Meeting: Eurogroup, Riga, 24 April 2015

The Finance Ministers of the Eurozone met in Riga on 24 April 2015 and discussed the following topics:

+ Greece
The Eurogroup was briefed by the institutions (the European Commission, the European Central Bank and the International Monetary Fund) on the state of play of their discussions with the Greek authorities. The aim of the talks was to reach an agreement on a comprehensive list of reforms, which Greece is expected to complete according to the current agreement.

Successful completion of this task was considered to be key to closing the final review of the current programme and to unlocking the payment of the remaining tranche of the agreed financial assistance. The Eurogroup called for a much swifter progress in the discussions and agreed to evaluate the situation at its upcoming meeting in May 2015.

+ Banking union
The Chair of the European Central Bank's supervisory board, Danièle Nouy, presented the first ECB annual report on supervisory activities.

The Eurogroup underlined it was important that the member states which have not yet transposed the bank recovery and resolution directive into their national law do so without further delay. It also stressed the importance of the ratification of the intergovernmental agreement on the single resolution fund - these were seen as two important elements for the functioning of the banking union. The banking union should be fully complete from 1 January 2016.

+ Thematic discussion on growth and jobs
The Eurogroup evaluated how the euro area as a whole had implemented the structural reforms recommended to it in 2014 in the context of the European Semester. Ministers agreed to hold such discussions regularly and outlined a list of policy areas to be discussed and benchmarked against best practices by the end of 2015.

+ Spain: post-programme surveillance
The ministers welcomed the positive outcome of the third post-programme surveillance mission by the European Commission and the ECB in Spain. The mission report concluded that Spain had stabilised its financial sector and secured a strong economic recovery and advised the country to continue reforms to eliminate remaining imbalances. The next post-programme surveillance mission was scheduled to take place in autumn 2015.

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Speaking at the end of the meeting in the Latvian capital, Riga, Eurogroup president Jeroen Dijsselbloem said there were still 'wide differences' between Athens and its international creditors on fulfilling conditions for receiving the remaining €7.2bn from the existing €240bn bailout.

He stressed that the funds could be unlocked only if the Greek government made 'significantly more progress' on economic reform plans acceptable to its creditors.

News reports on the 27 April 2015 suggested that Greek Prime Minister Alexis Tsipras had reshuffled his team handling talks with European and IMF lenders, after his finance minister Yanis Varoufakis had been criticized for his performance at the eurogroup meeting.

• Primary Source

European Council: STATEMENT/15/230, 24.04.15: Remarks by Jeroen Dijsselbloem at the press conference following the Eurogroup meeting of 24 April 2015 http://www.consilium.europa.eu/en/press/press-releases/2015/04/24-eurogroup-dijsselbloem-remarks/

European Commission: DG Communication: RAPID: SPEECH/15/4853, 24.04.15: Commissioner Moscovici's remarks at Eurogroup press conference http://europa.eu/rapid/press-release_SPEECH-15-4853_en.htm

ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Tsipras asks for quick deal with lenders http://www.europeansources.info/record/tsipras-asks-for-quick-deal-with-lenders/

ESO: Background information: Greece orders raid on state funds in scramble to pay bills http://www.europeansources.info/record/greece-orders-raid-on-state-funds-in-scramble-to-pay-bills/

Deutsche Welle, 24.04.15: Eurogroup president says 'time running out' for Greece http://dw.de/p/1FEJ8

BBC News, 24.04.15: Greece: 'Time running out' for debt deal http://www.bbc.co.uk/news/business-32445535

Politico, 25.04.15: Spinning scenarios for Greece http://www.politico.eu/article/spinning-scenarios-for-greece/

EUObserver, 24.04.15: Eurozone slams door on Greek hopes https://euobserver.com/news/128458

Euro|Topics: Main Focus, 27.04.15: No solution to conflict over Greece in sight http://www.eurotopics.net/en/home/presseschau/archiv/archiv_dossier/DOSSIER162179-No-solution-to-conflict-over-Greece-in-sight

Kathimerini, 27.04.15: Tsipras reshuffles negotiating team after Riga debacle http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/04/2015_549479

EurActiv, 27.04.15: ‘Plan B’ mooted for Greece as Merkel, Tsipras agree to intensify dialogue http://www.euractiv.com/sections/euro-finance/plan-b-mooted-greece-merkel-tsipras-agree-intensify-dialogue-314101

EUObserver, 27.04.15: Greece faces criticism, as 'plan B' speculation mounts https://euobserver.com/news/128473

EUObserver, 27.04.15: [Analysis]: Sidelining Varoufakis is Tsipras' wild card https://euobserver.com/beyond-brussels/128479

Politico, 27.04.15: Tsipras blinks, maybe http://www.politico.eu/article/varoufakis-greece-talks-aid-sidelined/

Social Europe Journal, 28.04.15: Are Creditors Pushing Greece Deliberately Into Default? http://www.socialeurope.eu/2015/04/are-creditors-pushing-greece-deliberately-into-default/

Kathimerini, 29.04.15: Brussels talks resume with reinforced Greek team http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/04/2015_549586

Kathimerini, 30.04.15: Greece signals summer concessions in bailout talks http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_30/04/2015_549609

EurActiv, 30.04.15: Greece considers selling ports to reach deal with creditors http://www.euractiv.com/sections/euro-finance/greece-considers-selling-ports-reach-deal-creditors-314223

Politico, 30.04.15: Greeks mull reforms under eurozone pressure http://www.politico.eu/article/greeks-mull-reforms-eurozone-pressure/

EUObserver, 30.04.15: New Greek team in EU capital for bailout talks https://euobserver.com/economic/128533

Kathimerini, 01.05.15: Eurogroup's Dijsselbloem says Europe prepared for any Greek outcome http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_01/05/2015_549619

Kathimerini, 30.04.15: IMF says next Greek payment to fund due May 6 http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_30/04/2015_549618

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