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Greece to offer no new reforms at crucial Eurogroup meeting

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Greece to offer no new reforms at crucial Eurogroup meeting


Greek Finance MInister Yanis Varoufakis has told a German newspaper that he is not planning to present new reform proposals at Thursday’s Eurogroup meeting. That is when Greece’s future in the eurozone will be discussed.

In the interview with Bild he repeated his call to German Chancellor Angela Merkel to give his county a “speech of hope” to signal that Europe is ready to end its demands for austerity.

Athens and its creditors appear to have hardened their positions after talks to avoid a Greek debt default at the end of this month collapsed on Sunday.

During those talks a European Commission spokesman said while progress was made “significant gaps” remained.

Germany and other lender nations have demanded Greece comes to its senses and offers new proposals including pension and VAT reforms.

They want Greece to make spending cuts worth 2 billion euros to secure a deal that will unlock bailout funds.

Greece must repay more than 1.5 billion euros of loans to the International Monetary Fund (IMF) at the end of June and promise further economic reforms to receive about 7 billion euros of bailout funds.

At home Greek voters are clinging to the idea a last minute deal to fund their cash-strapped country, will be reached avoiding a possible Greek exit from the EU currency bloc

However opinion in the press is forecasting heavy weather and that its ‘make your mind up time’ for Prime Minister Alexis Tsipras.

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