Crunch Eurozone talks on Greece debt deal

AFP, BRUSSELS: Eurozone finance ministers will hold an emergency meeting today to try to thrash out a difficult deal on fresh reforms for Greece as fears grow of a repeat of last year’s chaotic bailout negotiations.
The ministers from the 19 countries that use the euro—the Eurogroup—will also discuss debt relief for Greece, which the International Monetary Fund (IMF) has demanded as a condition for a new agreement.
The clock is ticking to complete the long-stalled first review of Greece’s 86-billion-euro ($95 billion) EU-IMF bailout so cash-strapped Athens can unlock billions of euros to pay the European Central Bank (ECB) in July.
Tensions are rising. Greece was paralysed at the weekend by a strike to protest government plans to overhaul pensions and increase taxes as demanded by its international creditors.
Greek Finance Minister Euclid Tsakalotos on Saturday urged eurozone countries to approve his economic programme—and warned darkly of the potential cost if the talks ran aground.
“Nobody should believe that another Greek crisis, leading perhaps to another failed state in the region, could be beneficial to anyone,” Tsakalotos said in a letter seen by AFP.
In its official agenda the Eurogroup said it would discuss the “progress achieved” by Greek and creditor officials in recent days on the reforms, “with a view to conclude them as soon as possible.”
It added that it would “also discuss possible debt relief measures aiming at ensuring that Greece’s gross financing needs remain at a sustainable level, with a view to reach a political agreement.”
“Both elements need to be in place in order to finalise the programme’s first review and unlock further financial assistance to Greece,” it said.

Crunch Eurozone talks on Greece debt deal

AFP, BRUSSELS: Eurozone finance ministers will hold an emergency meeting today to try to thrash out a difficult deal on fresh reforms for Greece as fears grow of a repeat of last years chaotic bailout negotiations. The ministers from the 19 countries that use the eurothe Eurogroupwill also discuss debt relief for Greece, which the International Monetary Fund (IMF) has demanded as a condition for a new agreement. The clock is ticking to complete the long-stalled first review of Greeces 86-billion-euro ($95 billion) EU-IMF bailout so cash-strapped Athens can unlock billions of euros to pay the European Central Bank (ECB) in July. Tensions are rising. Greece was paralysed at the weekend by a strike to protest government plans to overhaul pensions and increase taxes as demanded by its international creditors. Greek Finance Minister Euclid Tsakalotos on Saturday urged eurozone countries to approve his economic programmeand warned darkly of the potential cost if the talks ran aground. Nobody should believe that another Greek crisis, leading perhaps to another failed state in the region, could be beneficial to anyone, Tsakalotos said in a letter seen by AFP. In its official agenda the Eurogroup said it would discuss the progress achieved by Greek and creditor officials in recent days on the reforms, with a view to conclude them as soon as possible. It added that it would also discuss possible debt relief measures aiming at ensuring that Greeces gross financing needs remain at a sustainable level, with a view to reach a political agreement. Both elements need to be in place in order to finalise the programmes first review and unlock further financial assistance to Greece, it said.