(Athens, Greece) – On May 24, finance ministers from various countries in the Euro Zone will meet to discuss the Greek debt crisis. According to Olga Gerovasili, a Greek government spokesperson, Greece expects the group to focus on discussing both short-term and medium-term strategies during the meeting and leave long-term talks out of the discussion. She argues that long-term talks are part of a much larger discussion, and that she would like them to focus on things that will help the country in the more immediate future. Although most people agree that Greece does need a viable long-term solution, the Greek government cautions against entering into those discussions at this time.
The Euro zone finance ministers are expected to discuss the subject of Greek debt and to assess whether or not Greece will be eligible for a third round of bailout funds. They will also discuss issues that will allow Greece to restructure the debt. Athens is hoping that these talks will help the country better manage its debt and to set the country up for long-term growth. They would like to get market access once again and also be able to show the people of Greece that the sacrifices they’ve made through the austerity measures are allowing the Greek economy to move in the right direction. Greece hasn’t been part of the global debt markets since 2014.
The first Greek bailout happened in 2010. Last year in 2015, Greece secured a second round of bailout funds. Like the other two bailouts, this one is highly controversial where public opinion seems to disagree about what is needed to get the Greek economy back on track. The goal for this third round of talks is to help Greece find a way to make the debt more manageable. Both the International Monetary Fund and the Euro Zone seem to disagree about how to best handle the situation. All parties involved are hoping to wrap up bailout talks by the end of May. In order for this third round of bailouts to be approved, the international creditors have said that Greece needs to agree to adhere to the new austerity measures.