Ecofin: The end of meetings on Tuesday reassured Greek commitment for more efforts

By @ibtimes on

With the end of the finance ministers meetings in Brussels on Tuesday, the Greek tragedy did not come to an end as was highly expected with the ministers buying more time to assess the conditions and reach the final resolution on the next step.

Greece promised to extend the efforts and apply additional measures to tackle the crisis. The EU also asked Greece to soon announce the new measures and provide details over its privatization plans that were part of the accepted 110 billion euro bailout last year. Greece should provide details on how the nation will raise the 15 billion set for the year of the total for the package at 50 billion euros.

Greek pledges for more actions and EU's support comes after the finance ministers discussed the taboo of debt restructuring, or soft re-profiling as it was called. The soft restructuring was the reference to the final resort for the crisis as still there are other measures to discuss from extending the loans to Greece or even providing new loans.

European Commissioner for Economic and Monetary Affairs Olli Rehn assured that debt restructuring was off the table for the commission as opposed to what they see as voluntary extension of loan maturities held by private investors which is what they referenced as re-profiling.

More details over the next step is delayed seemingly till the coming June meeting of heads of states as the EU awaits the final recommendation from the joined EU, IMF, and ECB mission reviewing the economic situation in Greece that will stay till the end of May.

In other decisions, on Tuesday the ministers reached an agreement on the rules to limit short-selling of shares and sovereign debt, as they finally reached common grounds surmounting concerns from the United Kingdom that such rules will give the EU's new securities regulators too much power.

They also discussed the outlook for the top IMF position after Kahn's weekend arrest on sexual assault charges. They said if the place is to be open they will fight for a European candidate for the top job.

Join the Discussion