European Commission report to push for Greek reforms

A European Commission compliance report due to be released Wednesday is expected to send a stern message to the Greek government to boost its economic reform effort which, as usual, has been beset with delays.

The report is expected to point to progress in some areas while urging the quick completion of pending prior actions ahead of a summit of eurozone finance ministers scheduled for March 11.

Athens is keen to get a positive assessment at the Eurogroup and secure the release of 1 billion euros, 750 million euros of which is profits on Greek bonds held by eurozone central banks with the remainder coming from the waiver of the step-up interest rate margin on part of the eurozone loans.

Although Greece does not urgently need the money, thanks to its multi-billion-euro cash buffer, it does want a positive outcome at the Eurogroup to reassure the markets and pave...

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