Greece to Submit Reform Proposals Earlier Than Planned

Greece to Submit Reform Proposals Earlier Than Planned

The Greek Prime Minister from the left-wing SYRIZA party held talks with German Chancellor Angela Merkel and French President Francois Hollande late on Thursday.
The meeting took place during the European summit currently held in Brussels.
The main topic of duscussion has been the Greek bailout plan as well as the means for restoring EU trust in the Balkan country's fiscal policy through reforms in major sectors.
According to the bailout agreement, Greece needs to submit an installment of 6 billion euros by the end of April.
In the view of a number of analysts, the sum will pose a severe strain on the left-wing government that has publicly opposed the proposed ''austerity measures'' both through PM Alexis Tsipras and the Greek Financial Minister Yanis Varoufakis.
German Chancellor stated that it still remains unclear whether additional funding will be needed for the Greek economy and that could be established only after the full list of reforms is submitted to the main creditors.
"The procedure is back on track," Tsipras stated early on Friday morning. "It is clear that Greece will not have to take recessionary measures."
He, however, noted that Greece would face a ''humanitarian crisis'' in case the Troika Mission - International Monetray Fund, European Central Bank and the European Commission, refuse to unlock the remaining 7.5 billion US dollars left from its 240 billion euros bailout plan.
The condition posed by EU leaders for that to happen has been the Greece submits the reform proposals earlier.
"Greece will have to provide technical informations in Athens and have political discussions in Brussels," said French President Hollande.
Both sides stated that they feel more optimistic about the future devlopments after the meeting.
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