The Eurogroup discussed the state of play in the talks between the Greek authorities and the institutions. It noted that not enough progress has been achieved.
The President of the Eurogroup Jeroen Dijsselbloem underlined that the proposals put forward by the institutions took into account the economic situation in Greece and made use of flexibility built into the agreement of 20 February 2015.
The ball is now clearly in the Greek court to seize that last opportunity which this programme offers.
The Eurogroup urged Greece to submit its reform proposal in the coming days.
The Eurogroup President Jeroen Dijsselbloem said it was still possible to find an agreement and extend the current programme before the end of June.
The Eurogroup welcomed the fact that the Cypriot programme has been brought back on track. It endorsed in principle the updated memorandum of understanding with the Cyprus authorities. This paves the way to a disbursement of €100 million from the European Stability Mechanism.
Portugal: post-programme review
Ministers were debriefed on the successful second post-programme surveillance mission to Portugal which ended on 12 June 2015.
International Monetary Fund (IMF) Article IV review of the euro area
IMF Managing Director, Christine Lagarde, debriefed the Eurogroup on the IMF's recent review. The IMF's advice is to focus on ways to boost medium-term growth by implementing structural reforms, appropriate fiscal policies and ensuring a healthy financial sector.
Ministers held a discussion on policy in a lower interest rate environment and concluded that low interest rates provide an opportunity to consolidate public finances, invest in infrastructure and reform our economies. The Eurogroup will discuss this topic later in the year.
The Eurogroup also endorsed draft recommendations for the euro area issued under the European Semester and committed to monitor their implementation over the coming year. The Eurogroup also adopted its work programme for the second half of 2015.