Greece will be the main topic on the agenda in the meeting between the European Commission, the European Central Bank, the European Stability Mechanism and the International Monetary Fund on Wednesday in Brussels.
The meeting has been arranged in order to help bring Europe and the IMF closer on the issue of Greece’s bailout program evaluation. It follows a recent Euro Working Group during which the differences between Greece and lenders proved unbridgeable. The aim is to expedite procedures, so that the institutions return to Athens and conclude the bailout program review.
Greece is anxious to complete the first evaluation in a timely manner in order to receive the next bailout tranche. Also, a positive review will pave the way for discussions on easing the Greek debt. Prime Minister Alexis Tsipras is trying to get political aid on the issue, mainly from Germany and France.
Minister of Finance Euclid Tsakalotos is scheduled to appear before the European Parliament’s Financial Affairs Committee, with Greek government sources hinting towards the possibility of further political contacts.
The Greek side considers the IMF demands unrealistic. Tsipras said in a television interview on Monday that he makes efforts to “convince the IMF to turn to realism.”
There are disagreements between the IMF and European institutions, especially on fiscal gaps and primary surpluses. The Fund is asking for stricter fiscal measures, while European institutions appear a little more lax. For instance, the IMF insists on pension cuts, while Berlin is willing to accept alternative measures as long as the pension system becomes sustainable.
Tsipras appears optimistic that creditors will return to Athens within the first ten days of March and the critical bailout program review would conclude by Greek Orthodox Easter.
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