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Greece bailout: eurozone inspectors to return to Athens to review reforms Greece bailout: eurozone inspectors to review reforms
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Eurozone inspectors of Greece’s bailout have been cleared to return to Athens to complete a much-delayed review of the government’s adherence to its economic reform commitments.Eurozone inspectors of Greece’s bailout have been cleared to return to Athens to complete a much-delayed review of the government’s adherence to its economic reform commitments.
Jeroen Dijsselbloem, the eurozone’s top official, said on Monday that they could return to the Greek capital as soon as Tuesday as there is “enough common ground” between the two sides. Jeroen Dijsselbloem, the eurozone’s top official, said there was “enough common ground” between the two sides for the inspectors to return to the Greek capital as soon as Tuesday.
However, he said the Greek government has more work to do if the review is to be favourable notably on plugging a budget hole and deepening certain reforms. However, he said the Greek government had more work to do if the review was to be favourable, notably on plugging a budget hole and deepening certain reforms.
A successful review of the reforms demanded in the country’s latest €80bn (£62bn) bailout programme is needed to release more rescue loans and pave the way for discussions on how to reduce Greece’s debt burden. Dijsselbloem confirmed that the debt discussions will be forthcoming. A successful review of the reforms that were demanded in the country’s latest €80bn (£62bn) bailout programme is needed to release more rescue loans and pave the way for discussions on how to reduce Greece’s debt burden. Dijsselbloem confirmed the debt discussions would be forthcoming.
Separately, the head of the International Monetary Fund said on Monday that Cyprus has ended the IMF-leg of a three-year rescue program a week ahead of schedule. Separately, the head of the International Monetary Fund said on Monday that Cyprus had ended the IMF-leg of a three-year rescue programme a week ahead of schedule.
Christine Lagarde hailed Cyprus for delivering “an impressive turnaround of the economy” in the past three years. She said the Cypriot economy grew again last year, the banking system is on a more solid footing, spending is in check and public debt is shrinking. Christine Lagarde hailed Cyprus for delivering “an impressive turnaround of the economy” in the past three years. She said the Cypriot economy grew again last year, the banking system was on a more solid footing, spending was in check and public debt was shrinking.
But the IMF chief said Cyprus needs to stick to reforms in light of continued volatility in international markets. But she said Cyprus needed to stick to reforms in light of continued volatility in international markets.
Cyprus received €1bn from the IMF and another €9bn from its Eurozone partners in March 2013 in a rescue deal that forced a grab of uninsured savings in its two largest banks and led to the closure of the smaller lender. Cyprus received €1bn from the IMF and another €9bn from its eurozone partners in March 2013 in a rescue deal that forced a grab of uninsured savings in its two largest banks and led to the closure of the smaller lender.