Early Christmas: Greece to get first €3B of aid package

Alexis Tsipras-led Greece government is poised to receive the €3-billion aid installment of €86-billion bailout package. The European Economics Commissioner Pierre Moscovici made an announcement to this effect.

The European commission will deal with recapitalization of banks and Greece's debt in November or December. The newly elected government led by Tsipras has been implementing reforms and creditors will disburse installment of €3 billion to the ailing economy.

Moscovici told Europe 1 radio that "Greece has done a certain number of reforms and we're going to give them money €3 billion in all." The European Commission has stated that Greece is on track of implementation of reforms.

While elaborating on the aid plan disbursement, Moscovici said that in the course of November, December, the European Commission would take up the recapitalization of banks in Greek and its debt.

Moscovici said, "The Greek situation is on track as long as everyone plays their part, which means carrying on with reforms for the Greek government and having a constructive attitude for its partners."

Alexis Tsipras-led Syriza Party has started off next level of economic reforms. The current week is very important for Greece as negotiations are in full swing on multiple factors. Greek government held discussions with creditors in Athens and following of this, the Tsipras government will receive the euro3 billion aid.

Another meeting with French President Francois Hollande will decide on the restructuring of debts. Green Parliament on 16 October approved a legislative on several reforms as suggested by lenders.

The government is also increasing retirement age. Still creditors feel that two-third of prerequisites yet to be implemented by the Greece government. Majority of this don't need any approval from the Parliamentary voting.

Greek Prime Minister Alexis Tsipras asked his Cabinet to conclude reforms in a much faster way so that fresh bailout money disbursement will be faster.

The Greek government is doing all the possible ways to receive the euro 3 billion of euro 86 billion aid program as early as possible.

However, Greece government officials say that still there're some factors, which are not agreeable for the government. For instance, lenders are insisting on a mechanism to handle non-performing loans of banks. The non-performing loans are estimated to be over 40 percent of portfolios.

However, the European Commission is believed to have expressed its concerns over the ability of Greece government to implement reforms the way creditors wanted. The reforms are likely to have an adverse impact on low-income groups.

As of now, there's no eviction of low-income home owners if they default on their home loans. But the creditors are insisting on this to include eviction provision in home loans.