Sudden blockage of disbursement of funding for Greek package

Although the Greek side has characterized these issues as being of "procedural character" and "details that are exaggerated", the bottom line is that while the initial plan provided for disbursement on July 6th, we will not see the color of money earlier than next week, Ie literally in the moment before payments of 2,089 billion euros for bonds held by individuals come to maturity on 17 July.

Greek and European sources are trying to downplay the issue, noting that there are just a few "small" pending issues with the IMF, which, should co-sign in order for the evaluation and all the relevant prerequisites to be fully integrated. Where what has the Fund been stuck on? The liberation of the engineering profession, the opening of shops on Sundays and, most importantly, the opinion on the constitutionality of the last cuts in pensions.

Especially with regard to the latter, the Fund has shown particular "sensitivity", relying on the previous upheavals by the Council of State, which led to ... the skeight of hand maneuvers by minister Katrougalos, which, although initially touted as a major negotiating success of the government at the first evaluation, eventually," last month, as demanded by the IMF. It should be noted that in the Explanatory Report, the constitutionality of the provisions in question has been widely discussed, even with the appeal of the Court of Human Rights, but the IMF technocrats have not missed the extremely sharp accompanying Report of the Court of Auditors, on the legality of new pension cuts.

The payment of € 2,089 billion is only the beginning, as it is followed by a 24-hour payment of € 290 million to the IMF and a "package" of € 3.9 billion for bonds held by the ECB and Central Banks that were not excluded from the "haircut" of 2012.