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As European leaders slowly return from their summer break, Greece is at the center of the European stage yet again. Athens is expected this week to ask for two extra years to meet its deficit targets. The idea however hasn't gone down well amongst international creditors, who are due to release a 30 bn euro loan as early as next month in order to save Greece from defaulting.
The European Commission said on Monday that no decision will be made until late September when Europe's assessment on Greece's reforms will be published.
'The situation as regards to Greece is that the Troika will return in early September to Athens to make a final assessment of the implementation o the second adjustment program me and on the basis of that assessment it would be on the euro group to draw conclusions. Beyond that, i'm not able to say anything further at this stage', said European Commission's spokesperson Simon O'Connor.
While French President Francois Hollande wants to give some leeway to Athens, German Chancellor Angela Merkel has already made clear that no more concessions will be made.
Both leaders are set to meet on Thursday before Greek PM Antoni Samaras travels to Germany on Friday and France on Saturday.
Speculation on whether Greece will abandon the euro has grown in the last days. The German Finance Minister said on Friday that while they want to help Greece, they cannot throw money into a bottomless pit.
So far, Greece has implemented over 43 bn euros worth of public spending cuts.Distributed by OneLoad.com