The entire schedule for the “Christmas” tranche of 32 billion euros

 

Following the decision for a new Eurogroup on November 20, the timetable for the disbursement of the tranche is now urgent and chances are the disbursement of the 32 billion euros, or part of it, will come no later than a few days before the Christmas holidays.

 

The crucial date for Greece is November 16, with the maturation of 5 billion treasury bonds that the European Central Bank has in its portfolio. Given that there is no money from the tranche, these bonds will be refinanced by the issuing of new ones. It is most likely that the state will proceed today to the issuing of treasury bills, from which it is expected to raise 5 billion euros to refinance part of the bonds.

 

"We have been in contact with the ECB on the maximum limit of the outstanding stock of treasury bills and there is no problem," a leading member of the Greek government told Reuters.

 

Thus, today there will be an auction of four-week treasury bills worth of 2.125 billion euros, of which the total amount raised by the state is expected to reach 3.4 billion euros by also accepting non-competitive bids.

 

Meanwhile, there will be an auction of three-month treasury bills worth 1 billion euros, from which the state is expected to raise 1.6 billion euros.

 

These will be followed by the summit on November 22-23 and from then on Greece will have to wait for about 15 to 22 days to receive the tranche, first from the IMF and then from the EU.