Greece has taken all the steps required to get a second bailout and the euro zone can go ahead with the disbursement of funds to finance Greece's debt swap via sweeteners, the chairman of euro zone finance ministers will say on Friday.
"I welcome the significant progress achieved in the preparation of the second Greek adjustment program," Eurogroup President Jean-Claude Juncker will say, according to a draft of his statement obtained by Reuters.
"I particularly welcome the detailed assessment of the Troika that Greece has implemented all agreed prior actions in a satisfactory manner," said the draft, to be released after a teleconference of ministers that started at 1130 GMT.
The Troika are inspectors from the European Commission, the European Central Bank and the International Monetary Fund whose approval of Greek reforms is necessary to provide Greece with a new, 130 billion euro financing package through 2014.
"I look forward to a significant contribution by the IMF to the financing of the new Greek program," the draft said. The IMF board is to meet on March 15 to discuss the size of the fund's contribution to the bailout.
Juncker said in the draft he was encouraged by the high participation of private investors in the Greek debt exchange, that closed yesterday and urged Athens to keep rigorously pursuing reforms in line with the new program.
"Against this background, the disbursement of the euro area's contribution to the PSI operation in the form of EFSF bonds for the settlement of the Greek-law bonds as well as the accrued interest on the exchanged bonds can proceed as planned," Juncker is to say according to the draft.
"I consider that the necessary conditions are in place to launch the relevant national procedures required for the final approval of the euro area's contribution to the financing of the second Greek adjustment program," the draft said.