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> Economy

Reuters: Deal on May 9 Eurogroup highly unlikely

No urgency for deal before July, sources tell Reuters

Newsroom May 2 08:30

The prospect of a deal being reached between Greece and its creditors at the May 9 Eurogroup meeting is slim, two sources close to the negotiations told Reuters news agency. According to the same sources, talks to close the review on the Greek program, which would ‘unlock’ funds for Greece and the prospect of a debt relief, are moving at a very slow pace. More time is necessary for a deal to be reached both for the program review and the required reforms, as well as the contingency package measures that Greece has to present in case its fiscal targets are derailed. ‘There is progress, but I would estimate 2 more weeks would be needed’, the source told Reuters. It would more preferable for a deal to be reached between the two sides before the vote on the Brexit, but there was no urgency on the part of the institutions, as Greece did not need money till July, said the dame source. The second source said that more time was need for the IMF and Greece’s European creditors to bridge their difference regarding the need for a debt relief, with Germany, Greece’s largest lender, publicly claiming that no debt restructuring was necessary.

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