Economy Greece to present reforms to creditors next week

Greece to present reforms to creditors next week

Eurogroup chairman Jeroen Dijsselbloem (L) and Greek Finance Minister Yanis Varoufakis
Eurogroup chairman Jeroen Dijsselbloem (L) and Greek Finance Minister Yanis Varoufakis

(AA) – Greece is to present economic reforms to its European creditors on Monday in an effort to unlock much-needed bailout funds.

The creditors must agree to accept the proposals before Greece can hope to access the next €7.2 billion ($7.87 billion) tranche of essential financing.

Greece is running short of money to fund its government and banks. The country will reportedly run out of funds by the end of April.

For now, the Greek central bank depends on emergency loans from the European Central Bank.

There is, however, some guarded optimism from Greece’s creditors.

“The process is moving once again, I say with some cautious satisfaction. Now there’s hard work happening on additions to the list,” said Eurogroup chairman Jeroen Dijsselbloem, who chairs the group of 19 member states in the Eurozone.

Greece is hoping that the ECB will return €1.2 billion ($1.31 billion) in funds held in a bailout fund by the Greek government, but which the Eurozone took back in February.

The Eurogroup has said that a decision would be made on those funds by Wednesday.

A meeting between German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras is thought to have helped move the process along.

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