Debt-laden and recession-hit Greece must accelerate structural reforms and slow down on the deficit, the chief of the IMF's inspection team for Greece was quoted as saying by a Greek newspaper on Wednesday.
"We will have to slow down a little as far as fiscal adjustment is concerned and move faster – much faster – with implementing reforms," Poul Thomsen told Greek newspaper Kathimerini in remarks published in Greek, Reuters reported.
After the gathering of European leaders on Jan 30, EU President Herman Van Rompuy convened a smaller group, including Greek Prime Minister Lucas Papademos and European Central Bank Executive Board member Joerg Asmussen, to weigh the next steps.
Van Rompuy spoke of the need “to put the current program back on track” and said finance ministers will try to hammer out the follow-up plan – in the works since July – by the end of the week. Greece is counting on aid to meet a 14.5 billion- euro bond payment on March 20 to escape default.
On the same day, Greece's Alpha Bank froze merger talks with Eurobank pending the conclusion of tough negotiations between the government and private creditors on a huge sovereign debt write-down.
"The bank intends to await the finalization of the terms of the (debt write-down) and shall then convene the bank’s general meeting of shareholders, so that the latter can be duly informed and resolve upon (the course to follow) accordingly," Alpha Bank said in a statement.
