Business World

Monday 20 November 2017

Embattled Greece pledges to meet latest fiscal targets for aid tranche

GREECE

Laura Noonan

Laura Noonan

EMBATTLED Greece last night insisted it would meet its latest fiscal targets "without delay, without exception and deviations" after European authorities said they would decide in October whether to let the country draw down more bailout cash.

The comments come amid mounting expectations that Greece will have to dramatically restructure its debt, after failing to live up to the commitments of its original bailout deal.

The Greek deal has also been under pressure after Finland led demands to have collateral for any future loans to Athens, a demand that was discussed but not resolved at yesterday's meeting of European finance ministers.

A recent mission from the bailout troika to Greece was abandoned, to give Athens more time to formulate plans.

Eurogroup president Jean-Claude Juncker yesterday said a decision on Greece's next tranche of bailout cash would be made in October.

The EU's economics chief Olli Rehn said Greek Finance Minister Evangelos Venizelos had assured his peers of the country's "strong determination to fulfil all the agreed commitments".

"What we need is simply full and rapid implementation by the Greek economy and keeping the political will to implement agreements," he stressed.

Mr Venizelos said Greece's intention was "to meet the fiscal targets for this year and next year without delay, without exception and deviations".

Irish Independent

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