Monday, May 9, 2016

Eurozone finance ministers ready to help Greece – Deutsche Welle

Ministers of Economy and Finance of the euro zone have left open the possibility of granting a new million-dollar aid to Greece, after the Parliament in Athens approved on Sunday (05/08/2016) a controversial package of measures to further cuts.

“But we still have much work to do,” said Klaus Regling, director of the rescue fund ESM eurozone, after the meeting in Brussels. For his part, Minister of the Finnish branch, Alexander Stubb, said he is “cautiously optimistic” that a result is achieved in two weeks and the German Finance Minister, Wolfgang Schaeuble, expects to find a solution even this month.

the reform package approved by 153 MPs of the ruling coalition of center includes cuts in pensions and increased taxes to save a total of 5,400 million euros, a condition required by international creditors for Greece to receive the next tranche of international bailout worth 86,000 million euros. Otherwise Greece would again in a situation of bankruptcy.

Ministers of Economy and Finance of the eurozone will meet again on May 24 to discuss possible measures to alleviate the Greek debt. Already in the coming days there will be a meeting between the creditors and the government in Athens to secure an agreement on austerity measures and reform, as reported by the deputy head of the European Commission, Valdis Dombrovskis. The agreement will also include “additional economic measures” if Athens fails to meet the fiscal targets, he said.

Meanwhile, Greek Finance Minister Euklid Tsakalotos, hailed the outcome of the meeting. “The Greek government and the three European institutions believe that we will need this mechanism,” said the minister in relation to the contingency plan required by Eurogroup ministers. (Dpa)

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