Troica Report: Next Aid Disbursement Can Not Take Place Until Greece Corrects Underfinancing In Adjustment Program

Tyler Durden's picture

Reuters has obtained an advance peek at the crucial Troica report whose findings will determine Greece's fate, and according to Andreas Rinke the conclusion is not very palatable: "The EU, ECB and IMF mission to Greece said in a report obtained by Reuters on Wednesday that the next disbursement of Greek aid could not take place until it corrected the under-financing in its adjustment program." More from Reuters: "The long-awaited report by the so-called "troika" said Greece risked missing its deficit targets without further consolidation measures and that its recession appeared to be longer and deeper than initially expected. "The financing strategy needs to be revised. Given the remoteness of Greece returning to funding markets in 2012, the adjustment program is now under financed," it said. "The next disbursement cannot take place before this under financing is resolved." The troika said a privatization agency with an independent board, to which the European Commission and euro zone member countries could nominate members, would be set up shortly." We fail to see how the Troica can be satisfied by Greek economic data in the next month or so when Greece is expected to run out of money. Hopefully there is more to this because otherwise this ia very unpleasant conclusion for the insolvent country.