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Eurogroup, Greece agree on bailout extension for four months

(Xinhua) Updated: 2015-02-21 08:11

Eurogroup, Greece agree on bailout extension for four months

Managing Director of the International Monetary Fund (IMF) Christine Lagarde (L) and Commissioner for Economic and Financial Affairs Pierre Moscovici (C) and Eurogroup President Jeroen Dijsselbloem give a news conference after an extraordinary euro zone Finance Ministers meeting (Eurogroup) to discuss Athens' plans to reverse austerity measures agreed as part of its bailout, in Brussels February 20, 2015. [Photo/Agencies]

BRUSSELS - Eurozone finance ministers and Greece on Friday agreed on a final agreement over the bailout extension by four months, Eurogroup president Jeroen Dijsselbloem said during a press conference.

Eurozone finance ministers discussed the request by the Greek government for an extension of the financial assistance for six months which had been submitted on Thursday.

Dijsselbloem said a draft statement by eurozone finance ministers ultimately approved extending Greece's bailout by four months.

The extension would bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece, according to the Eurogroup statement.

Dijsselbloem added Greece should submit by Monday a letter listing what reform measures it must adopt to the Eurogroup as commitments underpinned.

The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review.

"This list will be further specified and then agreed with the institutions by the end of April," said the statement.

Dijsselbloem said Friday's agreement was a "first step in this process of rebuilding trust" between Greece and its European creditors.

Discussions were taking place in the context of the upcoming expiry of the current financial assistance to Greece on 28 February.

If international markets refused to finance Greece's government,

It is said that the country could exit from the single currency.

Earlier, European Commission President Jean-Claude Juncker saw Greek request as a positive sign, saying which could pave the way for a reasonable compromise.

Friday's meeting is the third time in ten days that ministers have met to resolve the Greek debt problem. At last meeting the Eurogroup agreed that the best way forward is for Greece to seek an extension of the bailout.

Ministers were unable to reach the agreement on the bailout program on Monday after the Greek authorities rejected the draft statement proposed by the Eurogroup.

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