EU Economy Minister Pierre Moscovici said Sunday that the Eurogroup had the basis for a deal to start a new Greek bailout.

Arriving at the Eurogroup meeting in Brussels, Moscovici said: "Greece must commit to implementing reforms in the short term, and planning more in the medium term. On that basis, given the latest Greek proposals for economic reforms, a deal should be possible."

"The world is waiting, and we must rise to the occasion," Moscovici said.

The eurozone leaders will meet at 4 p.m. local time (14:00 GMT) to consider whether Greece should be able to begin a new bailout.

Greece has proposed a €53.5 billion ($59billion) three-year bailout, and conceded on many key economic reforms to its creditors, after a Saturday meeting proved inconclusive.

However, the eurogroup reportedly did not find that Greece had gone far enough, particularly in labor market reform.

There are also serious concerns about how the Greek government would implement the economic reform measures it has agreed to.
Source: Anadolu