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Eurogroup Says Troika May Return To Greece After Government Formation

6/17/2012 11:50 PM ET

Greece's international creditors may return to Athens once the new government is in place to assist the country in its fiscal adjustment effort, the Eurogroup said in a statement on Sunday.

The troika, consisting of the European Union, the European Central Bank and the International Monetary Fund, will return to Athens as soon as a new government is in place "to exchange views" with the new government on the way forward and prepare the first review under the second adjustment program, it said.

The Eurogroup reiterated its commitment to assist Greece in its adjustment effort in order to address the many challenges the economy is facing.

The Eurogroup, that consists of finance ministers of Eurozone, said they "look forward to the swift formation of a new Greek government that will take ownership of the adjustment programme to which Greece and the Eurogroup earlier this year committed themselves."

In a separate statement, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso said they are hopeful that the election results will allow a government to be formed quickly.

"We will continue to stand by Greece as a member of the EU family and of the Euro area," the leaders said.

"Taking note of the Greek elections, we look forward to working with the next government of Greece, and believe that it is in all our interests for Greece to remain in the Euro area while respecting its commitments," Group of Seven Countries (G-7) said in a statement posted on the US Treasury website on Sunday.

The pro-bailout New Democracy Party won the second Greek election held over the weekend. Asian markets mostly opened higher after the election results. The party, led by Antonis Samaras, said that it is ready to form a coalition government.

by RTT Staff Writer

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