EWG gives nod on review completion

The Euro Working Group gave the green light on Friday for the completion of the third bailout review in principle, but property auctions are still causing concern as they are seen as crucial to determining the course of Greek banks and whether or not a new recapitalization will be required.

Aware of the continued unrest in Greece over foreclosures, the creditors decided to raise the pressure on the government by tying one of the upcoming subtranches to unhindered property auctions.

The senior officials of the eurozone's finance ministries agreed on Friday in a conference call that 89 out of the 113 prior actions have been implemented, and that the rest will have to be covered before the disbursement of the first subtranche, which is expected by mid-February.

The EWG also decided that the second subtranche will depend on the satisfactory execution of...