Saturday’s crucial Eurogroup meeting, where finance ministers discussed the newly submitted Greek bailout proposal, has been inconclusive. The Eurogroup will meet again on Sunday at 11 am, just five hours before a decisive European leader’s summit. Eurogroup President Jeroen Dijsselbloem made the following statement after the long meeting on Saturday. We have adjourned our meeting and will continue tomorrow at 11.00 am. We had an in-depth discussion on Greek proposals. The issue of credibility and trust was discussed and also, of course, the financial issues involved. But we have not concluded our discussion and we will continue at 11.00 am. It is still very difficult, but work is still in progress. Other Eurozone Finance Ministers also expressed reservations whether Greece can implement reforms after several Ministers and lawmakers of the country’s coalition government essentially voted against the Greek proposals and asked Prime Minister Alexis Tsipras not to sign an agreement that includes austerity measures such as supplementary pension cuts and tax hikes. Some of them have openly expressed the opinion that Greece should leave the common currency bloc and the European Union altogether. The Eurogroup and Summit will discuss again on Sunday the recent request by the Greek authorities for financial assistance from the European Stability Mechanism (ESM) and their new proposals for a reform agenda.
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