"Our teams are now carefully assessing the adopted legislation [in Greece] and will report to the Eurogroup on Thursday. However, I can tell already now that they seem to be in line with what has been agreed. The second review is within reach, provided that all parties take their responsibilities," European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said.
The statement of European Commission’s vice-president comes in the wake of upcoming meeting of Eurogroup’s finance ministers, which will take place in Luxembourg on Thursday, where the officials are scheduled to make decision on the new financial bailout for the Greek economy.
Greece is burdened with a massive debt and has been attempting to manage the crisis through austerity measures and loans since 2010. In 2015, Greece's international creditors signed an agreement with Athens approving a third bailout package worth over $92 billion in exchange for austerity reforms which include pension cuts and tax hikes. However, the reform program faces difficulties, as its second review has long been pending. The latest bailout installments of $1.2 billion and $3 billion were unlocked in October 2016.
The issue of financial relief for Greece is also troubled by the reported clashes between the IMF and the European Union over the issue of the joint bailout packages for the country as Europe argues that Athens has good prospects of the economic recovery, while the IMF gives a much more pessimistic assessment of the Greek economy's chances to sustain its enormous debts.
