The release of the next installment of one billion euros according to the Greek bailout program is expected to take place by August 15, the feast of the Assumption of the Virgin Mary, a major holiday in Greece. On Thursday, during a teleconference with the troika, Greek Finance Minister Gikas Hardouvelis and close associate of Prime Minister Stavros Papastavrou agreed that after the law on the prerequisite is ratified, then the Euro Working Group would convene within two to three days and approve the next tranche to Greece. Currently, total liabilities for bonds maturing, interest and repayment of capital given under the first loan from the IMF, amount to 6.7 billion euros. However, even if the payment of the next installment was delayed, the General Accounting Office is able to cover the needs of the Greek state thanks to 1.5 billion euros that the government has earned through the three-year bonds they issued in July.
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