European official: EuroGroup plan on Greek matter the only one presented

“There is no other proposal other than the one tabled at the EuroGroup”, said a European official in Brussles on Thursday. The same source pointed out that the staff level review for the second review of the Greek program had practically concluded, while he confirmed the IMF would be on board the program based on a stand-by-arrangement model, which means no cash will be disbursed if the debt is deemed unsustainable. The official appeared extremely optimistic regarding Greece’s inclusion in the ECB’s quantitative easing plan (QE). He labeled the reforms passed by the Greek government “impressive”, but added that the tranche expected to be released to Greece would in the 7 billion-euro range and that it would suffice for Greece to cover its arrears to the private sector of a little over 2 billion.