Greece has until Monday to show how it will follow through on reform commitments after the euro area ruled out speedy access to aid funds, three officials said following a conference call of finance ministry deputies.
The currency bloc left the door open for Greece to access €1.2bn that has been allocated to aid the banking system, if the cash-strapped nation can show how it will move ahead with the changes that its creditors are seeking. At the same time, the Eurozone's other 18 members were adamant that Greece needs to deliver specific plans to see any more bailout cash, the officials said.
Greece can't get faster access to the bank-aid money, the European Financial Stability Facility said after yesterday's call. The deputies concluded that, legally, Greece didn't overpay when it returned the money in February, the EFSF said. Once Greece submits its next documents, they'll need to be reviewed by creditors countries.