Germany ‘confident’ on deal to release funds to Greece

German Finance Minister Wolfgang Schaeuble (L) and Greece Finance Minister Euclid Tsakalotos (R)

Germany is confident that its struggling eurozone neighbour Greece will secure the funding it needs to pay its bills.

German Finance Minister Wolfgang Schaeuble, said: “I remain confident that we will find an agreement today on the payment of the latest tranche.”

Lenders are meeting on Thursday to discuss releasing as much as 8.5bn euros (£7.4bn) in funds to Greece.

Greek Finance Minister Euclid Tsakalotos said he was “optimistic”.

Greece is facing billions of euros worth of debt repayments in July.

Slovak Finance Minister Peter Kazimir said: “I really hope the Euclid will fly back home with a briefcase stuffed with money.”

Christine Lagarde, managing director of the International Monetary Fund (IMF), will attend the meeting in Luxembourg.

Germany, Europe’s largest economy, is the biggest contributor to the rescue and its government has stipulated that in order for more money to be released to Greece, the IMF must join the bailout.

However, in turn, the IMF wants clarity on longer term debt relief for Greece once the current funding scheme runs out next year.

Jeroen Dijsselbloem, chairman of the Eurogroup, said: “Today we will give more clarity to Greece and to the IMF (on) how we will move forward, how we will calibrate debt relief needed next year.

“There won’t be a figure that rolls out… the figure will only come at the end of the programme,” he said.

[Source:- bbc]