Eurogroup to discuss Greece and Cyprus

Eurogroup to discuss Greece and Cyprus

The euro area Finance Ministers meet on Monday in Brussels to discuss the way forward for the Greek programme following Eurogroup`s decision to grant a four-month extension to Athens, with a view to put forward a new reform programme.

Greek Finance Minister Yianis Varoufakis will brief his counterparts on a set of seven reform proposals he sent to the Eurogroup President Jeroen Dijsselbloem. The meeting will take place in the aftermath of Varoufakis` comments that in case the Greek proposals are rejected, the government may consider early elections or a referendum on the proposals.

During the meeting, scheduled to begin at 16:30 local time, Cypriot Finance Minister Harris Georgiades will brief the Eurogroup on the way forward with regard to the foreclosure law, whose suspension by the Parliament has left the island`s fifth programme review pending. Georgiades will brief the Eurogroup on the fifth insolvency bill that has been approved by the Council of Ministers.

The parliament has suspended the foreclosure law on the grounds that the law should be put into force together with the insolvency framework.

Georgiades told the press on Sunday that Cyprus could conclude the fifth review by mid April.