MOSCOW (Sputnik) – Greek assets will be evaluated this upcoming fall, which is when bank recapitalization will take place in the country, the Eurogroup informed after a meeting which led to the approval of an €86 billion ($93 billion) bailout package for Greece.
According to a statement issued by Managing Director of the International Monetary Fund (IMF) Christine Lagarde after the Friday Eurogroup meeting, Greece "needs some more time to develop its [reform] program in more detail," particularly in what concerns "additional measures to decisively improve confidence in the banking sector."
Lagarde said that Athens will continue cooperating with its lenders, which include the IMF, the European Central Bank (ECB) and Eurozone countries, in order to complete all essential reforms in the coming months.
The Eurogoup said in a Friday statement that the implementation of reforms in Greece will be monitored by the European Commission, the ECB and the IMF.
On July 13, eurozone leaders agreed on a new bailout plan for Athens that would guarantee the country some $93 billion over the next three years in exchange for austerity measures. The third bailout package was approved by the Eurogroup on Friday.
Under the new deal with its lenders, Greece is targeting a medium-term primary surplus of 3.5 percent of GDP with a fiscal path of primary balances of —0.25 percent in 2015, according to the Eurogroup.
The Greek authorities introduced restrictions on various bank transactions and temporarily shut down local banks at the start of last month, after the second bailout program expired on June 30th and Greece’s talks with the creditors stalled.
Greece has received about $270 billion from its main lenders, which include the European Union, the IMF and the ECB under two bailout packages issued in exchange for reforms starting from 2010.