2.8 billion euros tranche approved

The Euro Working Group approved the disbursement of 2.8 billion euro tranche of March that was pending until yesterday.

The passing of the multi-bill by the Greek parliament with 168 votes in favor and 123 against, the troika requirements were met in order to release the tranche.

As Finance minister Stournaras said last week "the 2.8 billion euros tranche will be used to pay wages and pensions."

On May 13, the Eurogroup will meet to approve the 4.2 billion euros tranche of the first quarter of 2013, while in late May Greece expects the IMF Executive Board approval to disburse another 1.8 billion euros.

On May 20, Greece will have to repay bonds of 5.6 billion euros held by ECB, which is expected to occur smoothly as the disbursement of 4.2 billion euros from EFSF will provide the bulk of this issuing.

The relevant announcement of the Finance ministry reads: "Today's meeting of the Euro Working Group approved a 2.8 billion euro tranche and paved the way for the 6 billion of the tranche expected to be approved by Eurogroup on May 13.

There was a positive appraisal of the implementation of the Greek program and clear references to the government's determination to proceed with reforms."