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Greece told to speed up reform efforts; weeks left to reach deal
Published in Saudi Press Agency on 11 - 05 - 2015

Eurozone finance ministers told Greece on Monday to
speed up work aimed at reaching an agreement with its creditors on
the country's reform plans, amid fears that Athens could soon run out
of money, according to dpa.
Greece has been trying to access 7.2 billion euros (8.15 billion
dollars) in remaining bailout funds, but its creditors - the European
Commission, the European Central Bank and the International Monetary
Fund (IMF) - have refused to transfer the money until Athens agrees
to new reforms.
The Eurogroup of eurozone finance ministers welcomed recent progress,
but warned in a joint statement that "more time and effort are needed
to bridge the gaps on the remaining open issues."
An agreement must be reached within the next two to three weeks in
order to meet a June 30 deadline, an EU diplomat said on condition of
anonymity. The extra time is necessary to seek parliamentary approval
from some countries, including Germany.
Without a reform deal, Greece stands to lose all remaining funds when
its bailout expires in the middle of the year.
Relations have been tense between Greece and its creditors ever since
Prime Minister Alexis Tsipras took office in January on a platform of
ending bailout-related austerity measures.
But the pace of negotiations has improved following changes to the
Greek team last month, the ministers said.
"There is no haggling about procedure any more," noted Luxembourg
Finance Minister Pierre Gramegna.
Progress has been made on issues including taxation, said EU Economy
Commissioner Pierre Moscovici, while adding that differences remain
in the areas of pension and labour market reforms.
Ahead of Monday's talks, several ministers expressed their
frustration at the drawn-out negotiations.
"This is not a ball game," said German Finance Minister Wolfgang
Schaeuble, who met his Greek counterpart, Yanis Varoufakis, ahead of
the Eurogroup talks, according to Greek media.
"We want to help Greece. But Greece must do its part," Schaeuble
added.
Irish Finance Minister Michael Noonan expressed "disappointment" at
the lack of progress since February 20, when the new leftist Greek
government was given four months to renegotiate its bailout-related
reform programme.
Many of the measures being negotiated are unpopular with the Greek
public, and with the far-left factions of Tsipras' government.
Greece could hold a referendum on reforms if there is no sufficient
support within the government, Varoufakis said, adding that it was
ultimately a decision for the president of the republic.
"That could maybe even be a correct measure - to let the Greek people
decide whether they are prepared to accept what is necessary,"
Schaeuble said.
But Dijsselbloem warned of "time constraints." Athens must not only
agree to reforms but must also implement them in order to receive any
further bailout disbursements, he noted.
"Hopefully we reach an agreement before time runs out or before money
runs out," the Eurogroup chief said.
"The difficulty now is that people are getting concerned, including
myself, about the liquidity situation in Greece," Noonan said earlier
Monday.
Athens made a 756-milion-euro loan repayment to the IMF on Monday,
hours ahead of a Tuesday deadline, Greek state radio reported. It is
one of a series of debt redemption tranches that have raised concerns
about Greece's ability to keep paying its bills.
"The liquidity issue is a terribly urgent issue," Varoufakis said
after the talks.
The country has received a total of 240 billion euros in
international rescue packages since 2010.


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