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Eurozone Finance Ministers Weigh Up Debt Relief for Greece

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Eurozone Finance Ministers Weigh Up Debt Relief for Greece

Greece's debt stands at 180% of its GDP
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REUTERS/Costas Baltas
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Finance ministers from across the Eurozone have met in Luxembourg. They were celebrating the 20th anniversary since they first all got together, but also a turning point in the Greek economy.

Economic reforms have delivered it from an economic crisis that once threatened the whole Eurozone and lasted eight years.

Greece's debt now stands at 180 percent of its GDP and its government is hoping there will be agreement on debt relief as a reward.

The Eurogroup is weighing up a plan.

French Finance Minister Bruno Le Maire said:

"We have to recognize that Greece has really done the job, has fulfilled its commitments. And now we have, from our side, to also fulfill our commitments and to try and find the best solution for the treatment of the Greek debt."

In addition to debt relief, the so-called post-programme surveillance also needs to be settled.

That means the monitoring of Greece by European and international institutions to make sure it's meeting fiscal targets for several years to come.