The Ministers of Economy and Finance of the eurozone meeting tomorrow with no expectation of reaching an agreement with Greece on a complete list of reforms, although the Greek State housing is virtually empty and fears of an output caused or injured the country of the euro area.
The Eurogroup ministers will also look at your appointment Riga, under the presidency of Latvia, the third report of the post-bailout banking difficulties in Spain supervisory functions.
Also consider that there is a “very good performance” economic, as the “significant increase in competitiveness, the rise of the financial sector and rates of very, very positive growth” in that country, according to sources the eurozone.
It is expected that these countries will recommend to the Government of Mariano Rajoy “to continue with the reforms,” because “there is still work to do on a wide range” of areas, “including of course in the labor market” , according to sources.
It also stated that neither the Eurogroup and the European Commission (EC) consider that the Spanish authorities will “backward” in this area, but is only a “reminder”.
However, the issue that focus all the attention of the meeting in Riga will be the situation in Greece.
The Eurogroup dismisses arrive tomorrow agreement still detecting a “clear upturn in activity and involvement” by Athens in the negotiations in recent days with institutions, formed by the EC, the European Central Bank (ECB) and the International Monetary Fund (IMF).
“We are very far from being able to note that there is a result in sight,” said a source in the eurozone.
The Spanish Minister of Economy and Competitiveness, Luis de Guindos said on Wednesday the urgency of reaching an agreement soon.
“We’re running out of time now, we have lost much time in the negotiations with Greece and hope there is a breakthrough in these days,” but “likely” no agreement tomorrow, said Spanish politician.
The initial objective of the meeting in Riga was to approve the list of Greek reforms and that the agreement reached on 20 February by the Eurogroup was established that this plan had to be negotiated with the institutions and adopted until the end of the month.
For now eurozone partners prefer not to talk about new dates or giving new ultimatum to Athens, as for all next key date is the regular meeting of the Eurogroup of 11 May in Brussels, and all the “most important” deadline, which is June 30, when the four-month extension was granted to the government of Prime Minister Alexis Tsipras expires.
The delicate financial situation in Greece demonstrates the urgency of an agreement to unblock EUR 7,200 million remaining on the agenda of the eurozone and the IMF, which must return the May 12 about 745 million.
Athens acknowledged on Wednesday that the state is “on edge” since January and which lacks 400 million euros to meet their needs in April.
This lack of liquidity has been the reason that led the Government to publish on Monday a decree that requires public agencies to transfer their cash reserves to the Bank of Greece to lend it to the State.
That is precisely a matter in which international institutions had insisted that this measure consider the situation within the existing boundaries, “is manageable”.
The Greek government, meanwhile, hopes to reach an agreement soon, but has also warned that it must come “without hang” the country and maintaining its red lines: Will not accept cuts to its partners mandate requires labor and wages and pensions.
After the appointment of the Eurogroup will meet in informal advice all the Ministers of Economy and Finance of the European Union (EU).
The Veintiocho address the economic and financial stability issues, potential for growth and reforms as well as the implementation of the recommendations by country and possible measures to close the gap on investments and priorities in the third pillar of “Juncker Plan”.
On Saturday followed his meeting with a focus on the EC proposal to create a union of capital markets and the problem of erosion of the tax base and the transfer of profits (BEPS, in their acronym in English).
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