Greek Debt Schedule of Important Dates

The Greek government faces a a number of crucial meetings and repayment deadlines as Athens wrangles with its creditors over bailout terms.

Here are some of the key dates in the weeks and months ahead:

18 February
The European Central Bank (ECB) could decide to further limit Greek banks’ access to funds when it carries out a regular review of the Emergency Liquidity Assistance (ELA) facility. The ECB will soon have to decide whether or not to increase the support that it is providing to Greek banks. And with enough votes the ECB’s governing council could even decide to end its support altogether.

20 February
Jeroen Dijsselbloem, who heads the eurogroup of eurozone finance ministers , says Greece has until Friday to request an extension of its bailout. In other words, that would mean Athens agrees to maintain the current bailout under the auspices of the troika of the EU, the European Central Bank and the International Monetary Fund – something that Greece has said is unacceptable. There could be another eurogroup meeting in Brussels on Friday to discuss an extension.

28 February
Expiry of the troika bailout for Greece, a programme that totals €240bn (£178bn) in aid. The Greek government says it will continue to honour its obligations, but how long it can continue to pay public sector workers and government contractors without the bridging loan it wants from Europe is unclear.

5 March
The ECB makes its latest monetary policy decision. The bank’s chief, Mario Draghi, has already said he will begin a money-printing programme in March in a move to tackle deflation and prevent the fragile eurozone economy from grinding to a halt.

9 March
A scheduled meeting of the eurogoup of eurozone finance ministers.

18 March
The ECB has another opportunity to decide whether to further limit Greek banks’ access to liquidity when it carries out another review of the ELA facility.

27 March
Moody’s publishes a rating review of Greece. The credit rating agency has already placed Greece’s Caa1 government bond rating on review for downgrade in February, citing uncertainty over the outcome of negotiations between Greece and its official creditors.

1 April
The ECB carries out another ELA review at a time when Greece could be a month along from having exited its bailout programme.

11 May
Eurozone finance ministers meet

18 June
Eurozone finance ministers meet

25 June
EU leaders’ summit

20 July
Bailout programme repayment due from Greece to the ECBof €3.5bn.

20 August
Another repayment due to ECB of €3.2bn.

via The Guardian

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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