TROIKA RECOMMENDS GREECE GET NEXT LOAN ASAP

Photo: AP

There it is.According to Bloomberg, the Troika (inspectors from the EU, ECB, and the IMF) has recommended that Greece gets the next tranche of its loan ASAP.

Inspectors released a statement two weeks ago recommending the aid be disbursed, but now they’re stressing haste, according to Reuters.

The next round of aid dispersion is still dependent upon approval of new austerity measures that Greece will vote on today.

From the draft report:

“The (joint European Union/European Central Bank/International Monetary Fund) Commission services recommend the sixth disbursement to Greece to take place as soon as possible: as soon as the agreed prior actions on fiscal consolidation, privatization and labour market reform, which were announced by the government, have been legislated.”

Of course, this is only a short-term fix.

It doesn’t solve the questions of the NEXT bailout round, which is being discussed right now, as governments and European banks figure out what kind of haircuts and private-sector involvement will allow for Greece to achieve debt sustainability without wiping out the European banking system.

Things aren’t very good at all in Greece on any debt fronts. Even the troika says the debt dynamics are “extremely worrying” and have gotten worse since austerity began (as everyone expected right from the start).

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