Since Friday’s meeting, it appears as though Greek officials are experiencing more pressure from the eurozone’s finance chiefs. The Greek Finance Minister Yanis Varoufakis described the meeting’s atmosphere to be intense, tough, and hostile. The environment was such since there has been a lack of progress for agreements on planned overhauls and reforms even though the deadline is at the end of April. Furthermore there has been a lack of agreement between Athens and its international creditor on debt payments. Although many of the official and finance chiefs from other Eurozone countries are losing hope and becoming more frustrated, Varoufakis said that not reaching a deal with Greece’s creditors is not an option and that compromises will have to be made. Varoufakis is under a strict deadline since the Greece international bailout deal expires at the end of June and will cost the Greek government 6 billion euros. The general thought for all the members of Fridays meeting can be summarized by what Mario Draghi – president of the European Central Bank – said: “Time is running out.” Time is definitely an issue especially when the Greek Prime Minister Alexis Tsipras refuses further budget cuts and changes to the labor market.
Do you think that Greece will make the necessary budget cuts and changes to the labor market?