Greece urged to ‘make progress’ as end to bailout talks sought

8 Apr 15

Talks between Greece and international lenders are to continue tomorrow in a bid to Speaking yesterday ahead of a meeting of eurozone finance ministers and other creditors, Eurogroup chief Jeroen Dijsselbloem warned Greece that it must ‘stop wasting time’ over reforms and make progress now.

Dijsselbloem, the Dutch finance minister who also heads the Eurogroup, said the measures proposed by Greece last month were ‘far from complete’.

‘It was a welcome contribution to the process... I have sent it on to the [troika] institutions. It can be part of the talks between the institutions and the Greek government which have to start very, very soon,’ he said.

‘We have lost over two weeks in which very little progress has been made. The real talks haven’t started yet, there has been no implementation. So we have to stop wasting time and really start the talks now, seriously.’

He urged Greece to press on with its reform programme, after a list of seven measures was sent to Brussels last week.

Following the 90-minute meeting, Dijsselbloem told reporters: ‘We agreed today that there is no further time to lose. Discussions between the Greek government and the institutions will start on Wednesday in Brussels... in parallel, technical teams from the institutions will be welcomed in Athens.

‘That’s why we’ve said we’ve talked about this long enough now,’ he said, referring to Greece’s extended bailout deal. ‘We only have four months. Let’s get it done.’

He also insisted that no aid money would be given to Greece until a firm plan has been signed and implemented.

Tomorrow the troika – the European Commission, the International Monetary Fund and the European Central Bank – will start technical discussions on Greek reforms linked to its emergency funding.

Greek finance minister Yanis Varoufakis, said the meeting went well but insisted that the ‘troika’ had failed.

‘The idea of troika visits, comprising cabals of technocrats from the three institutions in lockstep walking into our ministries and trying to implement a programme which has failed ... that is a thing of the past,’ he said.

A senior official in the Greek government added: ‘The Greek government will continue enriching the list of reforms with additional proposals that it will elaborate on. The reforms will be part of a National Plan for Reconstruction and Growth.’

At the weekend, PwC economists warned that the threat of Greece leaving the eurozone had not gone away despite the recent agreement to extend its current financing package for the short term.

They said the lack of a long-term solution means that a Greek exit from the eurozone is still a possibility.

PwC has assumed that Greece could leave the eurozone in the third quarter of 2015 if an agreement between lenders to extend its bailout programme fails. finalise a long-term financing deal for the country, the Eurogroup has said.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Public Finance International and Public Finance. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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