``Time, and whether Greece should be granted more of it, is expected to be at the focus of talks between the Greek foreign minister, Dimitris Avramopoulos, and Guido Westerwelle of Germany. Mr. Westerwelle has pointed out that parliamentary elections in Athens earlier this year cost the country valuable weeks to implement the budgetary and reform commitments agreed to in exchange for two bailout packages that have made life tough for Greeks.


Yet German lawmakers have made it clear they feel they have given enough and expect to see Greece uphold its end of the agreements drawn up with the European Union, the European Central Bank and the International Monetary Fund, known as the troika, in exchange for two huge bailouts.


European leaders are awaiting the results of a progress report, expected next month, by representatives of the troika on how far Greece has been able to uphold its commitments, or whether the country could face the prospect of having its funding cut off, triggering a chaotic default on its debts that could force it to leave the euro zone.

The German weekly Der Spiegel reported, without citing sources, that Greece's financial shortfall might be larger than expected, up to €14 billion over the next two years, instead of the €11.5 billion that has so far been identified.

Comments: Be the first to add a comment

add a comment | go to forum thread