Crucial decisions regarding the Greek program, as the third and final bailout enters its final stretch, were bumped to the next Eurogroup meeting in June, Eurozone finance ministers decided on Friday in Sofia.
The highlights from Friday’s Eurogroup were, nevertheless, positve references over the country’s growth strategy, yet another round of reminders that reforms by Athens must be completed in a timely manner. as well as the politically sensitive issue of “reinforced” supervision in the post-bailout period.
Eurogroup President Mario Centeno pointed to the June Eurogroup meeting as critical for decisions ahead of the August 20 end to the ongoing memorandum program – the third consecutive bailout for Greece since 2010. He also revealed that creditors’ top auditors will return to Athens on May 14.
Asked by reporters about Athens’ initiative to accumulate a multi-billion-euro “cash buffer” for the post-memorandum period – and in lieu of a “dreaded” precautionary credit line – Centeno said such a slush fund should aim at supporting Greece’s borrowing needs for up to 18 months after the bailout ends.
