Eurozone presses Greece for written reform pledge

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FE Team | Published: November 17, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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STRASBOURG, Nov 16 (AFP): The head of eurozone finance ministers renewed pressure on Greece Wednesday to commit itself in writing to economic reforms before it can receive vital bailout funds. Luxembourg Prime Minister Jean-Claude Juncker said the Eurogroup would discuss before the end of November whether to disburse 8.0 billion euros ($10.7 billion) from an existing 110-billion-euro rescue programme for Greece. Juncker recalled that Greece, led by a new national unity government under interim Prime Minister Lucas Papademos, must fulfill conditions imposed at an October 26-27 summit of eurozone leaders. "We are waiting for a letter from the Greek prime minister on the precise intentions of authorities regarding the recommendations made" at the summit, he told the European parliament in Strasbourg, France. The eurozone has held back the funds, which Greece needs by mid-December to avoid default, until Athens provides written proof that it will implement tough austerity measures and structural reforms demanded by foreign lenders. Papademos came to power last week after a power-sharing deal between the socialist, conservative and far-right nationalist parties, with the goal of pushing through reforms. Eurozone finance ministers are scheduled to meet on November 29 but they could hold telephone conference before then. Greek Finance Minister Evangelos Venizelos said Friday he hoped the Eurogroup could release the funds on November 17.