With Monday’s Eurogroup approaching, there is no certainty as to when the progress of Greece’s bailout program is to be evaluated, as the government is busy trying to handle the refugee crisis.
Both sides speak of a quick completion of the evaluation, yet no side commits to a time frame. Finance Minister Euclid Tsakalotos spoke in the House on Thursday where he appeared confident that there will be a solution on Monday’s Eurogroup.
However, creditors send ambiguous messages on the issue. While they speak about the need to expedite the evaluation, there are differences between European institutions and the International Monetary Fund. The former speak of a fiscal gap of 5.5 billion euros until 2018, while the IMF speaks of a 8.8 billion euros fiscal gap.
On Thursday, IMF Communications Director Gerry Rice said that, “We ask only what was agreed last summer.” There is a cost to make the debt sustainable, he added. Yet, European creditors seem reluctant to accept that cost.
The contacts between lenders will continue through the weekend in order to reach an agreement before Monday’s Eurogroup.
Greece is trying to tie the refugee crisis with the reforms required, with the government claiming that the migrant issue throws off the state budget. But on Wednesday German Finance Minister Wolfgang Schaeuble warned Athens not to attempt to use the refugees crisis as an excuse not to implement the reforms the country has agreed on.
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