Euroworking Group

The omnibus bill which includes the austerity measures agreed with Greece’s creditors was voted during yesterday’s plenary session.

The long list with the required reforms that Greece has to implement has been approved during Euroworking Group in order to proceed to the disbursement of 2 billion euros.

The list of the measures to be implemented is going to be approved today at Euroworking Group which is conducted via teleconference.

Deputy Finance Minister George Chouliarakis says that the government has already implemented 61% of bailout measures since July 16, when these were voted on. The Greek government hopes that – as a goodwill gesture – the country’s international creditors (EC, ECB, IMF, ESM) will manage to conduct the evaluation without the full application of the measures.

Positive developments in Brussels as the Euroworking Group required just a brief amount of time to give its approval of Greek proposals it received on Friday. Eurogroup is meeting at 4 p.m. (Greek time) to make any amendments and give its seal to the agreement before it heads to EZ parliaments for ratification.

1 a.m. PM A. Tsipras, in a TV address, described proposals from Greece’s creditors as “humiliation” and “unbearable” – He said that the proposals would be put to a referendum for the Greek people to decide on July 5.

The Greek side in talks with creditors has reportedly left the negotiating table in Brussels on Sunday.

According to reports from the Belgian capital, major differences remain between the radical leftist government and creditors, namely, the IMF, EC and ECB.

A specific timetable to achieve a long-sought agreement between Greece and its creditors will be the focus of this evening’s face-to-face talks in Brussels between EU Commission president Jean-Claude Juncker and Greek PM Alexis Tsipras.

A high-level Eurozone “source” noted that the procedure and timetable for a “compromise at the technical level” will be discussed.

Greece will not make a June 5 repayment to the International Monetary Fund if there is no prospect of an aid-for-reforms deal with its international creditors soon, the spokesman for the ruling Syriza party?s lawmakers said on June 3. 

Greece’s future hangs in the balance as the Radical Left Coalition (SYRIZA) government negotiates with its creditors in a last-ditch effort to reach a deal. The best-case scenario would result in an immediate agreement for a return to normalcy in Greece or something resembling that.