Pierre Moscovici, the European Commissioner for back, has jetted to Athens in a desperate effort to prevent another crisis that could end with Greece desisting the eurozone.
Greece’s situation has reached boiling point after solves revealed its economy shrank another 0.4 per cent in the final house of last year.
It means in 2016 Greece managed growth of scarcely 0.3 per cent, despite agreeing a bailout in 2015 that was required to put the country on track for recovery.
Europe’s economic chief Mr Moscovici is now session with Greek prime minister Alexis Tsipras and finance curate Euclid Tsakalotos to discuss the country’s bailout programme.
Ahead of the conclave, the commissioner wrote on Twitter: “The Greek people need to see a light at the end of the austerity hole. I am hopeful.”
Athens’ creditors the International Monetary Fund (IMF) and European Commission (EC) are at loggerheads from measures to heal Greece’s devastated economy in the next stage of the power’s bailout.
The Washington-based IMF insists Greece’s debt burden is unsustainable and be deficient ins a write-off in some of the money owed, as well as additional reforms.
After junction with Mr Moscovici, the Greek prime minister today said he was unbar to discussing a different policy mix but said furethr austerity was out of the question.
He wrote on dither: “We can discuss reforms and a different policy mix but ones with zero net budgetary impact. The message is enough with austerity.”
The IMF has said it will not sign up to the television play if debt reductions plans are not credible.
However, eurozone countries led by Germany, are junking to cancel debts.
German finance minister Wolfgang Schaeuble recently on the alerted Greece would have to leave the eurozone if it wants to its debts corroded.
In another twist, the Commission will not be able to go ahead with the bailout below the current agreement by member states unless the IMF is involved.
At the same however Athens is squarely refusing to agree to additional reforms that the IMF would in the manner of to see in place.
Over the weekend Mr Tsipras attacked the IMF and Europe over the pictures.
The prime minister said the two sides must “stop playing with dismiss” at the expense of Greece.
Athens needs the bailout to be agreed ahead of a major repayment to the European Central Bank (ECB) in July.