Greek bailout talks to continue as Eurogroup cites progress
Eurogroup ministers cite 'some progress' in talks with Greek government after it pays €750 million to IMF
ANKARA
Eurogroup ministers have said "some progress" has been made with the Greek government after nearly four hours of talks on Monday, and that discussions would continue.
The Eurogroup ministers said in a statement: “We welcome the progress that has been achieved so far. We note that time and effort are needed to fill the gaps on a large number of open issues.
"We welcome the decision by the Greek authorities to work more closely with the institutions."
The technical committees at the institutions, meaning the International Monetary Fund, the European Union, and the European Central Bank, will be given time to evaluate detailed data from Greece, according to the statement.
Eurogroup chief Jeroen Dijsselbloem said a comprehensive list of reforms was still needed for completion of the review.
The agreement made with the Greek government on Feb 20 is still the framework of the discussion, he added.
Once an agreement at staff level is reached, the Eurogroup will decide on the further disbursement of bailout funds, the statement said.
The Greek government representatives told the press that "significant progress" had been made.
Before the meeting, the International Monetary Fund confirmed it had received the €750 million ($812.4 million) installment payment that was due on its debts, thus putting an end to immediate concerns about a Greek default.
German Finance Minister Wolfgang Schaeuble said at the meeting that it could be useful for Greece to hold a referendum on the bailout terms, "so that the Greek people can decide."
Dijsselbloem added that it would be up to Greece to hold a referendum if it saw fit.
A referendum could make it easier for leftist Greek Prime Minister Alexis Tsipras to put the austerity measures imposed by the bailout agreement into effect; he would no longer be bound by campaign promises of doing just the opposite.
"If the Greek government thinks it must hold a referendum, then let it hold a referendum," Schaeuble said on arrival at the meeting.
With the danger of a Greek default staved off for the time being, creditors and debtors can go to work on resolving their differences.
But, as Dijsellbloem noted, the final deadline is at the end of June when the bailout program runs out, so intense negotiations are to continue.
