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Juncker: Eurogroup Meeting on Feb 6 Postponed
Posted by keeptalkinggreece in Economy
The Eurogroup meeting planned for Monday, Feb 6, 2o12, where eurozone finance ministers would deal with Greece second bailout package has been postponed. “It may be scheduled later next week” said a spokesman of Eurogroup head, Jean-Claude Juncker on Friday afternoon. However he did not exclude a possible meeting via teleconference, if necessary. The Eurogroup was to meet and ratify the second bailout package to Greece.
To Vima newspaper claims there has been some “jam” in the negotiations between Greece and the Troika of IMF, EU and ECD representatives. The newspaper did not elaborate further.
Greek media have been reporting in the last week that the Troika demands additional draconian austerity measures and expenditures cuts with direct effect to wages, labour rights and health sector, that meet even the opposition of two out of three Papademos coalition government partners and many deputies. Troika, especially the IMF part, proved to have an adamant stance by not stepping back even an inch causing difficulties to the Greek government that will appear as it accepts Greece’s lenders demands without negotiating.
Speaking at the Greek parliament on Friday morning, Finance Minister Evangelos Venizelos, described the talks between Greece and the Troika as “very difficult“.
Prime Minister Lucas Papademos is most likely to meet with his coalition government partners on Saturday noon and ask them to give their written pledges that they will materialize the loan agreement conditions.
The second rescue package for Greece has been estimated to be 130 billion euro. However first the Greek bond swap (PSI) has to be completed and then the amount of the bailout will be fixed. Some French and US media claim that an additional amount of 15 billion euro may be needed. “But even if talks with the troika and the private creditors are completed successfully, euro-zone and IMF officials have said Greece may need up to EUR15 billion from its official lenders. That’s because the Greek economy has deteriorated sharply from October when the write-down plan was put together by the IMF” ( WSJ)
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