Greece’s economic proposals for a fresh bailout drew a lukewarm response from eurozone finance ministers Saturday, as European officials said the country would need €74 billion ($82.55 billion) in new funding over the coming years, reports WSJ.
“The institutions have analyzed the Greek proposals and we concluded, jointly, that they constitute a base for negotiation a new financial assistance program,” said the commission’s economics commissioner, Pierre Moscovici, as he arrived for a meeting of eurozone finance ministers here.
“This is not going to fly easily,” said a European official, adding that there was pushback from eurozone countries both on the content of Greece’s proposals and the size of new financing needs.
The Greek proposals “are missing specificity…and the plan is weaker than it should be in some areas,” said the Dutch state secretary of finance, Eric Wiebes. He also voiced concern over the government’s commitments to the measures given the referendum result. “We’re discussing a proposal by the Greek government that was fiercely rejected a week ago, and that’s a serious concern,” Wiebes said, according to WSJ.
A euro working group began a technical review of the new proposals in Brussels on Saturday morning.
The 19 eurozone finance ministers will review the proposals afterwards and decide whether they form the basis for a new loan deal, and whether to supply Greece with interim funding.
There will then be a meeting of Eurogroup leaders in Brussels on Sunday afternoon, followed two hours later by a full meeting of EU leaders.
-RW
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