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Greek Core Changes Denied by Eurogroup

A European Commission official has stated that only a fine tuning of pending issues will be accepted by Greece’s international lenders, excluding any bigger changes to the country’s fiscal consolidation program. He also added that there are still some memorandum obligations, the so-called prior actions, that have to be completed in order for Greece to receive 2 billion euros in loan tranches.  The first tranche is overdue since May and another fresh tranche is due in early July.  “I hope that the May prior actions will be completed by the end of this month.” he said.
Although the Greek government intends to adopt softer policies and as its revenues reach the target of 3.5 percent of its primary surplus next year, the European official noted that the reform process will have to continue without any deviations.  He added “The Greek government must focus on the implementation of its obligations and stick to the agreed framework.”
Despite the fact that Greece’s fiscal performance seems to be on track,  the European Commission official denied to make a comment on any possible future decisions concerning the debt management and mentioned that all options will remain pending until after the summer.
Furthermore, he highlighted the importance of the economic growth plan, presented in May by former Greek Minister of Finance Yannis Stournaras He said that it should be followed as planned  in order for Greece to accomplish this year’s fiscal targets for the optimum outcome.
Gikas Hardouvelis, the newly appointed Greek Finance Minister, will attend for the first time the next Eurogroup meeting on Thursday, where he is expected to unfold Greece’s priorities concerning reforms. Christine Lagarde, the managing director of the International Monetary Fund, is also expected to attend this meeting.

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