France Putting Pressure on Greece

by Wadsam | August 26, 2012 7:26 am

[1]French President Francois Hollande is pushing Greece to meet the demands by international creditors in order to receive the second tranche (worth 33.5bn Euros)  of its bailout.

Greek leader Antanois is seeking for more time to introduce reforms needed to provide Greece with the growth needed to improve its public finances.

Mr. Hollandi, however, said that no decision on extension should be made until the troika considers a major report on Greece’s finances, due in September.

The “troika” of donor bodies monitoring the bailout – the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission – are due in Athens next month to report on whether Greece has made enough progress.

The country has to put in place structural and economic reforms including maneuvering labor market and renewing privatization drive in order to qualify for the second bailout package.

At least publicly, many EU leaders have remained supportive of Greece’s stay in the Eurozone. However, if Greece defaults, it could result in its automatic exit from the Eurozone.

Endnotes:
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