Creditor talks to continue today in Greece
Athens ? Greek authorities and international officials were due for more talks today on whether debt inspectors will return to Athens, a key issue that could affect whether the nation gets more bailout funds or defaults on its debts.
As global stocks fell on fears of a Greek default, Athens on Monday struggled to convince officials from the European Commission, the European Central Bank and the International Monetary Fund that the country could meet strict budget targets promised in return for the international cash lifeline.
After a Monday conference call involving Greece’s finance minister ended without a decision on the inspectors, European Commission spokesman Amadeu Altafaj Tardio said another call was set for this evening.
“In the meantime, technical discussions are ongoing in Athens,” he said.
A finance ministry statement said Monday’s two-and-a-half hour discussion was “productive and substantive.”
Following delays by the Socialist government to deliver on promised reforms, Greece’s European eurozone partners and international creditors are stepping up pressure on Athens at the start of a crucial week in Europe’s nearly two-year debt crisis.
When it became obvious earlier this month that there was a more than $2.75 billion, shortfall in the 2011 budget, creditors threatened to withhold the sixth installment of the rescue package agreed to in May 2010.
They also suspended a review of Greece’s deficit-cutting and reform targets by senior inspectors from the IMF, the ECB and the Commission — collectively known as the “troika” — although a technical team remains in Athens.
That review must be completed before the troika can issue a recommendation on whether Athens should receive the $11 billion sixth installment, without which the country will go bankrupt by mid-October.

