Greece hopeful for a deal with EU following bailout talks
Greece’s finance minister has expressed hope for a deal with the European Union over the country’s bailout program following an emergency meeting with the bloc's finance ministers.
On Wednesday, Yanis Varoufakis said the two sides had "very good discussions" in the EU’s de facto capital Brussels.
“We had a very constructive and extensive discussion of all the facets of the Greek crisis and the way the Eurogroup (the eurozone finance ministers group) can take transition to a new phase,” he stated.
“We heard many, very different interesting opinions and had the opportunity to table our views and now the Eurogroup will meet in a very few days on Monday,” Varoufakis added, hoping “there will be conclusions in a manner that is optimal for both Greece and our European partners.”
Eurozone’s stance
Eurogroup Chairman Jeroen Dijsselbloem, who presided over the meeting, also described the talks as intense and constructive but said that the two sides have not come to a conclusion yet.
“We need a political decision before the financial institutions can get to work,” he stated.
Market reaction
The US stock futures and the euro jumped amid reports that there was some progress in Greece-EU talks over the country’s bailout program.
"It's a relief for the market. I think it will react positively," said Peter Cardillo, a chief market economist at Rockwell Global Capital in New York.
"This Greek drama has been a huge overhang over the market. We’ve been held hostage and ignoring all sorts of other news, for example good economic news on the jobs front, earnings that have been more good than bad," said Art Hogan, a chief market strategist at Wunderlich Securities in New York.
In recent days, the officials of Greece’s new government, whose leftist Syriza party stormed to victory in elections on January 25, have toured Europe to renegotiate the terms of the country’s €240-billion ($270 billion) bailout it received in 2010 in return for imposing harsh austerity measures.
The measures have forced people to endure multiple tax increases, along with cuts in pension and salary, in exchange for bailout loans by the eurozone countries and the International Monetary Fund.
FNR/AS/MHB
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