20 crucial days for Greece

Voting in favor of the multi-bill, which was the last necessary precondition for the substantive and procedural obligations of Greece against its creditors was another step toward the debt management and a key prerequisite for the continued support of the country’s partners, but was not the last. There are still several critical appointments that will largely determine the continuity and sustainability of Greece’s debt. Today marks  the start of a crucial 20 days for the "Greek case."

Starting from tomorrow, April 1st, Greece will enter the final stretch of the notorious marathon negotiations on the final (?) management of the Greek debt. And all this in parallel with developments on the political front and in view of the upcoming elections for European Parliament and Local Government.

The first meeting is tomorrow in Athens between the finance ministers of the Eurozone. The Eurogroup is asked to officially confirm the fourth review of the Greek program and approve the disbursement of the next tranche. If this happens then the tranche will be disbursed in installments: the greater part will be given before mid-May, for Greece to be able to service its debt obligations and mainly to repay bonds maturing in May. The remaining amount will be disbursed in one installment in June, or two, in June and July.

The ECB Board will meet Thursday, April 3 in Frankfurt, where it is expected to give an official statement in support of the Greek economy. On Friday, April 4th, Moody's will be announce its review on Greece. Having completed the voting of the bill and given the green light from the troika, the agency is expected to proceed in upgrading the country's creditworthiness rating.

Lastly, the provisional Eurostat data on deficits and debts in 2013 for each country in the Eurozone will be announced Tuesday, April 22, when the primary surplus of Greece is expected to be officially confirmed.

Immediately after the troika will return to Athens, about the end of April, for the improvement of the sustainability of the Greek debt, that is, for a possible deletion of a part of the debt.