Greece has until the end of the week to meet bank recapitalisation requirements, says Eurogroup president Jeroen Dijsselbloem

Chris Papadopoullos
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Dijsselbloem said progress had been good, but that Greece only had until the end of this week (Source: Getty)

Eurozone finance ministers have given Greece until the end of the week to make the necessary reforms needed to complete its bank bailout.

Europe has put £10bn aside for Greece but Jeroen Dijsselbloem, head of the Eurogroup of Eurozone finance ministers, said after a meeting of finance ministers in Brussels that "the agreed conditionalities need to be met".

He said:

The next thing to do is to have all the financial sector measures in place before the completion of the recapitalisation. [Euclid] Tsakalotos gave his commitment to get that done.

Implementation needs to be finished in the coming week. All of this is necessary to finalise the process of recapitalisation.

The Euro Working Group of deputy finance ministers would meet at the beginning of next week at the latest to discuss the progress made over the week, he said.

Outstanding issues that need resolving before the bank bailout fund can be granted to Greece are to do with banks' non-performing loans – loans that are currently in arrears – and household insolvency.

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