to “decode” what has happened in the Eurogroup. But, he warns, there must be a lot of excitement.
“The long experience of the eurozone debt crisis means that we should not get excited too much tonight,” said the british newspaper on its website, in account of the Eurogroup.
“Today’s emergency meeting, it seems that it has achieved a real progress, but the next two weeks we could even see some flurries. And long-term economic prospects of Greece, remain deeply problematic, even if ultimately ensure some easing of debt”, commented the Guardian.
But, you have to remember this day as the moment the crisis relax a little, which means that the euro area can experience a summer without the drama of debt, continues the british newspaper.
Three things were agreed upon, writes the Guardian:
1) Greece is close to receiving the long-awaited disbursement, as well as euro area Finance ministers welcomed the latest package of austerity measures, increases in taxes and pension reform.
2) But, the Eurogroup requires more work on the preventive measures, in case Greece is not able to achieve their targets. A compromise is being prepared, which means that Greece will not need to legislate specific measures at this time.
3) In a historic step, the ministers indeed discussed on how to alleviate the weight of Greek debt. But, in the short term, consider only relatively small changes. In the medium term, though, Greece could ensure longer periods of grace and repayment. And in the long term, further easing may be considered.
But, notes the Guardian, there is a big question mark tonight. “We still don’t know if the International Monetary Fund would accept this plan and will participate in the program”. Walking away from the Eurogroup, the Finnish minister of Finance, Alex called stoemp, stressed that this is key. “Very simply, I don’t have the mandate for Finnish involvement in the Greek program, if the IMF is not also in this,” comments the Guardian, adding that in the event that the Fund were to leave, this would cause a “hell” in the German parliament.
“So, there is opportunity for a lot of maneuvering in the next two weeks, until the next meeting of the Eurogroup, on May 24. At present, however, most commentators agree that there was something rare, a good day for Greece,” concludes the publication.
What are the three things agreed upon in the Eurogroup on?
—