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Eurogroup Discusses Additional Greek Debt Aid

Today marks Finance Minister Yannis Stournaras' participation in Eurogroup discussions, where he will discuss additional Greek debt aid.

Stournaras stated to The Guardian, "In the context of presenting a new growth model for Greece in the next 10 years ... I will talk of the need to look at ways of reducing debt further...I will remind my colleagues of the decision that was made in November 2012 to begin such talks if Greece gets a primary surplus".

Since Greece made a 1.5 billion euro primary surplus last year, the Finance Minister will request that Eurogroup makes good on its promise, to analyze additional outlets to reduce the nation's massive debt.  The current deficit makes up approximately 175% of GDP. The decision is predicted to be referred to the Euro Working Group.

As reported by Kathimerini, an European Union premier explained, "Discussions will begin but there are a number of preconditions to be met, not just the primary surplus...That is why the negotiations will take place when the next [troika] review [of the Greek adjustment program] has been completed".

It is thought that no concrete actions will occur in the near future, as European Parliament elections will be held on May 25th. Stournaras added to The Guardian, "What we need is to reduce our annual financial needs...We don't want to inflict losses on our partners – we want a mutually beneficial solution".