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> Economy

All set for Monday’s crucial Eurogroup

Greece aims to get debt relief promise. Creditors say no decisions to be made Monday

Newsroom May 9 08:36

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After the Greek coalition government of SYRIZA-ANEL passed the harsh social security and tax bills through Greek parliament (153 in votes in favour), amid huge protests outside parliament and an acrimonious debate in the house, Sunday night, the stage is set for the crucial Eurogroup meeting to take place Monday at 4 pm. Greek Finance Minster Euclid Tsakalotos will attempt to convince his Eurozone counterparts at the Brussels meeting that Greece has met its side of the bargain and aims to wrap up a deal on a first review and open the discussion on a debt relief by the May 24 regular Eurogroup meeting. Sources close to the Finance Ministry express optimism that an agreement is close, however, unofficial sources within the EU say this is not the case stressing no decisions will be made during Monday’s meeting. Greek Deputy Finance Minister George Chouliarakis is expected inform EU officials during a Euroworking Group Monay morning on what the Greek parliament passed Sunday night and what remains to be done. Meanwhile, German Finance Minister Wolfgang Schauble’s spokesperson made it clear to Reuters news agency that before any talks of a debt relief could open the first review of the Greek program would have to close. An unlikely ally in Greece’s efforts to win a debt relief is its ‘rival’ the IMF, which will be represented at the meeting via Poul Thomsen. The IMF has made it clear that it doubts whether the European Commission forecast of a 3.5% GDP surplus can be reached, even threatening to leave the Greek bailout program. IMF Director Christine Lagarde sent a letter outlining that excessive tax measures would be ineffective without a large debt relief.

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