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Eurogroup Hails Greek Progress, Says More Work Needed

IMF Managing Director Christine Lagarde, Eurogroup Chairman and Luxembourg's Prime Minister Jean-Claude Juncker and European Monetary Affairs Commissioner Olli Rehn (L-R) hold a joint news conference after a Eurogroup meeting in Brussels February 21, 2012. Euro zone finance ministers struck a deal early on Tuesday for a second bailout programme for Greece that will involve financing of 130 billion euros ($72 billion) and aims to cut Greece's debts to 121 percent of GDP by 2020, EU officials said.    REUTERS/Yves Herman (BELGIUM - Tags: BUSINESS POLITICS)
Eurozone finance ministers
 welcomed progress achieved in negotiations between Greece and its creditors on a cash-for-reform deal but said more work is needed to bridge differences holding up a comprehensive agreement.
Eurogroup statement on Greece
The Eurogroup today took stock of the state of play with the ongoing negotiations between the Greek authorities and the institutions. We welcomed the progress that has been achieved so far. We note that the reorganisation and streamlining of working procedures has made an acceleration possible, and has contributed to a more substantial discussion. At the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues. We therefore welcome the intention of the Greek authorities to accelerate their work with the institutions, with a view to achieving a successful conclusion of the review in a timely fashion.
The Eurogroup reiterated that its statement of 20 February remains the valid framework for the discussions. Once the institutions reach an agreement at staff level on the conclusion of the current review, the Eurogroup will decide on the possible disbursements of the funds outstanding under the current arrangement.

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