Greece, creditors agree on composition of privatization fund board

Greek officials and representatives of the country's international creditors appear to have agreed on the composition of a supervisory board for a new privatization fund, one of a series of conditions for the disbursement of the next loan tranche worth 2.8 billion euros.

According to sources, the creditors have accepted the three Greek officials that Athens has proposed for the 5-member committee, a former adviser to Prime Minister Alexis Tsipras, an academic and a banking adviser.

The creditors, for their part, have proposed Jacques le Pape — former right-hand man of Christine Lagarde during her stint at the French Finance Ministry – to head the fund along with Spanish economist David Vegara, a former official for the eurozone's bailout fund, in the second foreign position.

Tsipras was to chair a cabinet meeting on Monday to determine the government's progress in fulfilling 15 prior actions. MPs are to vote in Parliament on Tuesday on some of those actions. The remaining actions, including the appointment of officials to the privatization fund's supervisory board, are to be completed in the coming days.

The government's aim is to be finished by Thursday's Euro Working Group so that officials can sign off on the 2.8 billion euros by the October 10 Eurogroup.