The Eurogroup president Jeroen Dijsselbloem confirmed the progress in the negotiations with Greece, but stressed that further time and efforts are needed in order to overcome the problems. The council of the Eurozone Finance Ministers also welcomed Greece’s intention to expedite the process and will ask for greater efforts to bridge the gaps.
Greece’s Finance Minister Yannis Varoufakis appeared confident of an agreement being reached within the next few days, within the Greek government’s ‘red lines’. When asked what he expects from the ECB, Mr. Varoufakis responded that it must do its job.
Mr. Varoufakis argued that the ECB does not need a Eurogroup decision to make a decision on restoring liquidity to Greece, as it is independent. He also told Euronews that the 750-million-euro loan payment towards the IMF would be made on Tuesday, adding that Greece will always cover its obligations towards its creditors.
Regarding the possibility of a referendum, the Greek Finance Minister explained that “a referendum is always available […] in order to elicit the support of the people” while adding that “it is a tool available to the Greek government. At the moment it is not on the radar as far as we are concerned”.
The German Finance Minister Wolfgang Schäuble responded that a referendum “might even be a helpful measure for the Greek people to decide whether it is ready to accept what is necessary or whether it wants something different”. The Eurogroup president however was not as welcoming to the idea, warning that it could delay the progress of negotiations and the unblocking of financing.
The Eurogroup statement:
“The Eurogroup today took stock of the state of play with the ongoing negotiations between the Greek authorities and the institutions. We welcomed the progress that has been achieved so far. We note that the reorganisation and streamlining of working procedures has made acceleration possible, and has contributed to a more substantial discussion. At the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues. We therefore welcome the intention of the Greek authorities to accelerate their work with the institutions, with a view to achieving a successful conclusion of the review in a timely fashion.
The Eurogroup reiterated that its statement of 20 February remains the valid framework for the discussions. Once the institutions reach an agreement at staff level on the conclusion of the current review, the Eurogroup will decide on the possible disbursements of the funds outstanding under the current arrangement”.
Response of the Greek government
The Greek government commented on the Eurogroup decision, noting that it was expected and confirms that progress in negotiations. This development was due the to Greek government’s political will for a mutually beneficial agreement, within the framework of the 20 February decision.
According to the Greek side, this development illustrates how time is running out no only for Greece, but the creditors and Eurozone alike. The Greek government recognized that while certain issues remain unresolved, it insists that mutual efforts, without obsessions or dogmatic beliefs, are necessary to come to an agreement on these matters.
