Reforms Undone, Troika Holds 970M Euros Back from Greece

Αssociated Press

FILE - The sun rises behind the European Central Bank in Frankfurt, Germany, Wednesday, Sept.12, 2018. The governing council of the ECB will meet on Thursday. (AP Photo/Michael Probst)

With a March 11 deadline to show progress on long-delayed reforms set to be missed, Greece won’t get a scheduled 970-billion euro ($1.088 billion) disbursement of profit returns on bonds held by the country’s creditors.

Finance Minister Euclid Tsakalotos had promised the target date would be hit but it looks like the monies from the European Central Bank will be held up, an unidentified European Union official told Kathimerini.

A recent European Commission compliance report showed that Greece has not yet met all necessary conditions and that progress would be assessed on March 11, the day they were supposed to have been reported completed or nearly done.

Chief among the unfinished reforms is how to deal with legislation protecting primary homes from foreclosures with the Troika of the EU-ECB-European Stability Mechanism wanting homes taken to protect banks but with Prime Minister and Radical Left SYRIZA leader Alexis Tsipras said to be dragging his feet in an election year.

That means the profit returns could be held up at least a month until an April 5 Eurozone meeting in Bucharest with corruption-torn Romania holding the rotating EU Presidency while its government wants to legalize some forms of bribery and give amnesty to politicians jailed for wrongdoing.