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Posted on: October 16th, 2012 by AlYunaniya Staff No Comments

No troika deal before EU summit on Thursday

stournaras-samaras

photo: PM flickr

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“It is difficult to reach an agreement by the EU Summit” said Finance Minister Yannis Stournaras yesterday after a meeting with Troika head representatives. “There is still the issue of the debt sustainability and the financing gap,” Stournaras added and pointed that “all show that we are heading towards an emergency Eurogroup” meeting.

Stournaras said the marathon negotiations, on which hinges the release of a sorely needed rescue loan installment, will continue after Thursday and Friday’s Brussels summit, Associated Press reports.

According to protothema.gr, troika requirements are prolonging the subverting Antonis Samaras’ planning, creating confusion over the release of the tranche of EUR 31.5 billion.

Samaras wants to go to the EU summit having closed the deal with the Troika to be able to claim that he did his part. The government wants the disbursement to come in one installment by the end of November because, as the Premier has said publicly, this is the endurance limit of the Greek economy. The PM wants to have the agreement of his two political partners when he goes to Brussels.

The issue of Greece will not be discussed at the Summit. Government sources said they believe the Greek issue will be postponed for the special meeting in November. Still it wants to finish with its part in order to elicit a positive statement and initiate developments that can pass the decided measures.

EU Commissioner for Economic and Monetary Affairs Olli Rehn said yesterday that he expects agreement to be reached within the coming days, preferably this week, on fiscal objectives and structural reforms for Greece.

In an interview on the sidelines of meetings of Asian and European finance officials in Bangkok, Rehn said that talks with Greece on conditions for the disbursement of its next aid installment should be completed by mid-November, Wall Street Journal reports.

Greece’s creditors are considering giving the country more time to implement fiscal tightening, Rehn said. But he declined to provide further details because he said any agreement would be part of a complete package.

 

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