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Eurogroup keeps Greece in Eurozone at least until Wednesday — source

July 13, 2015, 9:36 UTC+3 BRUSSELS
Understanding was reached on starting the third assistance program to Greece which guarantees keeping it in the Eurozone
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© EPA/ALEXANDROS VLACHOS

BRUSSELS, July 13. /TASS/. The leaders of 19 Eurozone countries have decided at the summit to keep Greece in the monetary union "in view of reached consensus with Athens on fulfilling commitments to creditors," a source said on Monday.

The leaders principally agree on the course of action, "but several details still have to be coordinated," the source noted. "Understanding was reached on starting the third assistance program to Greece which guarantees keeping it in the Eurozone," the diplomat added, stressing that the third package "will be implemented strictly in stages, following Greece’s adoption of budget measures."

The first step for Athens will be "adoption of structural reforms by the parliament by July 14." These reforms include six draft laws, including on privatization, pension and tax reforms, and VAT (value-added tax) reform. "This guarantees restoring necessary level of trust toward Greece," the source noted.

On Wednesday, another Eurogroup meeting will take place that is expected to confirm launching final talks on three-year bailout program for Greece. However, the threat is real that talks can be disrupted. Greece needs €19 billion only by mid-August to service its state debt and avoid default.

"Greece needs to pay €7 billion to the European Central Bank by July 20, and €12 billion more by mid-August. These sums are indicators of amount and timeframe for tranches that the country will receive if the third bailout package is approved," the source concluded.

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