Green light to IMF and Eurogroup aid for Greece

White smoke for aid to Greece after a long negotiation that lasted 11 hours: Prime Minister Alexis Tsipras has got not only aid but also the green light to debt restructuring.
The International Monetary Fund (IMF), to break the deadlock, has explicitly demanded to the Eurogroup a serious and concrete commitment on debt relief before getting involved in the third assistance program. The Eurogroup has put pen to paper this commitment while the IMF, later this year, will ask its board to contribute to the plan.

The meeting of ministers of the euro zone was not easy. The resistance of Germany to any actions on the debt before the end of the program were well known to all. Also IMF, determined to find an agreement on reducing the greek debt. "We have made a major breakthrough on Greece, which allows us to enter a new phase of the financial assistance program," the Eurogroup President Jeroen Dijsselbloem said.

The President announced first the green light to the second tranche of aid, EUR 10.3 billion that will be disbursed in several sub-tranche. The first, from 7.5 billion, is expected to arrive in mid-June to meet deadlines with the July ECB and part of the arrears that the Government has accumulated from October, meaning since the last time you saw denier EU.