NEWS

Greece not 'out of woods' yet, says top EU official

Greece is making progress but is not out of the woods yet and this year will be decisive as to whether Athens can stay in the euro, a top EU official said on Thursday.

"Progress is being made and there is a good chance that the eurozone crisis can be overcome. But Greece is not out of the woods yet,» Matthias Mors, head of a team of experts from the European Commission, the International Monetary Fund and the European Central Bank, told the daily Sueddeutsche Zeitung in an interview.

The second bailout package agreed by European leaders was no automatic guarantee of success, said the head of the so-called «troika».

"There are still many measures to be taken, painful ones too. I believe we'll be able to see in the second half of the year in which direction we're going, whether we're on the right path or not,» Mors said.

The troika has been set up to oversee Greece's efforts to implement the deep structural reforms demanded by the EU, the IMF and the ECB in return for financial aid. [AFP]

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