Euro group finance ministers’ held meeting on Friday, which as expected didn’t yield any material steps, however some guidelines over future meetings
According to sources familiar, sense of urgency and disgust towards the situation reigned over Friday’s meeting.
- Greek finance minister was reported to have received harsh criticism from his European counterparts. European finance ministers have blamed Yanis Varoufakis of playing games, wasting time and act like an amateur.
Like it or not, divisions between Greece and remains large and any done deal is not in sight.
Key highlights –
- According to Greece finance minister, Yanis Varoufakis, Greece might run out of cash by mid-May, should revenue keeps faltering expectations.
- Differences were large enough, that Slovenian finance minister suggested to form Plan B, should Greece default. However, that path did not progress much according to officials. Nevertheless, small economies such as Slovenia, Slovakia, remain concern over the contagion effect, direct and indirect should a Greek default takes place.
- Greece and rest of Euro zone still remains at logger heads, over deep and detailed inspections of Greece’s reform progress so far by TROIKA, now known as Brussels group.
After Friday’s meeting it is quite clear, that no immediate resolution is far of phenomenon.
- Next meeting is scheduled on May 11th. It will be an update meeting rather than resolution providing one.
- Greece is due to pay IMF, € 160 million to IMF on May 1st and € 770 million on May 12th.
The material has been provided by InstaForex Company – www.instaforex.com