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Greek Prime Minister Alexis Tsipras has sent a list of new reforms (see "What does Tsipras offer in latest proposal" at http://www.econotimes.com/What-does-Tsipras-offer-in-latest-proposal-61769) to Brussels to unlock a third bail out seeking € 53.5 billion in new funding, which is likely to keep Athens afloat for next three years.
What now?
- First the officials of TROIKA will analyze the offer and pass its expert judgment to negotiating teams.
- Euro group finance ministers will meet on Saturday to decide whether or not the proposal is sufficient to unlock the fund.
Euro group finance ministers are likely to reject the proposal seeking € 53.5 billion in third bailout, however a bridge agreement is possible which will unlock some fund so that Greece can pay off ECB and keep floating.
Why it would be rejected?
- Though on the surface it seems that a lot of concession has been given by Greece as it accepted lots of lenders' terms and conditions, it is based on a proposal which was intended to unlock € 7.2 billion not € 53.5 billion. One just can't get € 53.5 billion with € 7.2 billion worth of reforms.
- Expect German finance minister Wolfgag Schäuble to play the bad cop once more.
However some bridge agreement is definitely possible so a deal can emerge which might unlock € 53.5 billion.
Euro is currently trading at 1.118 against dollar.
