Greek gov't hails Eurogroup meeting result as "positive"

Greece's government welcomed what they said was a "positive" Eurogroup meeting result on Monday evening, although there was no joint statement issued on a concrete agreement as to the next steps forward for the resolution of the Greek debt crisis.

"It was a positive development. It is significant that talks between Greece and the institutions on a technocratic level start on Wednesday in Brussels," government spokesman Gavriil Sakellaridis told SKAI television channel after the conclusion of the meeting.

Greek Finance Minister Yanis Varoufakis presented to his counterparts in Brussels on Monday seven key reforms proposed by Greece as a first step towards implementing the Feb. 20 bridging deal struck with its lenders.

Despite the lack of a joint statement, Athens said the Greek proposals were accepted on a political level at the Eurogroup meeting and the process to implement February's arrangement has started, subsequently paving the way for the European Central Bank (ECB) to ease its stance towards Greece.

Later this week, ECB's managing board will convene to re-examine the level of emergency liquidity assistance (ELA) given to Greek banks.

Greece's creditors expressed the will to promptly resolve the funding problem, government sources said.

"We have ensured that Greece will fully cover its financial obligations in a timely manner," Sakellaridis stressed.

The Greek official concluded that Greece would unveil more proposals in the coming days, enriching the initial list of reforms to gradually form its national plan for growth that will be discussed with its creditors in April, focusing on the battle against tax dodging.

Under February's deal, the four-year Greek bailout which expired on Feb. 28 was extended for four months giving Athens and creditors time to reach a final contract on the Greek debt crisis following the recent change of government in January.

Greece needs a positive assessment of its updated fiscal consolidation and reform plan to ensure further aid by creditors in April.

Sakellaridis repeated on Monday that, until then, the country would find ways to address the pressing funding gap and avoid a possible cash crunch and credit event that would lead to a Greek exit from the euro zone, as analysts warned. Endit