Greek Finance Ministry did not agree with the new requirements of the IMF on the austerity measures

Greek Finance Ministry did not agree with the new requirements of the IMF on the austerity measures© AP Photo/ Thanassis Stavrakis

Greece’s Finance Minister Euclid Tsakalotos made against the requirements of the IMF legislation to adopt additional cost-saving measures for the period after 2018 the third of the assistance programme.

Such measures will bind future governments, which is not in line with European and democratic values, said Tsakalotos after the Eurogroup meeting, where Greece failed to achieve a positive assessment of the progress of reforms. Without such an assessment Athens are unable to obtain loans under the program of assistance in the amount of 86 billion euros needed to service the debt.

A number of European countries requires the participation of the IMF program of assistance, by which means the issue is simply the ESM. For its part, the international monetary Fund declares that it will fully participate in the program of lending to Greece, that is, to provide not only consultative, but also credit support, if Greece would agree to a number of new reforms for the period after 2019. The IMF believes structural reforms are needed in the labour market, pensions and taxation.

«The IMF wants at present to legislate measures for the period after the program. It departs from the democratic culture in Europe. It is impractical to require a country participating in the program, to legislate for two or three years in advance what she will do in 2019. We are talking about the commitment that goes far beyond a democratic European framework and the moral values that inspire Europe,» said Tsakalotos.

He expressed the hope that there will be proposed initiatives to overcome their differences, as all parties would like to quickly find a solution.

Tsakalotos also said that Greece has not occupied most of the time at the meeting of the Eurogroup, and despite the fact that the Finance Ministers of the Eurozone approved the second review of the programme of reform was the General opinion that the Greek economy is recovering faster than expected.

The Minister expressed hope that by the end of 2016 in Greece will be positive growth, although in 2016 there was a forecast of negative growth. Greece had hoped that the second review of the programme of reforms will be approved by January 26. But on the eve of the Eurogroup meeting, there have been reports that an agreement would be reached until February 20.

In a statement following the meeting of the Eurogroup Finance Ministers «encouraged the Greek authorities and the institutions of the creditors to resume negotiations for the agreement on the reform package, which wanted all the participants». «The reforms relate to labor markets and products in Greece, energy and other industries. Also, for example, the expected agreement on the medium-term fiscal strategy of Greece after 2018,» — said in a statement.

The Greek government has repeatedly said it will not take legislative measures for the period after the current third program.