European debt crisis

 March 30 is the date when liquidity reserves will turn negative unless some money comes from Europe

By Sotiris Nikas

An increasingly cash-strapped Greek government is expected to submit a renewed list of reforms to eurozone creditors in the coming period, a mandated action to meet requirement for extending a loan agreement.

According to Reuters a new Euroworking teleconference will take place on Wednesday, with Greece again the main focus.

The Euro Working Group (EWG) of eurozone technical staff is expected to convene on Wednesday, possibly via teleconference, to discuss, among other issues, a Greek request for the return of 1.2 billion euros from the European Financial Stability Facility (EFSF).

Greece and the European Union could reach a deal as early as this week to allow the release of badly needed aid funds for Athens, European Parliament President Martin Schulz said March 24.
      

German Finance Minister Wolfgang Schaeuble said on Wednesday at a news conference that time was running out for Greece, which is trying to achieve a better deal with its international creditors.

Sticking to his hard line on Greece, Schaeuble said that Greece has stated time and again that it doesn't want a third bailout program.

The European Union is not prepared to keep Greece in the eurozone at any price, its financial affairs chief said in a newspaper interview on Wednesday, although he said that a Greek exit would inflict great damage on the currency union.

The government will on Tuesday begin debating measures to boost liquidity as the cash-starved country braces for more than 2 billion euros in debt payments on Friday.

Greece and its eurozone partners should be able to come to a deal on the country's funding needs because everyone wants it to stay in the currency area, the head of the monetary union's bailout fund said in an interview with Le Monde published on Monday.

Spain raised the pressure on Greece Monday to "honour its commitments" to its European partners to end its debt crisis and prevent its dropping out of the eurozone.

"I do not want Greece to leave the euro. I do not believe that would be good for Greece or for Europeans in general," said Spanish Prime Minister Mariano Rajoy in a radio interview.

The ministry announced on Sunday that it has received prior approval from the World Bank for a partial guarantee of up to 200 million euro, which will allow it to request a loan from international lenders of up to 250 million euro. Banks have been invited to make their offers by April 1.