GREECE - IMF

The head of the Euro Working Group Vijlbrief expressed confidence that at the 21 June Eurogroup  there will be a comprehensive agreement for Greece, which most likely will not include financing from the IMF, although the Fund is expected to remain somehow involved in the programme (recall that Lagarde said recently that the IMF could be engaged in multiple forms and under multiple statuses). Vijlbrief, who expressed some concern over the nonparticipation of the IMF with funds, estimated that the Greek government will still not ask for a precautionary credit line. Vijlbrief also noted that the final tranche Greece can expect after the completion of the fourth review will be in the range of EUR 11-12 bn, while the size of the cash buffer for the post-bailout period has not been decided yet. Finally, the EWG head said that Greece would have to continue to fulfill three terms after the end of the current programme in August: reforms implementation, fiscal discipline and political stability.

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