The President of the Eurogroup and head of eurozone finance, Jeroen Dijsselbloem has underlined that Greece must intensify its efforts, as further progress is needed to reach an agreement on how Greece’s financial gap will be closed in the 2014 budget.
A team of officials from Greece’s European partners regularly inspects if Greece on its behalf, keeps its bailout commitments. These inspections help our lenders to decide whether further loan packages are necessary to be sent to Greece in order to keep country’s economy afloat.
The Eurogroup begins at 4pm on Friday, and it is expected from European partners to announce their intentions regarding the 2014 budget, and whether they intend to suggest further measures in order for Greece to close the financing gap in the years forthcoming budget.
The conversation between Greece and the European lenders concerning the financing gap, have been paused and no progress has been made lately. The Greek coalition government argues that Greece’s behalf, after making the biggest deficit reduction ever seen in the eurozone, deserves some slack, but its lenders believe otherwise. “Greece must intensify its efforts in order to reach an agreement” said Mr. Dijsselbloem a few days before the meeting of the eurozone ministers.
The Greek Minister of Finance, Yannis Stournaras, is heading to Brussels today and hopes that he will be able to find some common ground between the Greek government and the creditors’ demands.
It is obvious that Greek society–reeling more than three years of austerity–cannot withstand further horizontal cuts and measures.