Decisions for Greece will come on November 20

The final decisions on Greece are expected to be made at a new meeting of Eurozone finance ministers, mainly for the disbursement of the 31-billion-euro installment. As Eurogroup chairman Jean-Claude Juncker said, the new meeting for the Greek case is set for next Tuesday, November 20.

 

During the press conference he pointed out once again that the Greek side has made a major effort, that there has been important progress in the assessment of Greece and that the partners recognize it.

 

"We welcome the progress Greece has made and the taking of necessary measures by the Greek parliament. Eurogroup also recognizes the efforts made by the Greek people," was the exact statement of the Eurogroup president.

 

Hence the approval of the two-year extension of Greece’s economic program so that painful cuts and economic measures should decrease and allow time for the country to implement the reforms and for them to bear fruit.

 

Commissioner Olli Rehn spoke about the important reforms that Greece has implemented, but stressed that despite the enormous progress and the strenuous efforts of the Greek people, a lot remains to be done in Greece.

 

IMF chief Christine Lagarde said that they are examining all the ways to reduce the debt and that the objective of the Fund is still for the debt to reach 120% of the GDP in 2020. She expressed the IMF’s satisfaction with the positive results of the vote in the Greek parliament on 7 and 11 November, and that it is important for the IMF to have satisfactory closure with financial commitments, structural reforms and the sustainability of the Greek debt.

 

The meeting of the Eurozone finance ministers concluded in record time, just after midnight Greek local time, which was taken from the start by analysts as a sign that they had not made any important decisions, as evidently they did not.

 

Besides the Eurogroup announced for next Tuesday, officials have also planned a teleconference of finance ministers for November 28.