BRUSSELS (Sputnik) — The Eurogroup added that more time and effort are needed to solve the outstanding issues. The body also welcomed Greece's intention to accelerate its work with the financial institutions.
“We welcomed the progress that has been achieved so far. We note that the reorganization and streamlining of working procedures has made acceleration possible, and has contributed to a more substantial discussion,” the Eurogroup said.
The Eurogroup said in a statement that the agreements reached on February, 20 remain the valid framework for further discussions between Greece and its creditors. On February 20, Athens and Eurozone finance ministers agreed to extend Greece's bailout for four months in exchange for a promise by Greece to implement a series of reforms.
Greece's debt to the troika of foreign creditors, comprising the European Commission, the European Central Bank and the International Monetary Fund, is estimated at some $270 billion.
