Eurogroup President Urges Greece to Implement Economic, Social Reforms

BRUSSELS (Sputnik) — Eurogroup President Jeroen Dijsselbloem urged Athens on Monday to implement tough reforms as part of the European Union’s bailout deal for Greece.

Last July, Greece agreed to strict austerity measures after marathon bailout talks with 18 other eurozone nations and international creditors in exchange for a bailout package worth 86 billion euros ($96 billion at the current exchange rate).

"A lot needs to be done. There are still a series of reforms to be implemented, new pension and labor reforms to be mapped out," Dijsselbloem told journalists after he arrived for a Eurogroup meeting in Luxembourg.

The Dutch finance minister, who presides over the ministerial group of EU’s 19-nation eurozone monetary union, said the implementation of Greek reforms depended on how soon money lenders can recapitalize cash-strapped Greek banks and negotiate the restructuring of Greece’s large national debt.

Greek Finance Minister Euclid Tsakalotos is expected to inform the Eurogroup about steps currently taken to fulfill government obligations toward international creditors.

In late August, Greece received 13 billion euros ($14.6 billion) out of the 26-billion-euro tranche provided by the European Stability Mechanism (ESM) to the country as part of a new 86-billion-euro bailout deal.