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Europe Scrutinizes Greek Growth Plan as Bailout Exit Looms

Eurogroup President and ESM chair Mario Centeno speaking in Sofia.

International creditors will return to Athens on May 14 ahead of June’s final decision on how to end Greece’s economic bailout.
Eurogroup finance ministers were meeting in Sofia, Bulgaria on Friday where Greece’s growth and reform strategy was scrutinized as the country experiences a primary surplus for a second year running.
Eurogroup President and ESM chair Mario Centeno told reporters after the meeting: “With the programme well on track and approaching the end, we are already preparing the post-programme period.”
“The final decision on the implementation of the debt measures will be taken, if needed, at the end of the programme, conditional on full implementation of the [growth and reform] programme, of course.”
“On the basis of a successful review, the Eurogroup will decide in June all the elements that can help facilitate the exit of Greece from the programme by August,” he added.
Meanwhile, ESM Managing Director Klaus Regling struck a more forceful note saying: “We are very patient with our repayments, but we want to be repaid one day.”
The ESM has distributed €187 billion ($226 billion) to Greece already in loans described by Regling as being “at very favourable interest rates, but they need to be repaid”.
Time is running out to put all the elements in place to see a ‘clean’ exit from the bailout.
The Eurogroup Working Group has already said a fourth program review, must be completed by June at the latest. The review is linked to an important loan tranche of €11.7 billion ($14.4 billion) which has to be disbursed before the end of the bailout program on Aug. 20.

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