Euro Working Group holds teleconference aiming to bridge differences

Deputy eurozone finance ministers, known as the Euro Working Group (EWG), will hold a conference call on Wednesday aimed at bridging differences between the government in Athens and foreign creditors ahead of a crucial eurogroup meeting on Monday, May 9.

The teleconference is expected to focus on an additional 3.6 billion euros’ worth of contingency measures that Greece is being asked to implement should it miss budget targets in 2018.

The extra measures have been demanded by the International Monetary Fund, which deems that the 5.4 billion euros’ worth of measures set out in Greece’s third international bailout are inadequate for it to achieve a budget surplus worth 3.5 percent of gross domestic product in 2018.

Greek officials have instead proposed the activation of an automatic mechanism for cutting state spending in the event that the government misses budget targets.

IMF officials are also expected to take part in Wednesday’s teleconference. Greece will be represented by Alternate Finance Minister Giorgos Houliarakis.