George Stathakis

Government talks with the representatives of Greece’s four creditors (EC, ECB, ESM, IMF) were briefly interrupted at the Hilton Hotel.

Greek Finance Minister Euclid Tsakalotos and Greek Economy, Infrastructure, Shipping and Tourism Minister George Stathakis met with  the representatives of the quartet of Greece’s creditors (European Commission, European Central Bank, International Monetary Fund, European Stability Mechanism) afresh on Friday in a last-ditch effort to wrap up all outstanding issues by Saturday.

The government’s economic policy council issued a statement concerning negotiations with Greece’s quartet of creditors (European Commission, European Central Bank, International Monetary Fund, European Stability Mechanism).

The Greek government and its international creditors (EC, ECB, IMF, ESM) are continuing to bargain on open issues while it remains unclear if loose ends  will be tied up by the Euro Working Group meeting on Friday evening. It is hoped that the teleconference call will be enough to convince EU finance ministers to unlock a 2-bln-euro tranche benchmarked for Greece at Monday’s Eurogroup.

The Greek Ministry of Development is close to locking in its deal with Greece’s international creditors (EC, ECB, IMF, ESM) concerning the protection of primary residences from foreclosure. The agreement is expected to bring respite to thousands of households – known as “red” borrowers – that are struggling with mortgage debt.

Economy Minister George Stathakis said the government has prepared a package of proposals for the protection of taxpayers primary residences from foreclosure.

Discussion on the draft bill on bank recapitalization began in Greek Parliament shortly after 10 a.m. on Saturday. On Friday night, the bill had been approved by the plenary of the economic affairs committee.

The meeting on the bill is expected to end shortly after 8 p.m. on Saturday.

European Commission Vice President Valdis Dombrovskis told Greek government’s top finance ministers that Greece “has no time to lose” in carrying out reforms that international creditors have demanded in exchange for bailout funds. Visiting Athens, he said that action needs to be taken immediately so that reforms can bring growth.

Scandal engulfed Prime Minister Alexis Tsipras’ mentor prior to the general election on September 20.

The law on households unable to meet their debts and the settlement of non-performing (so-called “red”) loans is dominating the meeting between Economy Minister George Stathakis and the representatives of the four institutions (European Commission, European Central Bank, European Stability Mechanism, International Monetary Fund).