World Economy

Greece, Creditors Resolve Many Issues

Greece, Creditors Resolve Many IssuesGreece, Creditors Resolve Many Issues

Greece and its eurozone creditors have reached an agreement on many, but not all, issues in the reform program that Athens is implementing in return for loans, the head of eurozone finance ministers Jeroen Dijsselbloem said in a statement on Sunday.

Greece needs a positive review of its reform progress from the eurozone to get the next, € 2 billion ($2.15 billion) tranche of loans as well as up to €10 billion for the recapitalization of its bank, Reuters reported. But talks, which should have been completed by the middle of October, have stalled because of differences over details of a foreclosures law.

“I welcome the good progress made between the Greek authorities and the institutions in the discussions on the measures included in the first set of milestones and on the financial sector measures that are essential for a successful recapitalization process,” Dijsselbloem said. “Agreement has been reached on many issues.”

He said deputy eurozone finance ministers, called the Euro Working Group would meet on Tuesday to take stock of the situation and decide if a disbursement is possible.

A eurozone official said the foreclosures law was still one of the remaining stumbling blocks. Athens and eurozone creditors differ over the level of protection required for poorer families in danger of losing their homes.