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Eurogroup to hold conference call on Greece on Thursday

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Eurozone finance ministers will hold a conference call on Thursday to discuss the latest developments in Greece, a day after Athens is set to vote through tough reforms in return for a bailout, a Eurogroup spokesman said.

[BRUSSELS] Eurozone finance ministers will hold a conference call on Thursday to discuss the latest developments in Greece, a day after Athens is set to vote through tough reforms in return for a bailout, a Eurogroup spokesman said.

"Confirmation just went out: Eurogroup teleconference tomorrow at 10am (0800 GMT)," the spokesman for the Eurogroup head and Dutch Finance Minister Jeroen Dijsselbloem said on his Twitter account on Wednesday.

Mr Dijsselbloem called the meeting of eurozone finance ministers as street violence erupted in Athens, with Greek lawmakers about to vote on harsh reforms demanded by their European partners in order to begin talks on a third bailout of up to 86 billion euros (S$128.6 billion).

Even if the laws are passed, the 19 finance ministers from the eurozone will not be in a position to formally begin official bailout talks, with parliaments in several member states still to give the greenlight to the negotiations.

sentifi.com

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EU powerhouse Germany's Bundestag is set to vote on the plan on Friday and tough talks to finalise the bailout, expected to take much of the summer, would only begin after that.

If a deal is reached, eurozone governments will contribute between 40 and 50 billion euros, the IMF will contribute another chunk and the rest will come from selling off state assets and from financial markets, a European official said.

Greek premier Alexis Tsipras is facing a revolt over the reforms from his radical left ruling Syriza party, which came to power in January on anti-austerity promises.

But the bills nevertheless looked likely to pass though parliament with the support of pro-European opposition parties.

AFP

Read more on the Greek crisis here

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