After the end of yet another short (but certainly not sweet) Eurogroup meeting, EU officials sounded tired, angry and borderline frustrated with the Greek negotiating methods. Eurozone finance ministers suspended talks on a cash-for-reform deal to avert a looming Greek default next week and agreed to resume efforts on Saturday morning, a eurozone official said.
German Chancellor Angela Merkel told European centre-right party leaders there must be a debt deal with Greece before financial markets reopen next Monday, two participants in the meeting said.
She also told the closed-door meeting of leaders of the European People's Party before an EU summit in Brussels that Germany "will not be blackmailed" by Greece, they said. Other participants in the session declined to confirm what Merkel had said.
IMF spokesman Gerry Rice said discussions on debt sustainability and financing for Greece will have to wait until Athens agrees and implements key reforms.
We've been calling for a balanced approach, and for all sides to play their part," Rice told reporters in Washington. "First we need to see the reforms agreed and implemented. And on the other side, we need to have the requisite financing and debt sustainability addressed."
The IMF had insisted in the past that Greece will need some form of debt relief to make its finances sustainable. But on Thursday, the Fund appeared to be closer to position of euro zone officials, who say the creditors would not discuss any debt restructuring until after Greece implements the remainder of its bailout program.
"As a matter of longstanding policy, the Fund does not extend payment deadlines," Rice said, when asked about flexibility around this date. He also said IMF Managing Director Christine Lagarde would inform the board "promptly" of Greece's failure to pay, given the visibility of the issue.
Earlier Italian Prime Minister Matteo Renzi appeared semi-confident that an agreement between the EU and Greece will be found soon. "If you want my forecast there will not be a deal at the summit," Renzi said in Brussels before joining the start of the gathering, adding however that there would still be time for a solution to save Greece from default.
So it appears that an umpteenth extension to the Greek drama has been witnessed. The European and Greek bandwagon will be back in Brussels on Saturday, while low level officials from both sides will, once more, try to bridge the seemingly endless distance between the two sides. Perhaps during a break, they should all enjoy a screening of the hilarious "Groundhog Day". Or, alternatively, watch the 1980s fairytale film "Never-ending Story".
Source: Reuters
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