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Greek Economic Reform: Eurozone responds positively to the minister’s letter

The head of Eurozone group responded to the letter from the Greek PM for resuming technical talks for concluding the bailout program with international creditors. Greek Minister Yanis Varoufakis had sent a letter to Jeroen Djisselbloem that outlined the reforms the country would implement in return for further aid from EU/IMF lenders.greece-economic-reform

Djisselbloem responded with negotiations for continuing work between Eurogroup zone and the technical teams for implementing the February 20’s decision. The Greek government had to specify its reforms in turn for further aid by the end of April. The Eurozone group is set to meet on Monday to discuss the reforms pledged by Athens.


Greek minister Yanis Varoufakis received the response from the Eurozone head late night on Friday. European Central Bank president Mario Draghi pressurized Athens to implement the promised reforms to start lending though they remain favorable. ECB pointed out that it would not raise the limit on issuance of short-term debt that would prevent a funding crunch for the leftist Prime Minister Alexis Tsipras.

Dragi reportedly had a favorable conversation with Tsipras on Saturday where is mentioned the ECB’s rules that is not influenced by political pressure. Earlier, Greek Foreign Minister Nikos Kotzias mentioned that millions of people, including jihadists would migrate in the event of an economic collapse.

In the Greek parliament, Kotzias stated that it was at war with the lenders and the leash was getting tighter every month. He added that the government would not proceed like “happy scouts” to follow the bail out policies. The latest negotiations between the group and Athens indicate that the bailout will be favorable after the technical talks even though all the reforms issued by the EU group may not be implemented.

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A movie buff, a bookworm, and a compulsive doodler. All posts by Anirudh

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