Greece To Eurogroup: 'The Ball Is In Your Court'!

Greece To Eurogroup: 'The Ball Is In Your Court'!

Eurogroup will gather Tuesday evening to discuss an agreement on releasing the next bailout installment to Greece and rescue it from edging deep into bankruptcy.

Precisely at 16:00 GMT, the finance ministers` conglomerate is to gather in the Belgian capital 'Brussels'.

The main objective of this meeting is to approve Greece’s second tranche worth 31.5 billion Euros and to assess Greece’s effectiveness in reducing its public debts, especially after it was giving two extra years to 2022 to lower its debt to the 120 percent target of GDP.

Jean-Claude Junker, Eurogroup president, said the target of reducing Greece`s debt to 120 percent of Gross Domestic Product by 2020 should be moved by two years to 2022, which was publically refused by IMF chief Christine Lagarde.

Lagarde insisted that the target of 2020 should be maintained. She also emphasized on the importance of reaching a radical solution to this matter. The Eurogroup acknowledged the considerable efforts made by Greece to meets its 5 billion maturing debt last Thursday.

The next installment was dedicated for the second quarter but disagreement between the government and international creditors caused postponement of the new austerity measures program of 13.5 billion Euros approved by the parliament, in addition to the Troika’s long-expected report.

Some unverified press leaks reported that Germany supports merging the second, third and last quarter bailout installments worth 44 billion Euros. Today’s meeting will scratch out all speculations.

Moreover, Greece approved all important laws required to become fully eligible to receiving the next tranche of the bailout worth of 31.5 billion Euros. 'Greece is fully ready for Tuesday' finance minister, Yannis Stournaras said, after hours of discussion with Greek Premier Antonis Samaras.