In opinion of Eurogroup, Greece can reach an agreement on 21 June to end aid programme. EU Monetary Commissioner Pierre Moscovici said during a meeting of Euro finance ministers in Sofia that government in Ans is in process of fulfilling its reform commitments. However, re are still some efforts to be made. EU inspectors would carry out a final test in May. “We will always be demanding,” he said. But don’t worry.
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Greece has been preserved several times before state bankruptcy since 2010. The third aid programme for euro countries, amounting to up to 86 billion euros, will expire on 20 August. In view of stabilisation of economic and budgetary situation, country will again become financially self-employed.
Neverless, Greece’s creditors plan to grant state a financial buffer for period following end of programme. The final payment from expiring package could contain a “substantial” amount for this, said head of euro bailout fund, ESM, Klaus Regling. According to figures from eurozone, an amount of ten to twelve billion euros is being discussed.
Debt relief in Prospect
The money buffer is important for still highly indebted country to get back “full access” to financial markets, said Euro group chief Mário Centeno. The funds would probably be made available for longer than in or countries. Centeno called a period of up to 18 months. It is usually twelve months. However, final decisions on scope and duration have not yet been taken.
Centeno also provided a prospect for debt relief for Greece. The final decision on this will be taken at end of programme, said Centeno. There are already some ideas as to how country can be relieved, said EU economic commissioner Pierre Moscovici. One of se is, for example, linking debt relief to future economic growth.
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Last year, euro finance ministers had already reduced costs of Greek debt service through a series of technical measures. In addition, repayment periods for loans were extended. A debt cut was, however, not in conversation.
EU Commission President Jean-Claude Juncker spoke at a meeting with Greek Prime Minister Alexis Tsipras on Thursday for a conclusion of third international bailout programme without subsequent inclusion of anor loan.
