Eurogroup poised to green-light Greek budget, though Berlin still reserved

Eurogroup poised to green-light Greek budget, though Berlin still reserved

The Eurogroup indicated on Monday that it will be green-lighting the Greek budget, though a final decision is not expected until early next month.

European Commissioner for Economic and Financial Affairs Pierre Moscovici said in comments at the end of the meeting that “there will be no negative surprises” during Wednesday's announcement on the eurozone member-state's budget proposals, as Eurogroup President Mario Centeno expressed confidence that Greece would continue to progress with reforms, reach its fiscal targets and “continue to be a success story.”

The mood, however, appeared to be more reserved in Berlin, with Manfred Weber, the head of Germany's Christian Democrats in the European Parliament and a candidate for European Commission president, indicating that a firm agreement has not yet been reached on the Greek budget, and in particular on Athens's intention to postpone or even scrap planned pension cuts. “We still need to look at it in detail,” he said.

Even though Greece got the nod from the Euro Working Group last Thursday,  eurozone finance minister will not be delivering their final verdict on the budget until the December 3 meeting.

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