Greek Timeline

14:17     24 February, 2015

Greece is facing hard economic time. It has liabilities to European partnership. In order to reach the goals concerning the bailout, the newly elected government is trying to find the best solutions as soon as possible. After tough meetings with the creditors and the representatives of the European institutions that are involved in the deal, Greece has come up with the solution which they submitted to the Eurogroup. Bellow is timeline of key risk events that Greece is going to accomplish in the next 4 months, Bloomberg.com reports.

February 23: Greek government submitted its proposals of the new measures of the bailout.

February 24: Eurogroup has to assess Greek measures.

February 28: the previous bailout expires (Greece has 240 billion euros debt to Eurozone).

March 5: European Central Bank makes a decision about monetary policy for the euro area.

March 9: Eurogroup meeting.

March 18: ECB decision on ELA (Emergency Liquidity Assistance) for the Greek Banks. It will contain the question about Greece inclusion to the new monetary policy.

 March 27: Moody’s rating review (Moody is a corporation. It is crucial component of the global capital markets providing credit ratings, research, tool and analysis that contributes to transparent and integrated financial markets).

April 1: ECB decision on ELA for the Greek Banks.

April 15: ECB monetary policy decision.

By the end of April Greek measures about their own bailout should be fully specified, to be ready to be improved by Troyka (EC, ESB & IMF). After institutions’ approval, Greek parliament has to ratify the measures.

May 6: ECB decision on ELA for the Greek Banks.

May 11: Eurogroup meeting.

June 18: Eurogroup meeting.

June 30: 4 month extension expires.

July 20 – August 20: 7 billion euros redemption of Greek bonds by the ECB.

 

This is the schedule of 4 months extension of Greek bailout. Schedule is very tough, the path seems very hard. Greece and its European partners are trying their best to keep Greece in Euro area, because the exit from the Eurozone cannot be mutually beneficial.