| Author (Corporate) | Eurogroup |
|---|---|
| Series Title | Meeting |
| Series Details | 9 May 2016 |
| Publication Date | 09/05/2016 |
| Content Type | News |
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The Eurogroup held an extraordinary meeting in Brussels on the 9 May 2016 to discuss the state of play of the first review of the macroeconomic adjustment programme for Greece. The Eurogroup discussed the state of play of the first review of Greece's macroeconomic adjustment programme. It welcomed a package of policy reforms, which would cover: + the pension system The Eurogroup concluded that further work was needed by the Greek authorities and the institutions on a mechanism regarding additional contingency measures. These measures will come into force only if additional effort is needed to reach the agreed primary surplus targets. The conclusion of the first review will open the way for the disbursement of further financial assistance for Greece, following the implementation of prior actions by Greece and the relevant national procedures in the other euro area member states. Next Steps: The Eurogroup would continue the discussion at its next meeting on 24 May 2016. -------------------- The Greek Parliament had approved on the 8 May 2016 a further austerity programme involving controversial tax and pensions reforms. This was seen as a necessary prelude to help from Greece's international creditors. Thousands of people had taken to the streets in Athens protesting at the reforms before the vote. In a letter to eurozone finance ministers, the head of the International Monetary Fund, Christine Lagarde, called for immediate talks on debt relief for Greece. News sources commenting upon the Eurogroup meeting on the 9 May 2016 suggested that while the first review of the 3rd Economic Adjustment Programme had not been signed off, there was some optimism this would happen at the next meeting on the 24 May 2016. However, difficult negotiations concerning possible debt relief and contingency measures were still needed. |
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| Source Link | Link to Main Source http://www.consilium.europa.eu/en/meetings/eurogroup/2016/05/09/ |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Greece |
