Germany Says Greek Aid Payout Would not be Completed in April

The German government said on Wednesday that it was unrealistic to expect euro zone countries to be able to pay out a new tranche of aid to Greece this month.

“We are negotiating with Greece at the moment. If there is a reform list, then the next step is a so-called Staff Level Agreement to make formal changes to the conditions of the aid program. This is a complex process and no one in the Eurogroup expects this to be concluded by April 24,” a finance ministry spokeswoman said.

“Once you have this Staff Level Agreement, then you have to have implementation. Greece would have to agree laws and at some point the institutions would conduct an implementation review and only on this basis could aid be paid out. If people are under the impression that aid could be paid out in April, I think this is wrong.”

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza