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Stournaras in the hot seat

Greek finance minister Yiannis Stournaras faced tough questions from his eurozone counterparts at a summit in Brussels on Monday over dragging reform implementation.


Although Greece was not officially on the agenda of talks at the summit, it was certain that the progress of reforms would be discussed while Athens has been hoping for a date pegging the return of troika envoys.

The meeting was the first to be chaired by Greek finance minister Yannis Stournaras, as Greece holds the six month EU presidency, but Stournaras is under pressure to explain why Greece’s talks with troika inspectors have not progressed.

The troika representing Greece's creditors, began the latest inspection of Greece’s progress in the implementation of its bailout programme in September 2013. However, talks have stalled since then and officials have not yet approved the disbursement of the next tranche of a rescue loan to Greece.

Government officials sent foreign auditors Greece’s proposals for dismantling barriers to competition over the weekend after the troika insisted that the implementation of dozens of recommendations in a report by the Organization for Economic Cooperation and Development (OECD) were key for the completion of a current review of Greece’s reform progress.

The reforms suggested by the Organization for Economic Cooperation and Development (OECD) will be the focal point in the negotiations with the troika, the country's creditors underlined in a letter addressed to Development Minister Costis Hatzidakis.

The troika noted in its letter that the ongoing evaluation will not be completed unless the organization's recommendations are implemented in a very convincing manner.