EC to push for debt deal implementation

The European Commission is expected on Wednesday to press Greece to fully implement the terms of its debt deal with foreign creditors during a presentation of proposals for individual member states of the European Union.

Meanwhile EC sources have confirmed that the next tranche of funding due to be released to the debt-ridden country in July is to be frozen until the formation of a government following general elections on June 17 that is prepared to make good on the commitments set out in the deal.

On Tuesday EC spokesman Amadeu Altafaj stressed that the representatives of Greece’s foreign creditors — the EC, European Central Bank and International Monetary Fund, known collectively as the troika — would not return to Athens until a stable and pro-bailout government is in place, noting that the troika needed a political interlocutor.

According to sources, the EC’s proposals for each country are based on an in-depth study of their economies and labor markets and recommend corresponding measures that are expected to be approved at the next EU summit on June 28 and 29.

EC President Jose Manuel Barroso on Tuesday called for full economic convergence of eurozone countries in a bid to ease the concerns of investors regarding the future of the single currency.