One billion euro tranche secured, finally.

The EuroWorkingGroup gave its approval for the release of the tranche, as Eurogroup had specifically asked it to do.

So, the Eurogroup will deal with more complex issues, such as the unification of the banking sector, without spending time with the approval of the third assessment of progress made in the Greek bailout program.

Finance Minister Yannis Stournaras expressed contentment over the green light given by the Euro Working Group for the release of a 1-billion-euro tranche of bailout loans to Greece and added that the troika of lenders is expected to return to Athens by mid-January for a new round of negotiations, with the aim of reaching a deal before the Eurogroup meeting of January 27, so as to open the way for a disbursement of the next tranche of aid to Greece, amounting to 4.9 billion euros.

“Steps toward convergence” had been made on all matters associated with the fourth review of Greece’s economy, the minister said, while at the same time acknowledging that a number of issues were still pending. 

These pending issues have to do with the shortfall in revenues expected for 2014 (as they are predicted by the draft budget), the issue of VAT on the food industry and home foreclosures.