Greek goverment hopes to close deal before June

3 May 2016
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The Greek government hopes to close a deal before the start of June and close the first program review, in an effort to avoid legislating the harsh measures tied with the extra €3.6bln contingency package.

Greek PM Alexis Tsipras and Finance Minister Euclid Tsakalotos plan to hold multiple meetings with EU officials before the crucial May 9 Eurogroup meeting, trying to get a promise of a Greek debt relief. Tsipras is expected to summon a cabinet meeting today to decide on ways to reinforce Greece’s negotiating position with the backing of the countries opposing the contingency measures like France, Portugal, Italy and the EC.

However, sources close to the creditors of Greece were oblivious of such meetings between Tsakalotos and EU officials, while stating that there is a long way before reaching any deal before May 9.

Both sides have agreed on the extra €3.6bln measures, but disagree on the methods to implements them, with the Greek side proposing a ‘cut’ in expenditure, while the IMF is pushing for the legislation of specific measures like: Hikes in VAT on water and electricity, a cut in main pensions, cuts in public services wages, and ‘freezing’ public sector hirings.

There is reserved optimism over news that the European Commission’s summer forecasts, scheduled to be made public Tuesday, will be positive for the Greek economy.

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