Eurogroup Meeting Concerning Greek Economy Will Take Place in Athens

Parthenon on the Acropolis in Athens

(Athens, Greece) – The next Eurogroup meeting concerning the struggling Greek economy will take place in Athens, Greece on Monday, May 9, 2016. The meeting is set to evaluate the bailout program that is currently in place to assess what needs to be done to improve the Greek economy. The meeting will include the Finance Ministers from various European countries. Progress on these current bailout talks has been slow, and people are concerned that no agreement will be reached during the meeting. The goal of the talk is to determine whether or not new bailout funds need to be unlocked. Meanwhile, the EU warns that creditors need to be ready in case an agreement isn’t reached in case Athens doesn’t meet its fiscal goals in the meantime.

Talks for Greece’s third attempt at securing international financial rescue have been delayed, and Athens places this blame on the IMF, or International Monetary Fund. Prime Minister Tsipras has come up with several proposals aimed at securing budget savings, but the IMF hasn’t been happy with them so far. Greece has pushed for emergency meetings with key European leaders concerning the potential bailout, but the President of the European Council has also opposed it. Other critics concerning additional Greed debt relief include German Finance Minister Wolfgang Schaueble, who has said that he doesn’t belief that Greece needs additional debt relief.

The meeting on May 9 will include Greek officials, as well as key members of the Eurogroup. Greek officials will attempt to secure a bailout deal. The original reform package includes tax reforms, pension reforms, and also addresses what to do about the non-performing loans. Greek officials have said that they are close to reaching an agreement that addresses all of their concerns. European Council President Donald Tusk has called for a meeting of Europe’s finance ministers to discuss the issue prior to the meeting in Athens on Monday. This will be Greece’s third bailout since 2010. For these talks, progress has been fairly slow but all parties involved with the negotiations seem confident that the issue will resolved in the upcoming weeks. Greece also wants to unlock some cash from its 86 Billion Euro rescue package. The meeting on Monday will be an important step in the direction of reaching an agreement.

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