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Greece won't get the €1.2bn

  • Greece has no legal claim on those €1.2bn, the euro working group decided in its first discussion about the subject;
  • even if there were a positive decision, it would take weeks for the money to reach Athens, as it requires approval of the EFSF board and some parliaments;
  • there was no further discussion on the reform list during the conference call, the EWG instructed Athens to get the list agreed with the troika first;
  • the stand-off between troika and Greek government is thus now the main obstacle to getting money released;
  • Alexis Tsipras is to present the full reform list on Monday;
  • some EU officials expect that budget numbers won't add up without the €4bn from privatisation and savings through later retirement and a pension funds merger;
  • the ECB lifted the ELA ceiling for Greek banks to €71.1bn;
  • Greece’s primary surplus for the first two months was €1.24bn, 40% less than last year, though revenues seemed to recover in February;

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