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A Eurogroup meeting hosted in Athens on Tuesday paved the way for disbursement of further bailout aid to Greece in the coming weeks.
"The Eurogroup considers that the necessary elements are now in place to launch national procedures with a view to pave the way for the approval of the next installment of 8.3 billion euros (11.4 billion U.S. dollars)," said an official Eurogroup statement distributed to media at the end of the meeting.
During a press briefing, Eurogroup head Jeroen Dijsselbloem said the latest aid installment would be disbursed in three tranches. The first 6.3 billion euro tranche is expected to be released in late April following the full implementation of the prior actions agreed between Greece and its international troika lenders. This will allow Greece to meet its debt servicing obligations in May.
The disbursements of the second and the third tranches in June and July -- amounting to 1 billion euros each -- are linked to the implementation of other milestones agreed between the two sides.
The amounts do not include the IMF's share of the installments, since the Fund takes its own decisions, Dijsselbloem noted.
The development follows the conclusion of the fourth review of Greece's macroeconomic adjustment program and the ratification by the Greek parliament of the latest wave of reforms.
Under bailout deals since May 2010, Greece is supported with rescue loans in return of crucial reforms to exit a debt crisis which brought the country to the brink of bankruptcy.
Eurogroup's statement stressed that the Greek program is fully financed for the next 12 months, adding that euro area member states "recall their commitment to provide adequate support until Greece regains market access, provided Greece fully complies with the requirements and objectives of the adjustment program."
Addressing a press conference, Dijsselbloem said growth is the only way to get employment figures up and overcome the crisis in a sustainable manner. "Therefore we had a discussion on a comprehensive Greek growth strategy. We agreed we will support Greece in its intention to develop a growth strategy," he added,
"The European Commission will continue to stand by Greece," European Commissioner for Economic and Monetary Affairs Olli Rehn stressed, acknowledging how difficult the adjustment has been for Greek people.
"Do not unravel the fiscal adjustment," European Central Bank chief Mario Draghi said to Greeks. The first benefits of the program are starting to show he noted, stressing that Greece should continue on the structural reform path on the way to recovery. He added that the entire eurozone is also seeing gradual, modest recovery.
The meeting also discussed the payment of the next bailout tranche to Portugal expected this spring as well as the preparation of a support program for Ukraine.
A wider ECOFIN meeting is underway in central Athens, discussing the banking union, the social impact of the international financial crisis, and Europe's stability and growth strategy.
With Greece currently holding the rotating presidency of the European Union, stringent security measures are in place during EU meetings in the country with protests banned in the centre of Athens.
