European sovereign debt crisis timeline

Greece's creditors in the 19-country eurozone have agreed to give the cash-strapped country some short-term debt relief even though they remain to be convinced that the Greek government has delivered on the promises it has made in return for the bailout money that prevented bankruptcy.

Eurozone finance ministers hope to forge a compromise on Greek reforms on Monday in a final push to secure the support of the International Monetary Fund for Athens's bailout program by the end of the year.

BELGRADE - German Finance Minister Wolfgang Schaeuble told Greece to carry out unpopular reforms if it wants to stay in the Eurozone, ruling out debt relief for Athens.

The warning may signal yet another emergency in the continent already beset by multiple crises.

Eurozone finance ministers should agree on Monday on a short-term plan to ease Greece's debt payments schedule at a meeting in Brussels, French Finance Minister Michel Sapin said.

Sapin's comments contrasted with those of German Finance Minister Wolfgang Schaeuble on Sunday, who said Greece must carry out structural reforms instead of receiving debt relief.

Political uncertainty in Europe has created fresh momentum for a "comprehensive and permanent" solution to the Greek debt crisis before the year ends, a government spokesman said on Sunday.

In an interview published in Germany’s Bild am Sontag today, the German Finance Minister Wolfgang Schäuble adhered to his long-held belief that structural reforms, not debt relief, would contribute to Greece achieving a serviceable debt and remaining in the Eurozone, arguing that interest rates and repayments burden its budget only negligibly.

Talks between Greece and its European Union creditors are progressing but work is still needed to reach a technical deal on Greek reforms, the EU commissioner for economic affairs said on Thursday.

"The discussions continue, the positions are getting closer, but there is still work to be done," Pierre Moscovici told a news conference in Brussels.

The U.S. credit rating agency Moody's has announced it expected Serbia's general government fiscal deficit to be 2.3 pct in 2016.

This will come "amid continued increases in tax collection and public sector reforms."

EU Economy Commissioner Pierre Moscovici said Tuesday he is optimistic about concluding an overall deal on Greece's latest bailout program by the end of the year including discussions on debt relief.

Moscovici spoke just days before a key meeting of eurozone finance ministers on December 5 to discuss Greece's massive 86-million-euro bailout, its third since 2010.

Finance minister Euclid Tsakalotos claimed to be unaware of reports that the mini Eurogroup meeting to discuss the Greek debt, without Greece’s presence, will be cancelled.