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Monday, August 6, 2012

IMF's Talks With Greece Show Progress, Fund Official Says

Michael Bloomberg - Caricature
Michael Bloomberg - Caricature (Photo credit: DonkeyHotey)
Greece and its international creditors agreed on the need to strengthen policy efforts to support the economy and comply with its bailout terms after more than a week of meetings in Athens. Representatives from the so-called troika of the European Commission, European Central Bankand International Monetary Fund met with Greek Finance Minister Yannis Stournaras in Athens yesterday at the conclusion of the meetings. The talks will determine whether Greece continues receiving funds from the country’s 240 billion euros ($297 billion) of rescue packages. “The discussions on the implementation of the program were productive and there was an overall agreement on the need to strengthen policy efforts to achieve its objectives,” the troika institutions said in a joint statement yesterday. Inspectors from the country’s creditors will return to Athens in early September to continue the talks, according to the troika. Greek Prime Minister Antonis Samaras on Aug. 1 wrenched agreement from the two party leaders supporting his coalition government on the need to determine 11.5 billion euros of budget cuts for 2013 and 2014 to keep the international rescue funds flowing. That package must be completed by early September, before a meeting of finance ministers from the 17-nation euro area, a Greek finance ministry official, who asked not to be named, said after yesterday’s meeting. ... Continue to read.
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