Low expectations of Greek deal at Eurogroup meeting

The Eurogroup is set to convene in Luxembourg today. However, the Greek crisis isn’t expected to be discussed at length since Athens will not be presenting any new proposal on the reforms it wishes to implement in the framework of its bailout.

Talks between the Greek government and the country’s international creditors on the future of the Greek bailout have broken down in the past few days. Attempts are being made in the background to get the process back on track.

European Commission President Jean-Claude Juncker and Prime Minister Alexis Tsipras spoke on the telephone on Wednesday night. According to information, their conversation didn’t last more than 15 minutes and there were no signs of a new proposal by either side.

Greek finance minister Yanis Varoufakis told reporters in Paris that “it is our moral duty to reach an agreement very, very quickly”. Varoufakis doesn’t expect a deal at the Eurogroup meeting but it could “set the scene” for further discussions.

A report by the Bank of Greece published Wednesday warned that failure to agree a deal would “mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the European Union”.

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