European Parliament President Martin Schulz said on Tuesday that he expects Greece to reach a new financing agreement with its creditors within a week. Greece is in urgent need for cash as state coffers are emptying fast and there is the danger of running out of liquidity by the end of April. On Monday, after a meeting with German Chancellor Angela Merkel in Berlin, Greek Prime Minister Alexis Tsipras pledged that Athens will present a comprehensive list of reforms so that the European central bank will release much-needed liquidity. In an interview in Italian newspaper La Repubblica, Schulz said that the Greek government will reach an agreement with its European partners within a week. “I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing,” Schulz said to La Repubblica. Greece was given a four-month extension on its bailout on February 20th. After the agreement, it was asked to present a detailed list of reforms and measures to restore its ailing economy. Negotiations have stalled since and tension was created between the country and its major lender, Germany. Running out of cash, the Greek government came close to default, risking a forced exit from the euro zone. Several top euro zone officials have stated that Europe will try to keep Greece in the common currency bloc, but Athens must show the willingness to implement required reforms. Schulz said Greece now has three months to present a “credible, detailed and definitive” plan.
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