Eurogroup talks debt relief for Greece

An extra Eurogroup meeting on the Greek programme discussed debt and sustainability and what needs to be done there.

The Eurogroup agreed on a number of guiding principles “to make it easier for Greece to gain access to the markets again, to smoothen the repayment profile in the coming years, to incentivise the country's adjustment process and to accommodate uncertain GDP growth and interest rate developments in the future.” The positive tone was facilitated by the Greek parliament’s vote early Monday morning for additional pension and tax reforms.

Ministers are insisting that a straight debt haircut can’t happen and Jeroen Dijsselbloem says ”any measures will be conditioned upon full completion, full implementation of the measures agreed.”

The ministers will meet again May 24 to release the next tranche of Greece’s bailout package.