Athens works on contingent fiscal plan to satisfy lenders and complete review

Series Title
Series Details 24.04.16
Publication Date 24/04/2016
Content Type

The institutions and the Greek Minister for Finance, Euclid Tsakalotos, briefed the Eurogroup on 22 April 2016 regarding the state of play in the ongoing first review of Greece's macroeconomic adjustment programme.

For the review to be completed, the institutions and the Greek authorities should reach an agreement on a comprehensive package of policy reforms to be implemented by Greece.

Significant progress had been made in recent weeks, but further work was still needed on a number of policy areas, including fiscal strategy and the privatisation fund.

The Eurogroup urged the Greek authorities to swiftly agree with the institutions on the reform package which should also cover issues such as contingency measures and non-performing loans.

Although the Eurogroup was hopeful that agreement would be possible in the following days, negotiations came to a halt on 26 April 2016. Therefore, a new meeting of the Eurozone finance ministers was postponed until the deadlock was solved.

On the 27 April 2016 Greek Prime Minister Alexis Tsipras requested a special European Council summit to break the deadlock but European Council President Donald Tusk rejected the call. However, on the same day Eurogroup President Jeroen Dijsselbloem said that Greece and the institutions were 'getting close to a deal' on the contingency measures and that a Eurogroup meeting might be convened very soon.

EU officials confirmed on the 28 April 2016 that a special Eurogroup meeting would be held on the 9 May 2016.

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