Tags: greece | aid | reform | eu

EU Dangles Prospect of Aid to Spur Greece to Action

Friday, 20 Mar 2015 09:40 AM

Greece could win an infusion of bailout money as soon as next week if Prime Minister Alexis Tsipras can deliver an adequate package of reform measures, an EU official told reporters in Brussels. 

European Union leaders sought to revive bailout talks at a meeting in Brussels by signaling they might soon be ready to release some funds so long as Greece fulfills its commitments. The first money could come from profits euro members made when the European Central Bank bought discounted Greek debt during an earlier phase of the financial crisis. There’s also money left in the country’s 240 billion-euro ($258 billion) bailout program.

The two types of prospective aid “are cited in the same breath and both can only be paid out after a successful assessment by the institutions and a decision by the Eurogroup,” German Chancellor Angela Merkel told reporters in Brussels early Friday morning, after almost four hours of talks with a group including Tsipras and ECB President Mario Draghi.

Euro-area finance ministers could meet again as soon as March 27 to discuss the aid prospects, the EU official said. Bailout talks will continue in Brussels, with inspectors in Athens delving into Greece’s finances and the details of its proposed economic overhaul.

Leaders took a more active role in the Greek negotiations in a bid to push past the logjam that has stymied Tsipras’s efforts to unlock bailout cash since he came to power in January on a pledge to end austerity. Without a breakthrough, Greece could run out of money as soon as this month as debt payments and monthly salaries and pensions come due.

--With assistance from Corina Ruhe in Amsterdam, James G. Neuger, Ewa Krukowska, John Martens and Ian Wishart in Brussels, Gregory Viscusi in Paris, John Follain in Rome, Thomas Penny in London, Patrick Donahue in Berlin, Piotr Skolimowski in Warsaw, Nikos Chrysoloras, Marcus Bensasson, Vassilis Karamanis and Christos Ziotis in Athens, Radoslav Tomek in Bratislava, Slovakia and Peter Laca and Andrea Dudik in Prague.

© Copyright 2017 Bloomberg News. All rights reserved.

 
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Greece could win an infusion of bailout money as soon as next week if Prime Minister Alexis Tsipras can deliver an adequate package of reform measures, an EU official told reporters in Brussels.
greece, aid, reform, eu
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2015-40-20
Friday, 20 Mar 2015 09:40 AM
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