Summary EU executive says bailout finalizing unlikely this week, investors, however, held out hopes
BRUSSELS: (AP) - The European Union s executive says it is unlikely that a final agreement with Greece over easing its bailout debt load will be reached at meetings this week.
Investors, however, held out hopes that a deal would be reached in time to keep Greece from bankruptcy, sending shares in Athens up sharply.
Eurozone finance ministers will hold an emergency meeting Wednesday, along with the heads of the European Central Bank and the International Monetary Fund, to discuss Greece s demands to ease the burden of its bailout loans. EU leaders will then gather for a summit Thursday.
Mina Andreeva, spokeswoman for the EU s executive Commission, said Tuesday that the meetings will be a first opportunity for the ministers and leaders to officially meet with the newly elected Greek government.
Eurozone nations have said Greece should not count on any forgiveness of its debts, although several countries have hinted that changes such as to the repayment schedule might be considered.
Hopes for a deal, even if not this week, saw markets rise in Greece and Europe. Markets have swung wildly in recent days as the prospects for a deal fluctuated according to statements from officials. On Tuesday, the main stock index in Athens was up 7.5 percent while the German and French markets were over 1 percent higher.
Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis have both gone a whirlwind tour of European capitals seeking support for their proposal to alleviate Greece s debt burden.
Yet after meeting with both EU and eurozone top officials over the past days, Andreeva said that "all these contacts have not been very fruitful."
It did not raise hopes for a definitive breakthrough this week. "For the time being we have low expectations that any final agreements will be reached," she said.
Despite the problems, Andreeva said that EU Commission President Jean-Claude Juncker "firmly reiterated" that an exit of Greece from the common currency is not on his agenda.
Tsipras won the Jan. 25 elections on a promise to end six years of economic hardship for the Greeks caused by recession and a huge drop in living standards because of the financial crisis. To achieve that, he is looking for a fundamental new deal with the bailout creditors over the coming days.
After the two meetings this week, the eurozone finance ministers convene again next Monday in Brussels, hoping to find a breakthrough at that stage.
