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Eurogroup calls on Greece to complete bail-out review by end of week

Dijsselbloem optimistic that differences can be overcome to release next loans.

Eurozone finance ministers tonight (10 March) urged Greece and its international creditors to complete negotiations on the implementation of the terms of the country’s international bail-out.  

An agreement this week would allow the Eurogroup of eurozone finance ministers to approve the disbursal of €8 billion in loans to Greece at its next meeting on 5 May.  

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The troika – an ad hoc group of officials from Greece’s trio of international creditors, the European Commission, the European Central Bank and the International Monetary Fund – is currently in Athens.

It is reviewing the progress made by the Greek government in implementing the terms attached to its €240bn bail-out, which was given on the condition that the government carry out structural reforms and implement austerity policies. The current review was scheduled to be completed in September, but has been fraught with disagreements between Greece and its creditors.

Olli Rehn, the European commissioner for economic and monetary affairs and the euro, said a “number of differences” remained outstanding as the troika continues to push the Greek government to make further reforms to its tax system and to liberalise markets for products such as milk and some medicines. The Greek government and the troika also disagree on the amount of capital that needs to be injected into Greece’s largest banks.

Jeroen Dijsselbloem, the Dutch finance minister and president of the Eurogroup, said there were “grounds for optimism” that an agreement could be reached this week. But he expressed frustration at how difficult it has been for the troika to sign off on the reforms. “We cannot keep on restarting the review,” he said.