Greece and its creditors remained at loggerheads with time running out to unlock aid and avert a default.
The sides haven’t even set 2015 budget targets, let alone on policies to meet them, an official representing creditors said Monday, asking not to be named as talks aren’t public. Euro-area finance ministers said in February that a list of measures must be agreed upon by the end of April.
European leaders want Greece to do more to revamp its debt-burdened economy, with progress to be reviewed on April 24 in Riga, Latvia, when finance ministers from the currency bloc meet. European Commission Vice President Valdis Dombrovskis said in an interview in Washington that creditors might need to wait until mid-May to see what Greece can deliver.
Dutch Finance Minister Jeroen Dijsselbloem, who chairs meetings of his euro-region counterparts, said in Washington on Saturday that a deal won’t be ready by the Riga gathering.
In Greek Court
Greek bonds fell as yields on three-year notes rose 115 basis points to 27.9 percent as of 2:45 p.m in Athens. With the country running out of cash, credit-default swaps suggested there is about an 84 percent chance of Greece being unable to repay its debt in five years, compared with about 67 percent at the start of March, according to CMA data.
A default on the country’s 313 billion euros ($336 billion) of obligations and an exit from the euro would be traumatic for the currency area and plunge Greece into a major crisis, European Central Bank governing council member Christian Noyer told French newspaper Le Figaro in an interview published Monday.
“The ball is in the court of the Greek government,” he said.
That message was echoed by the Finance Ministry in Germany, Greece’s biggest country creditor.
“The coordination process must pick up considerable momentum and the responsibility for that lies with the Greek government,” ministry spokeswoman Friederike von Tiesenhausen said in Berlin.