Troika deadlocked with BoG
- Written by E.Tsiliopoulos
Today's meeting between the auditors and Bank of Greece governor Yiannis Provopoulos ended in total disagreement about the recapitalization of Greek banks. The two sides are sticking to their guns, with the governor saying the need is for 5.5 to 6 billion and the Troika representatives insisting it is closer to 20 billion.
The disagreement comes from two different reports. The Black Rock study saying the deficit is at 5.5 billion is the one the Bank of Greece gives credit to. The auditors, on the other hand are closer to the recent Financial Times report, which estimates the need for recapitalization at 20 billion.
The two sides will be meeting again soon, after a potential interim meeting between technical echelons of the BoG. After this development, the stress test results of the major Greek banks, which were supposed to circulate this week, will be delayed until the end of next week.
This was the first official hiccup in these crucial negotiations, expected to last at least another month. There will be lots of disagreements in the process, but government officials are optimistic they will have an agreement on all issues before the next Eurogroup meeting next month.
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