No Eurogroup Greece Meeting Thursday, 'More Time Needed'
Eurogroup chief Jeroen Dijsselbloem said late Tuesday that a mooted Thursday meeting of the eurozone finance ministers will not take place, as Greece's creditors need more time to decide next steps for the country's massive bailout.
"No additional Eurogroup on Greece this Thursday, more time needed," Dijsselbloem's spokesman Michel Reijns said on Twitter.
"Meeting on first review, contingency package and debt at later stage."
Dijsselbloem, the Dutch finance minister, had said earlier Tuesday that a meeting could take place Thursday "to finalise as many things as possible" in unlocking bailout cash and triggering potential debt relief for Greece.
But he told Dutch broadcaster RTL-Z that the meeting would only happen if it had "a chance of succeeding".
Debt-crippled Greece still needs to deliver crucial reforms in order to unlock more cash from its massive 86-billion-euro ($95 billion) bailout plan.
Greek Prime Minister Alexis Tsipras secured the bailout in July -- the country's third international financial rescue in five years -- in return for tough economic reforms including a pensions overhaul.
In one of the few concessions handed to Greece, eurozone leaders agreed to also debate ways of easing Greece's debt burden once key reform pledges were met.
Reducing Greece's mountain of public debt -- standing at an eye-watering 177 percent of gross domestic product (GDP) in 2015 -- is a key condition set by the IMF to remain a partner in the rescue plan.
"We're not just going to say 'Let's drop it,' and we're not going to lift a part of the debt. But we could decide to give more time or to grant them some periods without interest payments or reimbursements," Dijsselbloem said Tuesday.
To persuade the IMF to stay on board, the Europeans have agreed a package of extra measures which would be slapped on Greece if it does not meet its budget goals set for 2018, the year when the current bailout plan would expire.
Athens is required by then to have controlled its budget so its deficit is no more than 3.5 percent of GDP -- a goal the IMF deems unrealistic in the long-term.
Source: Agence France Presse
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