European, EZ officials point to progress in Greek program; crucial date June 21 for debt relief

25 May 2018
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European and Eurozone officials on Thursday confirmed that finance ministers of the common euro area (Eurogroup) requested an updated debt sustainability analysis from creditors, as an unofficial deadline for Greek debt relief appears as June 21.

The Eurogroup also called on the Tsipras government to implement all remaining “prior actions” before the next meeting, i.e. on June 21.

Eurogroup President Mario Centeno first spoke to reporters to say that “good news” was conveyed by creditors over the Greek program. He added that the common goal was to ensure that Greece’s debt is sustainable.

EU Commissioner Pierre Moscovici, the most optimistic of European leaders when it comes to the Greek program over the years, said he was confident an agreement would emerge by the date. He said Athens must now fulfill its corresponding obligations, which, in turn, will facilitate creditors’ measures for the debt.

On a more cautious note, ESM Managing Director Klaus Regling said much work remains to be done, namely, implementation of reforms by the Greek side. He merely noted that “we had a good discussion over the debt”.

On a more specific matter, Regling said one billion euros that has not been disbursed to Athens from the previous emergency loan tranche will be available in June. However, he said the disbursement of the sub-tranche depends on progress made in fully instituting e-auctions in the country and in covering arrears owed by the Greek state to the private sector.

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