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The Eurogroup welcomed the staff-level agreement reached between the Troika and the Greek authorities on updated programme conditionality, including a wide range of far-reaching measures in the areas of fiscal consolidation, structural reforms, privatisation and financial sector stabilisation.
The Eurogroup noted with satisfaction that all prior actions required ahead of this meeting have been met in a satisfactory manner. This reflects a wide-ranging set of reforms, as well as the budget for 2013 and an ambitious medium-term fiscal strategy for 2013-16. These efforts demonstrate the authorities' strong commitment to the adjustment programme.
The Eurogroup commended the considerable efforts made by the Greek authorities and citizens to reach this stage. Against this background, the Eurogroup has had an extensive discussion and made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt.
The Eurogroup interrupted its meeting to allow for further technical work on some elements of this package. The Eurogroup will reconvene on Monday, 26 November.
Prime Minister Antonis Samaras said the lack of a debt deal between the country's lenders over technical reasons did not justify holding up aid needed to avert Greek bankruptcy. Greece's next big debt repayment is due in mid-December.
"Greece did what it had committed it would do. Our partners, together with the IMF, also have to do what they have taken on to do", Samaras said in a statement. "It is not only the future of our country, but also the stability of the entire eurozone that depends on the successful completion of this effort in the following days", he added. "Any technical difficulties in finding a technical solution do not justify any negligence or delays."
Further reporting, 'Eurozone, IMF fail to strike Greek debt deal' © Reuters