday 23 November. This milestone is important not only in economic terms, but also in symbolical terms – it shows Greek determination to honor the bailout deal´s conditions.

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