Greek Debt: Eurozone Leaders Head for Crisis Talks Amid IMF Bailout Stalemate

Monday, December 5, 2016
By Paul Martin

The European stalemate over Greek debt is back on the agenda, with Eurozone finance ministers holding crisis talks on Monday to try and find a compromise to encourage the International Monetary Fund (IMF) to take part in Greece’s third bailout package, amid fears the deal could collapse.

With much of Monday’s regular meeting of the Eurozone’s 19 finance ministers likely to be dominated by the aftermath of the Italian constitutional referendum and Prime Minister Matteo Renzi’s decision to resign, there are increasing efforts to try and get the IMF on board with Greece’s third bailout amid a series of outstanding disagreements between the monetary fund and EU member states.

While Greece managed to convince EU creditors in October to release an extra US$3.2 billion (€3 billion) worth of funds by delivering various reform commitments, member states are calling for more wide-reaching reforms and changes to be made to the Greek economy if it is to access the entirely of the US$92 billion (€86 billion) bailout deal.

Currently Athens and the Eurozone states are at loggerheads over labor and energy reforms, along with Greece’s 2018 fiscal targets, leaving negotiators with plenty of work to do to try and find a deal.

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