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EU Commission: Greece, Get Along With Troika

europeanunion_flags_525_355In a meeting held earlier on Friday in Brussels, the eurozone’s finance ministers have agreed to provide the International Monetary Fund (IMF) with political guarantees, in order for it to continue to participate in the Greek bailout package, as reported by an EU official during the daily press conference.

The 17 ministers couldn’t come up with exact funds necessary for Greece, though they are committed to providing the necessary amount over the next 12 months, while bearing in mind that the EU partners’ program ends in 2014 and the program of the IMF in 2016.

From now on, calculating the precise amount required by the Greek state will be extremely difficult, as Greece is now able to cover its internal needs from the primary surplus, with expiring large bonds the only difficult issue. Only after calculating the remaining amount will the EU be able to come up with the exact sum required.

The EU official also stated that the exact date for the return of the Troika to Greece is still open. The visit must take place at least one month prior to May though, as funding must be secured and laid out by that time, in order for Greece to be able to cover its large-scale financial obligations and expiring bonds.

Greece has between two to three months to come to an agreement with the Troika. The EU ministers, however, will ask Greece to complete its negotiations much earlier. Meanwhile, the amount required to cover the reductions in military pensions which were deemed unconstitutional last week by the Greek Council of State, have not yet been found.


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