The outcome of Monday’s Eurogroup meeting was commented on by the international news service Reuters, which said that while Greece thanked its creditors for their modest debt relief on St. Nicholas Day in Brussels, the government was unable to mask its disappointment at not getting the Christmas gift it wanted — namely, a pass on the latest phase of its bailout program.

 
Now Athens is now hoping that the second evaluation will be completed before the end of the year. However, German Finance Minister Wolfgang Schaeuble made it clear that this is unlikely given that there were disagreements within Eurogroup as to how well Greece is meeting its reform commitments, with discussions ending in a deadlock.

“We could have got this done by the end of the year, but the Germans are not moving,” said a European source. “Greece has done a lot … We haven’t been so strict in other programs,” he said.

A senior official who participated in the Monday talks described them as “useless” in terms of promoting the agreement. He said that the ministers were also at odds on budget targets to set Greece after the bailout regime ends in 2018 — conditions important in winning over the IMF to participate in lending.

 
German Finance Minister Wolfgang Schaeuble told reporters that Greece still has a lot to do.  “The second evaluation of the program still needs time. There are some improvements, but there is still a fair way to go,” he said.

 
Among measures that Greece has yet to implement are reforms to its existing labor laws. The government, facing a nation worn down by years of austerity, has warned creditors not to push it too far — a warning that also applies to the IMF, which did not participate in Greece’s 2015 bailout program.