BRUSSELS (AP) — The European Union’s executive Commission is expected to send its long-awaited reports on Greece’s public finances — the key to determine if it will get new rescue loans — to eurozone finance ministries Thursday, an EU official said.
The official was speaking on condition of anonymity because the reports are confidential at the moment.
The so-called troika report and the European Commission’s assessment of the sustainability of Greece’s debt will form the basis for discussions of the country’s future at crucial meetings of European finance ministers and leaders this weekend.
The report is based on the most recent review mission of the International Monetary Fund, the Commission and the European Central Bank.
Stock markets fell Thursday on concerns that banks and private investors will be forced to take huge losses on Greek bonds and doubts about the eurozone’s ability to withstand the ensuing market turmoil.
EU officials initially raised hopes that Sunday’s summit of eurozone leaders would deliver a broad solution to the currency union’s debt crisis, including strengthening banks across the continent, maximizing the impact of the euro440 billion bailout fund and providing more rescue loans for Greece.
But in recent weeks German politicians have worked to scale back expectations of the weekend’s get-together, as they push for steeper losses for Greece’s private creditors against resistance from France, the Commission and the European Central Bank.
The official was speaking on condition of anonymity because the reports are confidential at the moment.
The so-called troika report and the European Commission’s assessment of the sustainability of Greece’s debt will form the basis for discussions of the country’s future at crucial meetings of European finance ministers and leaders this weekend.The report is based on the most recent review mission of the International Monetary Fund, the Commission and the European Central Bank.
Stock markets fell Thursday on concerns that banks and private investors will be forced to take huge losses on Greek bonds and doubts about the eurozone’s ability to withstand the ensuing market turmoil.
EU officials initially raised hopes that Sunday’s summit of eurozone leaders would deliver a broad solution to the currency union’s debt crisis, including strengthening banks across the continent, maximizing the impact of the euro440 billion bailout fund and providing more rescue loans for Greece.
But in recent weeks German politicians have worked to scale back expectations of the weekend’s get-together, as they push for steeper losses for Greece’s private creditors against resistance from France, the Commission and the European Central Bank.
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