There is progress in talks between Greece and its creditors on more funding in exchange for reforms, but the pace of it is slow and more effort is needed to reach a deal, the European Commission said yesterday.

“More time and effort is needed to bridge the gaps on the remaining open issues in the negotiations,” Commission spokesman Margaritis Schinas told a regular news briefing.

“We welcome the commitment by the Greek authorities to accelerate their work with the institutions with a view to achieving a successful conclusion of the review in a timely fashion,” he said.

“Constructive contacts are ongoing and progress is being made, even though still at a slow pace,” he added.

Asked if any further progress could be expected in the negotiation at the EU Eastern Partnership summit in Riga on Thursday and Friday, Schinas said:

“Of course, there will be a concentration of many leaders there for two days, there will be an opportunity to meet, talk, discuss, but the statement I just made concerning the talks is where the importance lies.”

“Whatever happens in Riga cannot be a substitute for the need to bridge the gaps on the last remaining issues that are being discussed,” he said.