News / EU

Greece to discuss reforms with creditors to unblock aid

Wednesday, 29 April 2015 5:13 PM [ Last Update: Wednesday, 29 April 2015 5:14 PM ]

Greece's Prime Minister Alexis Tsipras (L) and European Commission President Jean-Claude Juncker address the media at the European Commission in Brussels, March 13, 2015. © AFP

Greece is expected to discuss with its international creditors a draft bill of reforms aimed at unblocking bailout funds for the cash-strapped country.

Unidentified government sources said on Wednesday that the bill will be discussed with representatives of the International Monetary Fund (IMF), European Central Bank and European Commission during a meeting in the Belgian capital city of Brussels on Thursday.

"The aim of the negotiation at all levels is the achievement of a mutually beneficial agreement," said an official who was speaking on condition of anonymity, adding, "The Greek government is optimistic that this will be achieved soon."

Meanwhile, Greece’s Deputy Prime Minister Yannis Dragasakis expressed optimism that the two sides would reach at least an interim agreement in the first few days of May, saying, "Today we are seeking a solution. But 'any solution' is not good enough. It must be a viable solution.”

The Greek government's proposed reforms reportedly include measures put forward by Finance Minister Yanis Varoufakis during the negotiations that have been ongoing for three months with the lenders aimed at the recovery of the country's tattered economy.

Greek Finance Minister Yanis Varoufakis briefs the media after his meeting with Swiss Deputy Minister for International Financial Affairs Jacques de Watteville in Athens, April 28, 2015. © AFP

Athens hopes that the reforms will be sufficient for its creditors to unblock USD-7.9-billion in remaining bailout money that the Mediterranean country needs to avoid defaulting on its foreign debt.

Greece received two bailouts in 2010 and 2012 worth a total of €240 billion (USD 272 billion) from the so-called troika of international lenders following the 2009 economic crisis. However, it has been unable to borrow on international markets over the past few years due to high borrowing rates.

The government of Prime Minister Alexis Tsipras, whose leftist Syriza party stormed to victory in January 25 elections, has tried to renegotiate the terms of the country’s bailout it received in return for imposing harsh austerity measures.

During his electoral campaign, Tsipras vowed to reconsider the austerity measures, which have caused mounting dissatisfaction in the country.

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