Tsakalotos: Looking for good, not perfect solution at coming Eurogroup

30 May 2017
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The Greek side on Monday appeared to lower its oft-repeated expectations of an agreement with creditors at the coming Eurogroup meeting on June 15, with the relevant finance minister telling reporters that “we’re looking for a good solution, we’re not looking for the perfect solution.”

“I am confident we will get a good solution,” was the latest positive forecast by FinMin Euclid Tsakalotos ahead of yet another “unofficial deadline” to conclude the second review of the Greek program – a development that is now more than a year in delay. Compounding the second review delay is an attempt by Athens, the IMF and many European creditors to determine medium-term debt relief measures, something that finds other European creditors — notably Germany – in with opposition views.

Tsakalotos echoed the IMF’s position of needing “clarity” in debt relief, something alluded to by ECB chief Mario Draghi almost simultaneously in Brussels. He said the Greek economy’s growth prospects and its potential return to the market for its borrowing needs depends on such debt relief.

“… I am expecting clarity on June 15… I am not looking for a plan B. I am looking to sort out a solution that all sides can live with; an agreement providing a prospect for growth and recovery,” he told local reporters and foreign correspondents.

Roughly seven billion euros worth debts from previous loans mature in July, with the June Eurogroup essentially the last scheduled meeting to allow for a conclusion of the review and the disbursement of a loan tranche by institutional creditors.

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