Eurogroup President Jeroen Dijsselbloem
– A lot of progress has been achieved by Greece, good cooperation.
– Unresolved issues include the governance of banks and household insolvency with more work needed towards the recapitalization of Greek banks – a key milestone in the bailout deal.
– More work is needed before bailout funds are given.
The Greek government on Tuesday issued a ministerial council act on the details of the recapitalization of banks defining an 8.0 % interest on bonds and mentioning the operation of CoCos (convertible bonds) with which Hellenic Financial Stability Fund will cover additional capital needs of Greek banks.
Greek Finance Minister Euclid Tsakalotos met with Bank of Greece (BoG) Governor Yannis Stournaras at the Finance Ministry Friday. The two men discussed the pressing issue of the timetable for the recapitalization of Greek banks, a matter which is at the heart of negotiations with the institutions currently in Athens.