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
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
The Prosecutor’s Office has released surveillance footage and said that one of the detainees in the case, Iveri Melashvili.
Destinations welcomed 900m fewer international tourists in January–October when compared with the same period of 2019.
Austrian authorities said at least one gunman remained on the run at 1am Vienna time on November 3.
Partner news