“We came to the conclusion that the policy package should include a contingent package of additional measures that would be implemented only if necessary to reach the primary surplus target for 2018” said Jeroen Dijsselbloem, President of the Eurogroup. The contingency measures need “to be credible, legislated up-front, automatic and based on objective factors” he added.

Greece has to reach a primary surplus target of 3.5 percent of GDP in 2018, but the International Monetary Fund does not believe it can do that with the current set of reforms.

Yesterday, a senior EU official told Reuters Euro zone that finance ministers are ready to hold an extra meeting next week if negotiations on the review of the Greek reform program are concluded, at the same adding that talks remained difficult.
“If there is so much progress that a conclusion of the negotiation can be rationally expected, then I would expect there to be a Eurogroup sometime next week” the senior official said.