Eurozone finance chiefs assess Greece's bailout progress

Eurozone finance chiefs gathered in Amsterdam Friday to assess Greece's bailout progress.

They are also to discuss the country's eligibility for more aid payouts amid escalating efforts to reach an agreement over the economic reforms Athens has to implement to unlock new loans.

"There was very good progress in Athens. In my view, we are close to an agreement. This agreement is possible. We need for that to have a credible package of reforms, which are economically adapted, financially sustainable and which are socially fair," European Economic and Financial Affairs Commissioner Pierre Moscovici told reporters ahead of the meeting.

"I'm confident that with an effort, an agreement is within reach," he said.

The commissioner stressed that Greece must meet the targets fixed for the primary surplus in 2018. Athens is expected to achieve a 3.5 percent of gross domestic product target for its primary surplus in 2018.

"The figures given by Eurostat for 2015 go in the right direction," said the commissioner.

The current review of Greece's compliance with its bailout is already six months behind schedule.

The International Monetary Fund (IMF) has demanded that Greece draft legislation on extra austerity that would be implemented if the government miss future budget targets.

These so-called contingent fiscal measures would be in addition to a package of 5.4 billion euros (about 6.1 billion U.S. dollars) over the coming three years. A discussion on these measures is expected to be a chief topic at Friday's meeting.

"I'm hearing good news from Athens," chairman of eurozone finance ministers Jeroen Dijsselbloem said ahead of the meeting.

Greece had a primary surplus last year that beat the target set in its bailout program, according to the European Commission, the European Union's executive arm.

Athens recorded a primary surplus, which excludes debt servicing costs, of 0.7 percent of gross domestic product in 2015, which is in line with the Commission baseline and substantially better than the program's fiscal target of a primary deficit of 0.25 percent of GDP for 2015.

"If we make progress on the content of the program and the next steps then we need to start the discussion on debt. We're only at the beginning of that discussion, so don't expect any deals today," the eurozone's finance chief noted.

"Debt is a discussion we've not had before. The only thing we had was a promise that if the Greeks would commit fully and deliver on the program we would look at, if necessary, further debt measures," he said. Endit