Euro Group

Eurozone finance ministers on Friday urged Cyprus to tighten up new legislation on private sector debt restructuring, a key to meeting its bailout conditions, saying it is waiting for confirmation before the next tranche of aid can be issued.

Greece will have to get the troika review due to begin at the end of the month out of the way before it and its lenders can begin assessing issues such as a third bailout and debt relief, Eurogroup chief Jeroen Dijsselbloem said Friday after a meeting of eurozone finance ministers in Milan.

Eurozone officials were to meet in Milan on Friday for an unofficial summit where the progress of Greece's economic reform drive is expected to top the agenda following negotiations between Greek government officials and the troika in Paris last week.

The President-elect of the European Commission Jean-Claude Juncker announced on Wednesday that the EU will not expand over the next five years.

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Wednesday turned out to be a particularly good day for Greece with regard to the operations of the European Union.

The country’s commissioner, former Defense Minister Dimitris Avramopoulos, was assigned a significant and – as it turned out – reinforced portfolio.

Cyprus’s creditors have not approved the foreclosures bill tabled in Parliament by the government in Nicosia, and as a result have decided to postpone the disbursement of the next bailout tranche to the island nation, as the issue will not form part of this Friday’s Eurogroup meeting, Cypriot Finance Minister Harris Georgiades (photo) told CyBC state radio on Tuesday.

High sovereign debt and unemployment are the major issues plaguing Greece'a economy, eurogroup chief Jeroen Dijsselbloem told the European Parliament's economic and monetary committee in Brussels on Thursday.

 Greek ministers will be looking at timetables, actions and taxes with troika officials at start of September

The Greek government has begun finalizing its negotiating strategy for the imminent talks with troika officials in Paris, setting four clear priorities for the September meeting.

Eurozone officials on Wednesday approved the disbursement of another 1 billion euros in rescue loans to Greece with the money expected to be dispensed by Thursday.