Greece needs to clinch a deal with its EU-IMF creditors at a eurozone meeting on Thursday next week to prevent it from defaulting on its debt, two ministers said yesterday.
Greek Minister of Defense Panos Kammenos said in an interview with Mega channel that a deal “will come about by June 18 or never.”
Greek Minister of State Alekos Flambouraris, a close associate of Greek Prime Minister Alexis Tsipras, told state television ERT: “I hope [an agreement] comes very soon, on June 18, when the Eurogroup convenes.”
Photo: AFP
Greece needs to clinch a deal to unlock 7.2 billion euros (US$8.08 billion) in bailout funds by the end of this month before its current EU-IMF rescue program expires, leaving the cash-strapped country with no means of support against a looming default.
The five-month talks are stuck on disagreement between Greece and its creditors on its future budget goals, economic reforms and tax revenue.
Athens is facing mounting pressure, with the IMF on Thursday saying there remains big gaps between both sides and the EU warning the Greeks to stop “gambling” with the possibility of default and a messy exit from the eurozone.
The IMF on Thursday walked away from the talks, saying the “ball is very much in Greece’s court right now,” adding that key disagreements were on pensions, taxes and financing.
The euro fell yesterday as hopes for a Greek bailout deal took a hit after the IMF pulled out of crunch talks between Athens and its creditors.
In Tokyo, the single currency was at US$1.1229 and ¥138.63, against US$1.126 and ¥139 in New York. The US dollar bought ¥123.47 against ¥123.45.
Eurogroup President Jeroen Dijsselbloem on Thursday said in an interview with a Finnish newspaper that Greece has no option except to make the tough decisions required by its international creditors if it wants to secure more loans and avoid default.
“If the Greek government can’t accept the fact that there are no easy solutions and that the difficult decisions just must be made, it is alone. We can’t help Greece if Greece doesn’t want to help itself,” Dijsselbloem was quoted as saying in daily Helsingin Sanomat.
Dijsselbloem represents the finance ministers of the countries that use the euro. He is also the Dutch finance minister.
Dijsselbloem said a deal could still be reached in time to unlock aid before the end of the month, adding that Greece’s creditors are still open to negotiations if Athens’ propositions make economic sense.
“The political decision could be made even tomorrow as long as it is credible and secures Greece’s financial independence,” he said.
Additional reporting by Reuters
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