Tuesday, May 12, 2015

Germany floats Greek referendum on reform, others doubt timing

May 12, 2015

EU paymaster Germany suggested on Monday that Greece might need a referendum to approve painful economic reforms on which its creditors are insisting, but Athens said it had no such plan for now and others warned a vote could delay vital aid.

Greece calmed immediate fears of a default by making a crucial 750 million euro payment to the International Monetary Fund a day early. But Finance Minister Yanis Varoufakis said the liquidity situation was "terribly urgent" and a deal to release further funds was needed in the next couple of weeks.

Euro zone finance ministers welcomed some progress in slow-moving talks on a cash-for-reform deal between Athens and the IMF, the European Commission and the European Central Bank but said more work was needed to each a deal.

"We acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues," they said in a short statement after spending barely an hour on a progress review on the negotiations behind held among senior officials.


No comments: