Following a recent Eurogroup meeting, HSBC believes that Athens’ delayed second review of the Greek program could be concluded by the next meeting on Feb. 20, a move European and Greek leaders agree is in the best interest of all parties.

The conclusion of the second review could be conducted under the headline “Greek bailout negotiations” and would ensure that an agreement is reached before the end of February, putting it ahead of all of Europe’s upcoming 2017 elections. Greek and European leaders have long been in consensus that concluding the second review will be beneficial to all, although it may hinge on the IMF’s confirmation that it will maintain its role in the third bailout program.

HSBC analysts project that if the IMF makes a commitment to future participation in the Greek program, the Eurogroup will find that adequate to approve scheduled bailout loan tranches for Greece.

HSBC does not anticipate that the European Central Bank’s quantitative easing program will include Greek bonds immediately, with the group projecting their arrival in the program for this summer at the earliest.