– A mined path with tight times, both in Greece and in Europe. They are the next steps to ward off permanently out of Athens from the Eurozone. These include the implementation dell’onerosa list of new reforms that Greece and ‘committed to do in the space of ten days, to which are added the schedule of payments and, in another race against time, the search for green light of national parliaments to the agreement reached in Brussels under which the release of aid to avoid default.
Reform – 15 By Wednesday, the day after tomorrow, Athens must approve the reform of VAT, the abolition of the baby pensions, ensure the independence of the office of statistics, create the “Fiscal Council” provided by the Fiscal Compact to control budgets. By 22 July must then also pass the adoption of the Code of Civil Procedure and the Directive bank resolution that prohibits state intervention in banks.
Eurogroup – Of Wednesday night or Thursday morning, most likely, probably a Eurogroup teleconference will assess whether Athens has taken the required measures in record time. On this depends the green light to the start of negotiations to determine the ESM program.
ECB – Crucial meeting of the board of the ECB on Thursday morning that, even according to the assessment of ‘ Eurogroup, will have to decide whether to keep and increase emergency liquidity to Greek banks that are collapsing.
National Parliaments – The first and most crucial vote on the agreement will be to save Athens that of the German Bundestag, probably Friday. The other countries that need to vote as soon as possible in the coming days, and like Germany have not yet defined a calendar already being parliaments in summer break, are Finland, Austria, Latvia, Estonia and Slovakia.
Deadlines – Expired even a second installment from the IMF 450 million after that 1.6 billion end of June, the crucial date is July 20, when Athens must repay ECB to 3.5 billion, while on Friday expires about another billion of securities.
Bridge Loan program and the ESM – There are no dates or timeframes required to start the bridge loan, but it will face about 12 billion repayments to institutions and 10 billion for banks. The key date is expected to remain, however, on July 20, when the light turns refund the ECB. To define and start the program ESM with its outlays, however, it will be approximately four weeks of negotiations, once given the green light by the Eurogroup
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