Greece’s ticking debt bomb: Just TWO weeks to reach a deal, European Central Bank warns
GREECE’s creditors must reach a deal on June 15 when they meet to discuss the latest bailout or face confidence in the eurozone crumble, a top official from the European Central Bank (ECB) warned.
By LANA CLEMENTS
Express.co.uk
Wed, May 31, 2017
Time is running out for Athens to avoid a fresh debt crisis that could see the country crash out of the bloc without an agreement in two weeks time.
Benoit Coeure, board member of the ECB, said a deal is desperately needed to rebuild domestic and international faith in the eurozone.
Despite months of bickering over debt relief and austerity reforms, eurozone countries and the International Monetary Fund (IMF) are still to reach an agreement to release the latest round of bailout cash for Greece.
The debt-laden country is thought to need the £6billion payout in order to make vital repayments in July.
Mr Coeure said: “Discussions are ongoing, but in my view it is important that an agreement is reached at the Eurogroup meeting on 15 June.
“Being sufficiently clear on the measures today would help frontload many of the beneficial effects, in particular the rebuilding of confidence of both the international and domestic community in the ability of the Greek economy to return to a path of normality and stability.”
On June 15 eurozone finance ministers and the IMF will again meet and try to thrash out a deal.
It could be the last chance for officials to avoid the Grexit panic seen during 2015.
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