Delegation commences Greece aid assessment

A team of International and European officials from the EU, ECB and the IMF, commonly referred to as troika, is meeting with Greek government officials to measure its eligibility to receive another tranche of financial aid.
 
The meeting due to commence on Tuesday will be firstly with a technical team to be joined by the heads of delegation a week later.
 
Greece escaped default narrowly in May 2010 with the help of a €110bn bailout from the troika. The EU and IMF put in place a memorandum for the Greek government in may 2010 which outlines austerity measures and restructuring reforms in exchange for the €110bn bailout loan.
 
Greece has pledged to cut its budget deficit to below three percent of GDP by 2014 from a record 15.6 percent of in 2009.
 
The visit by troika comes just hours after Greece’s finance minister, Giorgos Papakonstantinou, expressed his opposition to debt restructuring.
 
Speaking at a news conference, he said: “There is no need for a debt restructuring and there is no need for a haircut on Greece’s debt.”

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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