Greece Crisis: Government Seeks Eurozone Approval of Fiscal Progress

Greece is hopeful that Eurozone ministers will recognize the fiscal progress it has made.

Eurozone finance ministers are meeting in Brussels on May 11 to continue negotiations on a deal to release a portion of billions of bailout funds.

Greek ministers say they will honor a payment of €750 million ($834 million) to the IMF due on May 12.

No breakthrough is expected at today’s talks, with many issues unresolved.

Greece’s left-wing government has said it will not break anti-austerity electoral promises, something that has put the country at odds with European creditors.

The country has until June to agree a new reform deal with its creditors.

PM Alexis Tsipras is reported to have told his cabinet that Europe needs to acknowledge the economic reforms that Greece has made.

Eurozone ministers are not hopeful of a deal being struck.

“We have made progress, but we are not very close to an agreement,” Eurogroup chair Jeroen Dijsselbloem told the Italian newspaper Corriere della Sera.

“It will surely not be reached at the Eurogroup meeting on Monday,” he said.

Greece did meet May 6 deadline to pay €200 million in interest to the IMF.