Greece 'Should Adopt New Laws by Wednesday'

Greek Finance Minister Euclid Tsakalotos (C) with Spanish counterpart Luis de Guindos at the Eurogroup meeting on July 12, 2015. Photo by BGNES

The Greek Parliament should pass fresh legislation by Wednesday if it is to receive new bailout assistance, Finnish Finance Minister Alexander Stubb has said.

Stubb made his comments just after the Eurogroup's Sunday session on Greece ended to give way to a meeting of Eurozone leaders.

The latter was initially meant to be a European Council bringing together leaders of all 28 member states, but EU Council President Donald Tusk called off the summit on Sunday morning.

Eurozone leaders discussed for a few hours until the meeting broke for consultations. This was immediately followed by meeting of Greek PM Alexis Tsipras with German Chancellor Angela Merkel, French President Francois Hollande, and EU Council President Donald Tusk.

Meanwhile, a statement issued after the Sunday meeting is circulating through media outlets which suggests the country could need up to EUR 86 B in fresh financing over the next three years. This is the same document that was leaked by various media outlets which suggested Germany had offered a five-year period for Greece to remain out of the Eurozone - an idea that sparked much anger among some EU officials.

Finland's finance head later added that Greece "needs to implement laws by July 15", to carry out tough conditions in a range of areas, including labor reforms, pensions, VAT and other taxes, as well as privatization and privatization funds.

At the same time European Parliament President Martin Schulz said at a press conference in Brussels that "Greece and its people must not be humiliated."

"I cannot remember such a situation to have [occurred] ever in European politics," Frankfurter Allegemeine Zeitung quotes Schulz as saying.

Austria's Finance Minister had earlier suggested that negotiations can only be successful if Athens adopts reforms as early as Monday.

 

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