The Eurogroup welcomed on Monday the preliminary agreement reached between Greece and the institutions on a new set of policy reforms to support the country’s economic recovery, saying “the agreement is an important step towards the finalisation of the second review of Greece’s macroeconomic adjustment program”.
“The Eurogroup commended the progress achieved by Greece in already implementing a significant part of the agreed prior actions. The reform measures, legislated by Greece, cover areas such as pensions, income tax, the labour market and the energy sector. They should support the growth-friendly rebalancing of the economy and make Greece’s medium-term fiscal strategy more robust,” it said in a press release after the meeting.
The Eurogroup invited the institutions together with Greece and third parties to support “a holistic growth-enhancing strategy”.
Eurozone’s finance ministers also held an in-depth discussion on the sustainability of Greece’s public debt “but did not reach an overall agreement,” it said, adding that work will continue in the coming weeks “within the framework agreed in May 2016 with a view to reaching a definitive conclusion at the next Eurogroup meeting”.
This includes an ambitious and economically sound medium-term primary surplus path for Greece, the Eurogroup said.