ECONOMY

No response from troika ahead of Eurogroup

Finance Minister Gikas Hardouvelis heads to a Eurogroup meeting on Monday with the troika yet to respond to Greece’s latest communication in the ongoing negotiations over the pending review.

As a result, it is not clear what kind of briefing the troika will provide to eurozone finance ministers and how closer this will lead Greece to an extension of the bailout. Some eurozone countries are in favour of a six-month prolongation but Athens feels this is too long.

After the vote on the 2015 budget early Monday, Finance Minister Gikas Hardouvelis denied that the extension would be for six month but did not comment when questioned whether it might be for three months.

“I am convinced that the process of the final program review will soon end with a positive result,” said Hardouvelis during the budget debate.

The key stumbling block to an agreement between Athens and its lenders appears to be a difference over estimates for the 2015 fiscal gap and what measures will be needed to cover it.