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Greece desperate for debt relief as it prepares to exit supervision

Greek debt relief

Greek Parliament

As Greece prepares to exit supervision after successfully implementing reforms demanded by the troika in exchange for bailout support, all eyes are on the upcoming Eurogroup meeting in Brussels where the much needed debt relief will be discussed.

According to official sources, all decisions regarding the country’s exit from the bailout programme and the debt relief will be taken into consideration by the Eurogroup on June 21.

There is satisfaction in Europe with the recent staff level agreement reached  on the package of reforms for completing the fourth review of the Greek programme.

“We are very happy with that a staff-level agreement with Athens was reached before the Eurogroup on Thursday,” an official said, and also welcomed statements by Prime Minister Alexis Tsipras that all prior actions will be completed before the start of the FIFA World Cup on June 14.

“We are working to make the activation of the programme possible,” the official said, noting that this depended on the measures for the debt, on which there would be a more in-depth discussion at Thursday’s Eurogroup.

The IMF’s participation with its own funds remains important for the credibility of Greece’s exit from the programme, the official noted, while clarifying that the IMF will definitely remain involved in some way during the post-programme period.