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Brussels Update

“Brussels Update” contains briefs in view of upcoming meetings of european institutions, as well as post-meeting reports. Christina Vasilaki, Crisis Observatory research associate and journalist (Brussels Correspodent), is the editor of this section.

Christina Vasilaki: Consultations with technocrats begin amidst financial suffocation and political conflicts

Under suffocating time pressure, given that the borrowing needs of the public sector for March have pushed cash reserves to their limits, a decision was reached in the Eurogroup of Monday to initiate technical discussions between the Greek authorities and the creditors’ representatives on Wednesday. As agreed upon by the two parties, consultations shall take place in Brussels, while enabling the technical teams to access all information and data available …Read More

Christina Vasilaki: Ongoing negotiations for an agreement on the day after

Friday is the deadline set by the Eurogroup for Greece to request an extension of the Greek programme, which is bound to expire on 28 February 2015. At the same time, the Greek government is willing, one day in advance, to file a request to extend the loan agreement, although without the accompanying terms laid down by the Memorandum. Once submitted, the request is scheduled to be discussed in a …Read More

Christina Vasilaki: The 18 of the Eurozone ready to offer Greece more time, but reject special treatment

In the wake of the Greek elections, the Eurogroup of Monday, 26 January, opted for a standby attitude towards the newly elected government, while demonstrating its willingness to offer more time in order for its positions and intentions to consolidate and become known. Among statements that indicate their readiness to work together, most European officials and ministers revealed their intention to initiate a political debate afresh or, better, on the …Read More

Christina Vasilaki: Euro Summit approves the developmental investment package

Euro Summit approves the developmental investment package The investment plan of the new Commission President, Jean Claude Juncker, has been given the “green light” by the European Heads of State and Government in the last Euro Summit of the year (18 December). The so-called “Juncker-package” is based on a proposal to mobilise €315 bn of public and private investments, which aim at stimulating growth and the European labour market within …Read More

Christina Vasilaki: Two-month extension with political flavour

Two-month extension with political flavour The finance ministers of the Eurozone decided on Monday, 8 December, to extend the current Greek programme for two months, in order to offer the Troika and Athens more time to complete the 5th assessment. With the auspices of the last Eurogroup of this year, the adoption of required measures to reach an agreement has been postponed until early 2015, thus giving the Greek government …Read More

Christina Vasilaki: European Commission Ultimatum to France, Italy and Belgium for the Reduction of their Budget Deficits and Implementation of Reforms

European Commission Ultimatum to France, Italy and Belgium for the Reduction of their Budget Deficits and Implementation of Reforms France, Italy and Belgium have been provided with a three-month prolongation period by the Commission, so as to put their public finances in order. After the process of evaluating the draft budgets of the 16 member-states of the Eurozone, the European Commission ruled on Friday, 28 November, that the three counties …Read More

Christina Vasilaki: The Eurogroup has opted for the “tough” version for Greece’s day after

The Eurogroup has opted for the “tough” version for Greece’s day after The Eurogroup of 6 November concluded that the European Stability Mechanism Enhanced Conditions Credit Line (ECCL) is the most suitable solution for Greece’s day after, in light of the conclusion of the European part of the economic adjustment programme. As announced at the end of the meeting by Jeroen Dijsselbloem, who heads the body of finance ministers of …Read More

Christina Vasilaki: EU Summit in search for transition to the “new era”

EU Summit in search for transition to the “new era” “We need to proceed with safety and wisdom. Europe has not yet returned to a growth trajectory,” said Antonis Samaras after the two-day EU Summit that was held in Brussels, between 23 and 24 October. According to the Prime Minister, the global economic climate remains volatile and, as a result, Greece needs a “sense of security,” he said emphatically with …Read More

Christina Vasilaki: “The Eurogroup calls for Structural Reforms and Investments”

The Eurogroup calls for Structural Reforms and Investments Skepticism and distrust: these were the European reactions in the face of a possible early decommitment of Greece from the programmes of financial assistance. In the meeting of the finance ministers of the Eurozone, which took place in Luxemburg on Monday, 13 October, the issue of “the day after” was brought up although with dubious results. Once more, the European partners put …Read More

Christina Vasilaki: “Eurogroup: Structural Reforms as a lever for Growth”

Eurogroup: Structural Reforms as a lever for Growth Already but reluctantly with an eye to the period following the European part of the Greek programme, as well as to ways of resuming the Eurozone’s missing growth, the informal Eurogroup of Milan was completed on 12 September. “Once the findings of this review become clear, the Eurogroup will return to this issue and start also to discuss a number of interrelated …Read More