Eurozone finance ministers meeting today in Riga, Latvia

Eurozone finance ministers meeting on Friday in Riga, Latvia, are expected to seek ways that will allow the fastest completion of the negotiations between Greece and the representatives of the institutions.

The general feeling is that negotiations are moving faster and more effectively in the last few days; however everyone agrees that a lot remains to be agreed on. Sources from the EU believe the Greek side must find a way “to mitigate its demands” and “lessen its ‘red lines’”, while Greek diplomatic sources say that the representatives of the Eurozone are not showing enough flexibility, particularly on fiscal targets and opening the labour and product markets.

According to a top Eurozone official, the 18 ministers will attempt on Friday to agree with Greece on a type of road map which the country will have to follow, so that by the next Eurogroup on May 11, a “critical mass” of reforms will have been agreed upon. This will allow the disbursement of Greece’s loans.
The official warned, however, that deadlines have not been helpful in the past and it may be wiser to be avoided.