Tuesday, July 28, 2015

New Greek bailout talks start, creditors seek more action

Talks between Greece and its creditors on a third bailout began in Athens on Monday but the lenders want to see more reforms turned into law before they disburse the first loans to keep the country afloat.

The government of Prime Minister Alexis Tsipras has pushed measures through parliament this month as conditions for starting ­negotiations on a loan program worth up to 86 billion euros ($95 billion) to keep Greece in the eurozone.

A spokesperson for the European Commission (EC) said teams from the creditor institutions were now in Athens. "Work has started, meaning that the institutions are talking to the Greek authorities," she said.

"Negotiations on a Memorandum of Understanding should now progress as swiftly as possible," commission spokesperson Mina Andreeva told a news briefing.

"More reforms are expected from the Greek authorities to allow for a swift disbursement under the ESM (European Stability Mechanism). This is also what is being discussed right now," she added.

Both sides say they want a deal concluded before August 20. Greece came close to the brink during a standoff between the nation and its creditors, with Athens missing a debt repayment to the ­International Monetary Fund (IMF) and closing the country's banks for three weeks.

Voters angered by years of austerity demanded by the creditors rejected a bailout offer in a referendum, but Tsipras later agreed in Brussels to the lenders' terms as the crisis deepened.

The institutions involved in the talks are the EC, the European Central Bank, the IMF, and the ESM.

 globaltimes.cn  By Reuters Source: CFP
28/7/15 
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