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Eurogoup examines Greek fiscal adjustment progress

Eurozone Finance Ministers on Thursday are meeting in Luxembourg to consider the course of the implementation of the Greek fiscal adjustment programme.

According to a eurozone source, the Eurogroup expects the new Finance Minister Gikas Hardouvelis to present the political priorities, taking into consideration that eurozone Finance ministers have already expressed their content with the development programme for Greece’s economy.

The Eurogroup is also expected to stress that emphasis should be given to the liberalization of the Greek economy and that it considers the fiscal targets already set attainable while pointing out that the Greek programme is on the right track.

International Monetary Fund head Christine Lagarde will participate in the Eurogroup meeting, which is the last one that EU Commissioner for Economic and Monetary Affairs Olli Rehn will attend, as he was recently elected a member of the European Parliament.

The meeting is also expected to discuss the progress on the implementation of the prior actions, which constitute a major precondition for the disbursal of the two pending tranches of economic aid to Greece, totalling 2 billion euros.

According to the same source, the eurozone believes that the next review by the troika, which relates to the Greek debt restructuring, will not be launched unless Greece has fulfilled the 12 prior actions (6 for May and 6 for June).

Last but not least, the Eurogroup is expected to give the green light for the disbursal of the next 600 million euro tranche of economic aid to Cyprus at the beginning of July.