Eurogroup meeting to discuss Greece, Portugal, Cyprus

Eurogroup said on Wednesday that it will discuss financial assistance to Greece, post-program review on Portugal and the ongoing economic adjustment program on Thursday's meeting in Luxembourg.

After a collapse of bailout talks on Sunday between Greece and its creditors, it is still unclear if a deal can be found when euro zone finance ministers meet.

According to a statement issued Wednesday by the Bank of Greece, failure to reach an agreement would mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and -- most likely -- from the European Union.

As the Bank of Greece had assessed in its Governor's Report for the year 2014, the conclusion of a new agreement with the partners is of utmost importance to fend off the immediate risks to the economy, reduce uncertainty and ensure a sustainable growth outlook for Greece.

In addition to Greece debt issues, euro zone finance ministers will also discuss programs carried out in Portugal and Cyprus.

Portugal is now under the second review of the post-program surveillance process. The aim of post-program surveillance is to monitor economic, fiscal and financial developments until the country concerned has repaid at least 75 percent of financial assistance.

The Eurogroup will discuss the results of the 6th review of Cyprus' ongoing economic adjustment program. According to the Eurogroup statement, an effective foreclosure framework has recently been put into place, enabling a successful conclusion of the review. Endit