Eurogroup head: First estimates on Greece's reform plans positive

He underlined that the first impression is positive and expressed his belief that the procedure will advance. The institutional bodies will evaluate the list of reforms and will brief the Eurogroup, that will hold a teleconference later in the day, in order to activate the process of the ratification of the four-month extension of the Greek programme by the national parliaments.

He pointed out that the Greek authorities need to further elaborate on these reforms by end April and reiterated that only the fulfillment of the programme's objectives will allow the disbursement of the next tranche to Greece, including SMPs (central banks' profits from the Greek bonds). "What is important is for the programme to be on the right track," he stressed.

The President of the Eurogroup said that the progress made in the last week has helped to restore confidence in the euro area and will help Greece to recover and get back on track. He added that the four-month extension gives Greece and its partners the necessary time to work on a future partnership.

He noted that the new Greek government has a different vision and wants changes in the agreements. What is important, he said, is that the Greek government achieves the key objectives related to economic stabilization. Regarding flexibility, Dijsselbloem said that there should be intensified cooperation and joint consultation with the Greek government in order to make changes in the programme, to replace some measures and to continue eurozone funding.

As Dijsselbloem said, "the Greek government can use and put its own stamp on the political programme." He noted, however, that Greece will have to abide by the key targets of the programme, stressing: "Do not waste time, let's move on to deeds."

When asked about the possibility of Greece's exit from the eurozone, he replied that, as the ECB President Mario Draghi and European Commission President Jean-Claude Juncker have already said a "GREXIT" is not under discussion. "The eurozone must remain united in the difficult times," he stressed. "We want the same that the new Greek government wants; Greece's position in the eurozone." He also mentioned that the only ones who were preparing themselves for a GREXIT were the British, who do not belong to the eurozone.

Furthermore, Dijsselbloem said that the possibility of additional support to Greece should be considered after the summer. Asked if after the summer Greece could get into the so-called enhanced precautional credit line, he pointed out that it is still too early to predict something like that. He stressed, however, that in order for a country to be given a precautionary credit line, it should have access to markets and be financed.

As regards the sustainability of the Greek debt, the Eurogroup will reconsider it after the four-month extension and provided that the Greek government has fulfilled the conditions attached to the programme. Finally, on the target for the primary surplus, he argued that it is something that cannot be decided unilaterally by the Greek government and that it will depend on the fulfillment of the objectives of the programme and the economic condition of the country.