13 October 2014

European Voice: Finance ministers delay discussion on Greek bail-out exit

Eurozone finance ministers have yet to set out a roadmap for dealing with the end of Greece’s current bail-out programme, according to Jeroen Dijsselbloem, finance minister of the Netherlands and president of the Eurogroup.

Finance ministers will discuss the next steps once Greece has implemented the reforms contained within the so-called fifth review, Dijsselbloem said, following a meeting of eurozone finance ministers in Luxembourg tonight (13 October).

Antonis Samaras, Greece’s prime minister, told Greek parliamentarians on Friday (10 October) that Greece did not need another programme but could fund itself directly on international markets.

Greece has received two bail-outs from the European Union and the International Monetary Fund worth €240 billion. The European Union’s contribution to the second bail-out expires at the end of 2014.

Greece has made “considerable progress from the summer,” said Dijsselbloem. But “in several areas significant further work is needed […] to complete the fifth review”.

Eurozone members fear that if Greece’s exit from the bail-out programme proves difficult, that could destabilise the eurozone at a time when it is at risk of slipping into its third recession since the 2008 financial crisis.

“There are serious concerns about the pace of the global recovery, in particular the low growth and subdued inflation environment in the eurozone,” said Dijsselbloem.

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Press remarks by Dijsselbloem on Greece following the Eurogroup meeting on 13 October 2014

We were informed of the state of play of the Greek adjustment programme following the first mission of the fifth review that took place between 29 September and 8 October. We welcomed that Greek authorities have made considerable progress over summer in implementing the agreed policy conditionality.

At the same time, we learned that in several areas significant further work is still needed to bring the programme on track and to be able to successfully complete the fifth review. We have urged the Greek authorities to ensure a swift implementation of the necessary reform measures, in line with the MoU and in close consultation with the Troika institutions.  

Once the findings of this fifth review become clear, the Eurogroup will start to discuss a number of interrelated issues such as the arrangements to be put in place once the current programme expires, which will be at the end of this year. 

Full press remarks

Statement by Vice-President Katainen on Greece

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