Eurogroup delays €1 bn disbursement to Greece

The finance ministers of the 19-member Eurozone have decided to postpone disbursing 1 billion euros ($1.12 billion) to Greece.

The reason for postponing the payment is that Greece has not yet changed the provisions of a law protecting debtors’ main housing property from creditors to the EU’s satisfaction.

The disbursement will now be discussed at the next Eurogroup meeting, on April 5, provided Greece has made the necessary changes.

Pierre Moscovici, European Commissioner for Economic and Financial Affairs, had indicated earlier Monday, that he expects an agreement with Greece on the issue in the coming days.

Valdis Dombrovskis, the Commission Vice-Chairman for the Euro and Social Dialogue, and Portuguese Finance Minister Mario Centeno, the Eurogroup President, echoed Moscovici’s views.

“Significant progress has been made since last week, but we are not there yet,” said Dombrovskis.

Centeno, on his part, said Greece’s issuing of a 10-year bond was “excellent news.”