Greece will have to pass more laws for Friday green light on bailout tranche

Greece will have to pass by Thursday night any extra legislation needed to secure the release of its next bailout sub-tranche, sources in Brussels have told Kathimerini.

It is unlikely that Tuesday’s Euro Working Group (EWG) will lead to officials giving the green light for the 2-billion-euro instalment being released, which means that the technical experts who advise the euro zone’s finance ministers will convene again on Friday to take their decision.

However, the Greek government will have to pass through Parliament any relevant measures before the EWG convenes on Friday.

A European official told Kathimerini’s Brussels correspondent Eleni Varvitsiotis that everything between Greece and its lenders needs to be agreed by Tuesday in order to allow enough time for the legislation to be approved by MPs.

Government officials and representatives of Greece’s lenders were meeting again on Monday afternoon in the latest attempt to resolve differences between the two sides.

The official said that the scheme regarding the protection of primary homes from foreclosures is quite complex. A quarter of homeoweners, who have low incomes or properties valued at less than 120,000 euros, will be protected and may even receive benefits to help them pay off their mortgages.

Another 30 percent will receive partial protection, depending on their incomes and only if the value of their homes does not exceed 200,000 euros.

Greece is also being asked to come up with more measures to cover the fiscal shortfall created by the government performing an about-turn on plans to impose 23 percent value-added tax on private education as a proposed extra tax on gambling is not seen by lenders bringing in enough revenues.