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The quality of the reforms to be implemented is our main concern, the authorities should now shift into high gear so that negotiations can be finalised as soon as possible, i very much realize that some of the reforms necessary are politically difficult for the society, but it is of prime importance to implement what has been agreed in summer of 2015.
On the basis of a final compliance notice... the EWG agreed that the Greek authorities have now completed the first set of milestones and the financial sector measures that are essential for a successful recapitalization process, the agreement paves the way for the formal approval by the ESM Board of Directors on Monday 23 November of disbursing the 2 billion euro sub-tranche linked to the first set of milestones.
My understanding is that (German Finance Minister Wolfgang) Schaeuble said we must reduce risks in the banking systems and he would rather talk of that side of the medal, but there are two sides of the medal, there is the side of reducing risks and at the same time building a more risk sharing system. We have to take both approaches at the same time as far as I am concerned.
That they’re all but broke, we knew already, but my message to the Greeks is then every time again : so then, work with us as quickly as possible on an adjustment to the program. Athens is hoping the finance ministers will approve its list and allow for the return of about 1.9 billion euros( $ 2.07 billion) in profits made by the European Central Bank on Greek bonds, the source familiar with the matter said. The source said Athens also expected the return of about 1.2 billion euros in cash left in the Greek bank bailout fund that was taken back by the euro zone last month - something euro zone officials said the euro zone bailout fund would discuss on Wednesday. Greece argues that its own bank rescue fund should have returned only 9.7 billion euros to the euro zone rather than 10.9 billion euros, since it had used its own cash reserve rather than EFSF bonds to make that recapitalization. Greek officials have not gone into detail about the latest reform list. Sakillarides said only it would not contain recessionary measures but structural changes. The reforms are deeply sensitive for leftist Prime Minister Alexis Tsipras, who came to power in January pledging to end austerity policies but was forced to accept an extension to a hated bailout program under the threat of a banking collapse. Greece has received two bailouts totaling 240 billion euros since 2010 but its economy has shrunk by 25 percent partly due to austerity measures imposed by the lenders. One in four Greeks is out of work, and more than half of all young people. AIR CLEARED. Alexis Tsipras discussed the reforms with German Chancellor Angela Merkel in Berlin on Monday. Sakellaridis said that in a four-hour working dinner they discussed only the outline without going into depth. Both leaders voiced mutual goodwill during a visit that appeared to have cleared the air after weeks of public acrimony between Athens and Berlin. German Foreign Minister Frank-Walter Steinmeier said after meeting Tsipras on Tuesday that an improved climate between the two countries would help start serious negotiations for a solution to Greece's debt problems. The Social Democrat politician told reporters this alone would not solve Greece's financial problems, but it was.
We had an intense discussion, constructive, covering a lot of ground, also making progress, but not enough progress yet to come to joint conclusions, we didn’t actually go into detailed proposals, we didn’t enter into negotiations on content of the program or a program, we simply tried to work next steps over the next couple days. We were unable to do that.
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