Greece Aims for Political Solution on Debt Issues

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Broken Piggy bank with lot of change money. In the background is a greek flag.Methaphor for the financial crisis in greece. Isolated on white.

Greece announced on Monday that it’s aiming for a political solution to overcome its dispute over non-performing loans at its banks. According to Greece, the issue threatens struggling homeowners.

The issue, according to Athens, should not cause thousands of struggling Greeks to be at risk of losing their homes. George Stathakis, Greece’s Economy Minister, stated that protecting primary residences is the primary issue that Greece and international lenders cannot seem to agree on. The Economy Minister further noted that negotiations with institutions has reached the end of its cycle, and it may become a matter of political decision.

Mr. Stathakis’s comments preceded a meeting of the euro zone’s financial ministers in Brussels. The meeting will assess whether Athens qualifies for additional bailout funds.

According to Stathakis, the country has made progress on most of the issues that remain. He also noted that there will be a compromise in regards to the regulation of pension funds and tax arrears.

Alex Tsipras, Greece Prime Minister, and Jean-Claude Juncker, European Commission President, held a telephone meeting on Sunday to discuss Greece’s bad debt.

Greece’s progress in meeting the bailout terms will be assessed on Monday by the Eurogroup. If Greece is in agreement with the terms, an additional 2 billion euros will be released to Athens.

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