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Another key week begins for Greece and the EU


economy

Another key week begins for Greece and the EU

It is another crucial week for the team of Greek negotiators trying to thrash out a deal with the Eurogroup, meeting in Brussels.

With many expecting the leftwing Syriza government to be forced to make concessions, there are disagreements over VAT reforms, and
changes to the pensions system.

“My feeling is that even at the last moment, we will have an agreement. Let’s not forget that the EU is used to solving big problems at the very last minute,” says economic analyst Napoleon Maravegias.

Greece’s creditors want nearly three billion euros of new cuts so the country can run a 1% of GDP surplus by the end of the year. Greece says it can get between 0.5% and 0.7% without the extra cuts.

“Prime Minister Tsipras and his left-wing government remain between a rock and a hard place as they know that they can’t satisfy the country’s creditors without losing credibility with their electorate. But as time is running short for Greece, they will soon have to make a final choice, no matter how hard this may be either for the country’s economy or for SYRIZA’s political future,” says euronews’ Stamatis Giannisis in Athens.

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