RIGA, Latvia -- European creditors turned up the heat on Greece on Friday to deliver an economic reform program that it needs to avoid a possible default and even an exit from the euro.
At a meeting in the Latvian capital of Riga, Greece's finance minister faced a series of rebukes from his peers in the 19-country eurozone for failing to come up with a comprehensive list of economic reforms after weeks of slow progress.
For some normally restrained finance ministers, now was the time to express discontent at what they perceive to be the delaying tactics of the new left-wing Greek government.
"It was a very critical discussion," said Jeroen Dijsselbloem, the eurozone's top official, after the meeting.
Others spoke of being "tired" and "annoyed" with the way the talks are going. The points were made "very vigorously," according to Austria's finance minister, Johann Schelling.
Two months ago, Greece secured an agreement from the eurozone to get the remaining money in its bailout fund -- about $7.7 billion -- but only if it came up with a mutually agreed set of reforms. An end-of-April deadline was considered achievable and markets breathed a sigh of relief that the threat of bankruptcy had been averted.
But with days to go until that deadline, Athens has yet to present a full list.
European officials are now talking of a new deadline at the end of June, when the European part of Greece's bailout program officially ends. How Greece pays wages and salaries and meets its debt commitments, notably to the IMF, in that period remains unclear.
The decision this week by the Greek government to scrape together spare cash from municipalities and state enterprises such hospitals and the national gallery is likely to buy some time. The move could, according to independent estimates, generate $2.14 billion, which would cover its debt payments in May.
Dijsselbloem conceded that Athens' appetite for discussion has improved over the past few days but that "significantly more progress" was required. He spoke of "wide differences" without specifying where the problems lie. He also ruled out that the creditors might consider a compromise deal that could give Greece part of the pending rescue loans.
Though acknowledging the "anxiety" around the negotiating table, Greece's Varoufakis sought to portray the discussions in a more positive light.
"We look at the last few weeks and what we see is convergence," he said, noting progress on issues such as privatization, reforming the tax system, the judiciary, the bureaucracy and product markets.
A deal will happen, he insisted, and "will happen quickly as it's the only option we have."
Varoufakis said the main sticking points related to pensions and the level of the budget surplus Athens has to post after debt and interest payments are stripped out -- a higher level would effectively mean the government has less money to spend on its priorities.
All sides agreed they are running out of time.
The next possible date for a deal could be May 11, when eurozone finance ministers will meet next and just one day before Greece owes a big payment to the IMF.
Greece has relied on bailout loans since May 2010 after it was effectively locked out of international bond markets amid concerns it was insolvent.
In return for the cash, successive governments have had to make spending cuts and economic reforms. But while the measures have focused on improving public finances, they have also hurt the economy and caused unemployment to rise.
The current government was elected in January on a promise to end such so-called austerity. Its focus is on fighting corruption, reforming the public sector, and improving the tax system.
Business on 04/25/2015