Eurogroup aims to record progress on Greek issue, with May 24 a new unofficial deadline

By Nikos Bellos

The Greek issue will again dominate another Eurogroup meeting in Brussels, with an extraordinary session set for Monday to ascertain progress for the now increasingly delayed first review of the Greek program (third bailout).

Nevertheless, final decisions are not expected at this phase despite the fact that progress was reported during a EuroWorking Group meeting of technocrats on Monday, before the actual Eurogroup begins at 14.00 GMT in the Belgian capital, a Eurozone source told “N” on Monday.

“We’re close to an agreement, but it has not materialized yet,” was the statement.

Community sources have stated that the debut of an agenda item related to Greek debt relief could complicate talks initially, as no agreement has yet been achieved on the most recent demand by creditors that Athens legislate another 3.6-billion-euro “contingency package” – on top of 5.4 billion euros in already foreseen new taxes and pension cuts -- to ensure that it meets fiscal targets through 2018.

All three issues – the 5.4 billion euro package, the contingency mechanism and debt relief -- will be discussed on Monday, sources added.

The same Community sources said a first review is imperative before any substantive talks can begin on debt relief, an issue which pits the IMF against the most influential of Eurozone members on opposing sides of the argument. Nevertheless, some type of framework and timetable for such negotiations is expected to be discussed at today’s meeting.

Two high-ranking EU leaders, Commission president Jean-Claude Juncker and EU Commission Pierre Moscovici, have also expressed solid support over the past week for Athens’ efforts to meet creditors’ demands. 

Eurogroup chair Jeroen Dijsselbloem reportedly wants Monday’s meeting to record significant progress so that a first review is possible by May 24, the next date for a scheduled Eurogroup meeting.