Top EU Official To Greece: Agree To Reform By May 11 Or Else: FT

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A top EU official has given Greece a deadline of the Eurogroup meeting in mid-May to agree on a reform plan or potentially face a default, the Financial Times reported on Friday. Pierre Moscovici, the European commissioner for economic and financial affairs, told the paper that the meeting on May 11 is a "decisive" moment for the struggling Mediterranean country, but stressed that a deal could be done if negotiations get serious now. "We've got two meetings which are important. The April 24 meeting in Riga must not be a wasted moment; it must be a useful moment in which we see concrete progress in catching up with those reforms, and then the next meeting on May 11, which certainly must be decisive," he told the FT. Greece is at risk of running out of cash over the next few months unless it agrees on an economic-overhaul program with its international lenders. A successful reform deal will unblock the next portion of bailout money for Greece, which could be needed to repay upcoming loans to the International Monetary Fund.

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