European Commission: Euro Zone Stability Threatened if Greece-Creditors Talks Drag on

Sunday, February 12th, 2017
Last Update: 17:03

Greece and its creditors must quickly finish with the bailout program review, otherwise euro zone stability is at risk, said European Commission Vice President Valdis Dombrovskis.

Dombrovskis spoke to Germany’s Welt am Sonntag newspaper, warning that the more negotiations are prolonged, the more the euro zone’s financial stability is at risk. He was referring to Greece’s procrastination in implementing agreed reforms and disagreements between European institutions and the International Monetary Fund over the viability of the country’s fiscal targets.

As a result, negotiations between Greece and creditors have stalled since mid-December.

“Now is not the time to turn the clocks back to financial instability,” Dombrovskis said. “The reforms in the program are aimed at improving the competitiveness of the Greek economy and to give Greeks hope of a stable and secure future,” he added.

However, the indebted country and its international lenders made progress in talks on Friday and negotiations will resume, as creditors’ representatives will return to Athens, but their return date has not been specified yet.

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