EU sources: A comprehensive agreement on Greece by May 24 is difficult but not unattainable

A comprehensive agreement on Greece by May 24 (Eurogroup meeting) that will satisfy both the EU’s member-states and the International Monetary Fund (IMF) is difficult but not unattainable, a senior Eurozone official said on Tuesday.

The official explained that an agreement has already been achieved between the Greek authorities and the institutions on the main package of measures and expressed optimism that the two sides will also agree on the contingent mechanism within the week. The overall deal could include this main package of measures along with the mechanism and a political agreement on Greece’s debt, he added. “We’re working on this direction. It’s difficult but not impossible,” he said.

Concerning the contingency mechanism, the official said the two sides are close to “a solution that meets the criteria of automation, legislation and transparency” set by the Eurogroup in Amsterdam, making it clear that the mechanism is now part of the bailout deal and the comprehensive package of measures.

On debt relief, the Eurozone official said the expectation is there’s a “political agreement” in the next Eurogroup for the form of measures and the timetable for their implementation, if they are deemed necessary.