Greece resumes talks with EU, IMF to secure crucial bailout funds

Greece resumes talks with EU, IMF to secure crucial bailout funds

PanARMENIAN.Net - Greece was back at the negotiating table with the EU and the IMF on Tuesday, February 28 to secure a deal to keep crucial bailout funds flowing for its crisis-battered economy, AFP reports.

Talks between Greek officials and representatives from its creditors aimed at freeing up fresh funds resumed in Athens on Tuesday morning, the Greek finance ministry said.

Following a long standoff between the EU and the International Monetary Fund over debt relief and budget targets for Greece, the impasse was finally broken in Brussels last week in a compromise described as "honourable" by Athens.

The Europeans have been at loggerheads with the IMF over the Washington-based lender's demands for easier budget targets and for Athens' mountain of debt to be reduced.

The IMF insists that budget targets demanded of Greece by the Europeans are too ambitious.

But if the eurozone is going to stick with its plans, then the IMF has demanded what it sees as the necessary tax hikes and pension cuts to meet them before it will lend further to Athens.

The deadlock has spooked markets with fears of a return to the crisis two years ago when Greece nearly crashed out of the euro, the European single currency.

Athens needs the latest tranche of bailout cash to meet seven billion euros of new debt payments in July or risk defaulting on its loans.

 Top stories
Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive.
In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million).
The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot".
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
Partner news
---