First they made up the troika. Then they became known as the ‘institutions’. Now Greece’s official creditors will belong to a new structure known as the ‘Brussels Group’.
The new name was revealed in a non-paper released by the Greek government about the technical negotiations that were launched today in Brussels between Greece and its creditors.
Together with the IMF, European Commission and ECB (of the original troika), the new Brussels Group will also include representatives of the European Stability Mechanism (ESM / EFSM).
What the non-paper says
1. The negotiations between the technical teams began at 15.00 in Brussels. Officials from the European Commission, ECB, IMF and ESM/EFSM as well as from Greece will take part. This negotiating structure will be called the Brussels Group (BG).
2. The Brussels Group negotiations (political and technical) will take place in Brussels, between counterparts.
3. For specific issues which could potentially arise with regards to data which the Greek side will be called upon to provide during the negotiations, and in order to eliminate doubts or shortcomings in the data, the Brussels Group will have the capacity to name technical consultants who will visit Athens in order for there to be ‘Onsite Exchanges of Facts” for the specific issues.
4. The technical consultants of the Brussels Group who will potentially visit Athens will meet with officials of equal rank.