EU finance ministers to resume talks on Greece
Eurozone finance ministers are set to hold fresh talks on Greece’s new proposals over its debt crisis in a last-ditch effort to save the debt-ridden country from financial collapse.
The Eurogroup session will begin in Brussels on Sunday after they suspended “very difficult” talks on a new bailout for Greece on Saturday.
Meanwhile, a European Union (EU) summit also due on Sunday has been canceled.
On Sunday, European Council President Donald Tusk said in an early morning tweet that, “I have cancelled EUCO (the European Union summit) today.”
He added that that a summit of 19 eurozone leaders will be held at 1400 GMT and “last until we conclude talks on Greece.”
The Eurogroup expressed skepticism that Athens would be able to implement the belt-tightening measures it has proposed.
The EU finance ministers demanded that Athens go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open talks on a third bailout of €74 billion ($83 billion) to avoid the prospect of a Greek exit from the single-currency.
The proposals, including pension cuts and tax hikes, were approved by the Greek parliament in the early hours of Saturday.
Eurogroup chief Jeroen Dijsselbloem said the “issue of credibility and trust was discussed” by ministers during the Saturday meeting.
“We haven’t concluded our discussions. It is still very difficult but work is still in progress,” said Dijsselbloem.
Finnish Finance Minister Alexander Stubb as well as EU commissioner for economic affairs Pierre Moscovici has also expressed optimism over the results of the talks.
Greece received two bailout packages in 2010 and 2012, worth a total of €240 billion ($272 billion), from the creditors following its 2009 economic crisis in exchange for implementing tough austerity measures.
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