The Eurogroup did not issue a joint statement and its president, Jeroen Dijsselbloem, persisted in his familiar, strict language, that no funds will be paid out without reforms.
However, appearances can be deceiving.
The Greek Minister of Finances commented after the sessions that the next seven reforms will be accompanied by seven more, which will further specialize the tax measures and further added that talks with the technical teams of the European Commission, International Monetary Fund and the European Central Bank will begin on Wednesday, in order to conclude the review and seek out solutions for the Greek financing problems.
This means that the Greek government is entering advanced negotiations with the three main institutions which are overlooking the effort to rescue and reconstruct our economy.
Furthermore, the European Central Bank’s board of directors will convene on Thursday in order to review the needs of Greek banks and will decide upon the terms and extent of funding provided by the emergency mechanism, the so-called ELA.
By examining the aforementioned developments one can sense that despite the harsh exchange of words, steps towards normalcy have been taken. The Greek government backed down from its original positions. It accepted further reforms and measures and it importantly came to terms with the idea of discussing – in Brussels, at first – the review of the current program and the enrichment of the new one with the technical teams of the three institutions. In exchange, the creditors will accept and begin talks about covering the Greek funding problems.
In other words, after weeks of difficult talks, there is a glimmer of normalcy.
In essence Athens and Brussels seem prepared to bury the hatchet and begin talks on measures and policies that will resolve the conflict between the new Greek government and the creditors – partners.
We are essentially in a peace process, from which the Greek economy may only benefit. If the funding problems are overcome, then the climate will improve, the economy will rid itself of the many waves of insecurity and it will return to relatively normal circumstances.
It is critical in the existing environment to dispel the atmosphere of high uncertainty and insecurity.
Let us hope that in the meantime there will be no problems or retreats from the normalization process of our relations with partners and creditors.
TO VIMA
