Eurogroup and IMF Will Begin Talks on Greece Debt Relief in April

By Staff Writer

Mar 08, 2016 07:47 AM EST

Eurogroup President Jeroen Dijsselbloem said to begin review on Greece debt soon. The group of European finance ministers will renew talk soon after Greek government continue reform plan.

Greece and Eurogroup has a long standoff over pension fund. In June 2015 third bailout program, Eurogroup insisted Greece to implement a capital control and economic reform to ensure financial sustainability. However, majority of citizens and parliament members rejected the bailout program and resulting the new government to be formed.

In November last year, the government continued the bailout program, but still have a deadlock over pension fund. As part of measure in economic reform Greek must slash its expenditure on its main and supplementary pensions. However, the government is reluctant to do so, as protest from pensioners have burdened the government.

On Monday, Eurogroup held a meeting to start a review process and new negotiation over Greece economic reform. Head of Eurogroup Jeroen Dijsselbloem told reporters, as quoted by Bloomberg, "In order to make it all fit and work, we may have to bring all of this together in the comings months," he said regarding the review process.

"That means speeding up of course both the review process as quick as possible, and also bringing forward the debt discussion. That could allow us to reach a political agreement."

Finance ministers of European Union agreed to prepare an easier debt terms, but, first of all, they have to review its €86 billion($95 billion) third bailout program. They expect to overcome the deadlock and ensuring Greece membership in Eurozone.

Dijsselbloem, who is also Dutch finance ministers told finance ministers in Eurogroup to prepare in starting debt talks in April. Meanwhile a Greek government official told Reuters, "The lenders mission will return to Athens on Tuesday."

European Economic Affairs Commissioner Pierre Moscovici confirmed the return of bailout monitoring team to Athens on Tuesday. Strait Times reported the team from European Union and International Monetary Fund will return to Greece to complete a long-delayed review of the programme and unlock rescue cash.

Although International Monetary Fund is one of of the strongest advocates for continuing debt relief, but it has also been the one taking the hardest line on Greece economic reform. The mission to Athens will try to lessen the standoff over the measures to be taken.

"I am very happy that mission chiefs are going to Athens as soon as tomorrow," said Moscovici said in the same conference.

Review on Greece economic reform will soon begin today, as Eurogroup and IMF send mission to Athens. Following the review, debt relief talks will soon to be renewed in April.

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