Wednesday, March 25, 2015

Euro Area Said to Give Greece Five Days to Deliver Plan

March 25, 2015

Greece has until Monday to show how it will follow through on reform commitments after the euro area ruled out speedy access to aid funds, three officials said following a conference call of finance ministry deputies.

The euro zone’s other 18 members were adamant on Wednesday’s call that Greece needs to deliver specific plans to see any more bailout cash, the officials said. Prime Minister Alexis Tsipras needs to show that Greece can rebuild trust in its promises, they said.

Finance deputies left the door open to 1.2 billion euros ($1.3 billion) that has been allocated to aid the banking system, as the deputies concluded that Greece can’t tap those funds on a technicality. As a result, Greece will have to show it will move ahead with the changes its creditors are seeking to get the bank-aid money or other bailout funds.

Greece won some financial breathing room Wednesday when the European Central Bank raised the ceiling for Emergency Liquidity Assistance to Greek banks by more than 1 billion euros to more than 71 billion euros, according to two people with knowledge of the decision who asked not to be named.


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