Another billion will be disbursed as soon as Greece secures full and undisturbed online home auctions and the Greek State repays some overdue debts to the private sector.
"We are expecting the completion of national procedures and then the Board of Directors will make the final decision on the disbursement of the tranche before the end of the month", said European Stability Mechanism President, Klaus Regling. The total tranche is €6.7 billion euros.
Despite the optimism expressed by officials after the Eurogroup meeting on Monday, the next few months will see a standoff between Greece's creditors, with the International Monetary Fund pushing for the implementation of all measures voted and the reduction of pensions and the tax-free level next year and not gradually in 2019 and 2020 as the European Commission would have it.
With Greece's €86 billion bailout program due to end in August, on Monday Eurogroup President Mario Centeno revealed that they are working on debt relief measures and steps that will help underpin the country's economic recovery.
Another option could involve the return of profits made by the European Central Bank on Greek bonds. That's because the fourth review has 88 prior actions, including the adjustment of "objective values" (property rates used for tax purposes), as well as a series of privatizations and the appointment of senior administrative officials using clear criteria.
"I am confident Greece will implement all remaining deliverables to conclude the program successfully", he enthused.
Both options would come with conditions linked to reforms, and could see increased supervision by European Union institutions after the bailout ends. Centeno said he is feeling positive about their ability to come through.