Wednesday

25th May 2016

Agenda

Troika back in Greece this WEEK

The troika of international lenders - the European Commission, European Central Bank and International Monetary Fund - returns to Athens on Tuesday (3 July) to take stock of delays in implementing the bailout-linked austerity measures.

Newly-elected Prime Minister Antonis Samaras has recovered from the eye surgery that last week delayed the troika's first trip to Greece since the 17 June election.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

  • The troika was delayed by one week as the Greek PM underwent surgery (Photo: Constantine Gerontis)

The audit is necessary if Athens is to secure in deadline extension for achieving the tough reform programme expected of it in return for its two bailouts.

Speaking in Athens on Monday, ECB deputy chief Joerg Asmussen said that implementation has "virtually stalled" in the last three months and that kick-starting the programme should be the government's "first priority."

Samaras last week sent a letter to fellow EU leaders meeting in Brussels reassuring them that his government will meet its commitments linked to the latest €130 billion bailout, but also asking them to "respond to sacrifices" by recession-hit Greeks, and accept some changes to the programme.

According to Greek media reports, the government is emboldened by the deal achieved late Thursday night, when Germany accepted Spanish and Italian demands for the bailout fund to be used for directly propping banks and buying government debt.

But Eurogroup head Jean-Claude Juncker stressed that Greece's case was different than Spain and Italy, for whom the new bailout fund rules were conceived.

"The specificity of aspects of the programme that we decided on for Spain and Italy is different from that of Greece, which is a country that has entered a [full bailout] programme," he told the state-owned Athens News Agency on Friday.

"I believe that a strict budget must continue to be applied in Greece because Greece must definitely reform its public finances, it must improve its falling competitiveness and [correct the] weaknesses of Greece," he added.

Meanwhile the European Central Bank will be in the spotlight on Thursday. Economists expect the ECB to lower its benchmark interest rate by at least 0.25 percent, down from one percent. In addition, the eurozone bank may also cut the deposit rate to discourage banks from parking hundreds of billions overnight at the central bank instead of lending to each other.

Cyprus' takeover of the EU rotating presidency from Denmark will be on top of the agenda of MEPs meeting in Strasbourg this week, as well as a debriefing from the EU council and commission on the outcome of last week's summit. Both will take place on Wednesday.

That same day, the Parliament as a whole will vote on the controversial anti-counterfeiting trade agreement (Acta). The plenary vote follows a negative vote in the responsible committee. Acta, which bans internet piracy, has seen mass protests in several EU countries, with some governments already putting the international bill on hold.

A vote on the EU patent may bring the 30-year long delayed project into being, after EU leaders last week agreed on the last missing element - the location of the patent court.

Also on Wednesday, complaints about the re-imposition of border checks between Germany and the Czech Republic are to be discussed.

Merkel casts doubt on Turkey visa-free travel

German chancellor after meeting with the Turkish president, said it was likely that conditions would not be met by 1 July as agreed in the EU-Turkey migrant deal.

News in Brief

  1. France oil strike hits petrol pumps
  2. Turkey MPs could block EU deal over visas
  3. EU Commission approves giant beer merger
  4. Technical witness tells EP diesel cheating not necessary
  5. Poland presents 'solutions' to constitutional crisis
  6. Greek bailout without IMF not an option, says Dijsselbloem
  7. Germany's Bayer makes offer to buy US giant Monsanto
  8. Greece evacuates Idomeni migrant camp

Stakeholders' Highlights

  1. Swedish EnterprisesNew rules for posted workers - Better Protection or the End of Posting ?
  2. Innovators Under 35Meet MIT Technology Review's Innovators Under 35 Award Recipients from Belgium on 25 May, 6pm
  3. Open EuropeJoin the Brussels Brexit Debate on Wednesday, 25 May at 5:00 PM
  4. World VisionWhy The EU Needs to Put Children at the Centre of Emergencies - In Their Words
  5. ACCASustainability Reporting in Danger of Losing Its Momentum Says ACCA and CDSB
  6. CEDEC - Covenant of MayorsWebinar on 25 May - Electric Vehicles Development: The Role of Local Entities
  7. Dialogue PlatformDiversity as Heritage of Humanity! Join the “Colors of the World“ Show at the EP
  8. Centre Maurits CoppietersNew Responses to the Basque Peace Process? MEP Juaristi on Stateless Challenges Conference
  9. European Healthy Lifestyle AllianceImproving Cardiovascular Health Begins by Closing the Gap in Sex Disparities
  10. IPHRBrussels Talks to Take Stock of Human Rights in Turkmenistan
  11. World VisionCash-based Programming to Address Hunger in South Sudan:
  12. Belgrade Security ForumOpen Call for Applications! Join the Events Team at the 6th Belgrade Security Forum.

Latest News

  1. EU and IMF agree debt relief for Greece
  2. Austria vote is wake-up call for EU left
  3. Poland vows solution to judicial crisis
  4. Terrorists likely stockpiling explosives in EU, says Europol
  5. EU navies to help Libya coastguard stop migrants
  6. Merkel casts doubt on Turkey visa-free travel
  7. EU and Poland in last minute talks on rule of law
  8. Tough challenges ahead for Austria's president