Eurogroup, ECB Urge Greece To Continue And Add Further Reforms
By ARMAN KHAN
--Eurogroup says France must stick to its fiscal commitments
ATHENS (MNI) - Greece's economy is on the recovery path but must continue to implement the necessary structural reforms and other measures that will help boost the country's competitiveness and should start devising a growth strategy with the help of its EU partners, Eurogroup Jeroen Dijsselbloem said Wednesday.
Speaking at a press conference in Athens following the informal meeting of European finance ministers, Dijsselbloem said that subject to the implementation of the necessary commitments, Greece will receive E8.3 billion in loan tranches in three instalments. However, he said, every tranche will also be attached with certain milestones that need to be met before every disbursement.
The Eurogroup chief stressed that while the Greek government seems confident it will not need a third loan, it is too soon to tell whether Greece's financing needs require additional funding. This discussion, he said, will start after the summer while the next assessment report will be in September.
In his turn, European Central Bank President Mario Draghi urged Greece not to scale back efforts to maintain its public finances and continue its programme of fiscal adjustments. He said that while the troubled county has adopted several reforms so far, still more are needed.
European Commission Vice-President Olli Rehn reiterated that a staff level agreement for financial aid for Ukraine has been achieved and will be given in line with the International Monetary Fund. Rehn was very careful to stress that it will be allocated as part of an overall political plan for stability.
"We do not want Ukraine to choose between the European Union and Russia," he insisted.
France's Finance Minister Pierre Moscovici did not attend the meetings and amid speculation that France's President Francois Hollande will address the Eurogroup for more flexibility in his budget consolidation plan, both Dijsselbloem and Rehn stressed that France is aware of its commitments and must stick to them.
Rehn mentioned that he was unaware of any request on behalf of the French government for more flexibility and reiterated that the country must act decisively and comply with the recommendations of the Commission.
By ARMAN KHAN
--Eurogroup says France must stick to its fiscal commitments
ATHENS (MNI) - Greece's economy is on the recovery path but must continue to implement the necessary structural reforms and other measures that will help boost the country's competitiveness and should start devising a growth strategy with the help of its EU partners, Eurogroup Jeroen Dijsselbloem said Wednesday.
Speaking at a press conference in Athens following the informal meeting of European finance ministers, Dijsselbloem said that subject to the implementation of the necessary commitments, Greece will receive E8.3 billion in loan tranches in three instalments. However, he said, every tranche will also be attached with certain milestones that need to be met before every disbursement.
The Eurogroup chief stressed that while the Greek government seems confident it will not need a third loan, it is too soon to tell whether Greece's financing needs require additional funding. This discussion, he said, will start after the summer while the next assessment report will be in September.
In his turn, European Central Bank President Mario Draghi urged Greece not to scale back efforts to maintain its public finances and continue its programme of fiscal adjustments. He said that while the troubled county has adopted several reforms so far, still more are needed.
European Commission Vice-President Olli Rehn reiterated that a staff level agreement for financial aid for Ukraine has been achieved and will be given in line with the International Monetary Fund. Rehn was very careful to stress that it will be allocated as part of an overall political plan for stability.
"We do not want Ukraine to choose between the European Union and Russia," he insisted.
France's Finance Minister Pierre Moscovici did not attend the meetings and amid speculation that France's President Francois Hollande will address the Eurogroup for more flexibility in his budget consolidation plan, both Dijsselbloem and Rehn stressed that France is aware of its commitments and must stick to them.
Rehn mentioned that he was unaware of any request on behalf of the French government for more flexibility and reiterated that the country must act decisively and comply with the recommendations of the Commission.
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