Athens affirms tax-free ceiling pledge to secure tranche

Finance Minister Euclid Tsakalotos reaffirmed Greece's commitment for the reduction of the tax-free ceiling at Friday's Eurogroup meeting, a pledge that appeared necessary for the eurozone ministers' decision to disburse the 972 million euros due to Athens.

Notably, as the general election approaches, Tsakalotos and the government have not ruled out that the measure may not be implemented. However, the statement by the Eurogroup could not have been any clearer. It welcomed the reaffirmation by the Greek authorities of their commitment to "continue implementing basic reforms, mainly the expansion of the tax base and other tax reforms."

With this statement on Friday in Bucharest, the Eurogroup sealed the payout of the profits of eurozone central banks from holding Greek bonds, which have been due since last December.

"By early May the money will have been...