Milan Eurogroup to discuss progress of Greek reforms

Eurozone officials were to meet in Milan on Friday for an unofficial summit where the progress of Greece’s economic reform drive is expected to top the agenda following negotiations between Greek government officials and the troika in Paris last week.

Eurozone sources said the sustainability of Greece’s debt is part of the talks, which are to resume in Athens later this month, but noted that the issue of debt would be focused on in more detail after the current troika review has been completed.

The meeting comes a day after European Central Bank President Mario Draghi and Greek Finance Minister Gikas Hardouvelis had a brief, unofficial meeting in Milan. According to sources, Draghi said he believed that Greece should remain under economic supervision, possibly under a renewed program, but Hardouvelis insisted that Athens is determined to exit the memorandum and opposed the prospect of a third loan program. The two men are also said to have discussed the state of Greek banks.

Officials attending Friday’s Eurogroup summit are expected to touch on Cyprus and its loan program commitments although in less detail than Greece.

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