Rehn said that international lenders were very close to wrapping up talks with Greece to unlock further aid, though more efforts are required from Athens.
Athens has been in talks with inspectors from the European Union, European Central Bank and International Monetary Fund since Monday to settle issues in its bailout performance review after failing to deliver on public sector reforms. "We are very close to a staff-level agreement", EU economic and monetary affairs Commissioner Olli Rehn said. "The final decision is for tomorrow. The ball is in the Greek court and it depends on whether Greece is able to deliver the remaining elements of the milestones that have been agreed."
Greece hopes that eurozone finance ministers will agree to up to €8.1 billion in aid when they meet on Monday as it needs part of the money to redeem about €2.2 billion of bonds in August.
Rehn welcomed the European Central Bank's decision to respond to turbulence caused by the US Federal Reserve's exit plan from money-printing by abandoning its own insistence that it never offers forward guidance on policy. The ECB said it would keep interest rates at record lows for an extended period. "For market participants and the general public it is most useful that the ECB has clarified its intentions with forward guidance", he said. "The United States and Europe are at different points of the economic cycle. While the US has a more restrictive approach, Europe needs to continue with a more accommodative policy."
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