Creditors seem open to talks

The formation of a government broadly committed to honoring its obligations to international creditors is said to have reassured officials in Brussels, who appear to be open to talks on possible adjustments to Greece’s loan deal, though probably only on the level of extending the fiscal adjustment period.

The official position of the European Commission, one of Greece’s three creditors collectively known as the troika, remains that there can be no revision of the terms of the debt deal until the troika’s next review of the country’s reform progress. According to sources, European Economic and Monetary Affairs Commissioner Olli Rehn reaffirmed this stance at a speech at the Commission on Wednesday. The European Council is said to be more open to a renegotiation due to the impact of a deeper-than-expected recession.

There is far less flexibility in Berlin. Sources there said German officials insist the goals of the program are non-negotiable.

“What is needed is greater decisiveness in the implementation of what has been agreed,” German Finance Minister Wolfgang Schaeuble said in an interview with Die Welt.

Meanwhile, Skai understands that Eurogroup Chairman Jean-Claude Juncker spoke by telephone a few days ago with New Democracy leader, and now Prime Minister Antonis Samaras, and told him the substance of the memorandum could not change, only the time frame. 

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