Greece reaches bailout agreement with Troika

FXstreet.com (Barcelona) - Troika inspectors announced on Monday that they have completed the latest review of Greece’s bailout program and that the measures implemented by the Greek government would allow for meeting economic objectives soon. This means that the delayed bailout tranche of 2.8 billion euros could be released shortly.

"Fiscal performance is on track to meet the program targets, and the government is committed to fully implement all agreed fiscal measures for 2013-2014 that are not yet in place," the EU, IMF and the ECB said in a joint statement.

“The recent steps taken by the authorities suggest that the March milestones are likely to be achieved in the near future and hence the disbursement of the related €2.8bn from the EFSF tranche remaining from the previous Review could be agreed soon by the Euro area Member States.”

The economic reforms, which the Greek authorities agreed to carry out, include reductions of civil service jobs, which was the moot point preventing the completion of the bailout deal. The troika expects that Greece will gradually return to growth in 2014 as long as the program remains on track.