Eurogroup Asks Greece To Complete All Memorandum Obligations

eurogroup2_456184333The 17 members of the Eurozone Finance Ministers participating in today’s informal Eurogroup meeting in Milan, asked Greek Finance Minister Gikas Hardouvelis to implement the commitments arising from the Memorandum of Understanding signed with the Troika.

The Eurogroup members asked Hardouvelis to expedite the implementation of all pending commitments and not just the ones related to the financial sector.

Eurozone Finance Ministers emphatically asked the Greek delegation to implement the Greek program by the end of January 2015. Simply put, the European partners have requested Greece to rapidly implement not only the prerequisites of the current assessment (expected to start in September and estimated to be completed in October) but also those that have been agreed and scheduled for the fourth quarter of 2014.

According to information from the Finance Ministry, the Troika is going to return to Athens at the end of September.

At today’s Eurogroup meeting, according to Greek newspaper “Proto Thema,” Hardouvelis intervened during the discussion on the structural reforms and stated that Greece is among the first countries in the Organization for Economic Cooperation and Development (OECD) in the implementation of reforms, while he further noted that the adoption of structural reforms is needed to support society and this would only be achieved if Greek people improve their standard of living.