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Inspectors to decide on Greece 2nd loan payout
Source: Agencies |
September 14, 2010, Tuesday
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Print Edition
Print Edition
INTERNATIONAL inspectors was due to start yesterday a two-week review of Greece's efforts to overhaul its debt-ridden economy and plan its budget, with a view to approving the second installment of its bailout loan.
The delegation from the European Commission, International Monetary Fund and European Central Bank was due in Athens as Greece was expected to receive by today 9 billion euros (US$11.45 billion) from the IMF and other eurozone countries.
Finance Minister George Papaconstantinou was set to meet with high-ranking officials from the three agencies during a road show to London, Paris and Frankfurt starting tomorrow, where he will be meeting investors.
Greece has been hit by a severe debt crisis that brought it to the brink of bankruptcy in May, and was rescued by a three-year, 110 billion euro loan package from the IMF and eurozone countries.
In return, the Greek government is overhauling its economy and implementing strict fiscal control, seeking to cut the budget deficit from a massive 13.6 percent of annual output in 2009 to 8.1 percent this year.
The tough austerity measures, which have included public sector salary cuts, trimmed pensions and tax increases, have angered labor unions which staged six general strikes so far this year.
A new wave of protests began yesterday, with truckers declaring a work stoppage and parking hundreds of vehicles along major highways to protest plans to liberalize their profession. Motorists formed long lines at gas stations over the last two days, fearing a repetition of a weeklong strike in July that left pumps dry nationwide for days.
The delegation from the European Commission, International Monetary Fund and European Central Bank was due in Athens as Greece was expected to receive by today 9 billion euros (US$11.45 billion) from the IMF and other eurozone countries.
Finance Minister George Papaconstantinou was set to meet with high-ranking officials from the three agencies during a road show to London, Paris and Frankfurt starting tomorrow, where he will be meeting investors.
Greece has been hit by a severe debt crisis that brought it to the brink of bankruptcy in May, and was rescued by a three-year, 110 billion euro loan package from the IMF and eurozone countries.
In return, the Greek government is overhauling its economy and implementing strict fiscal control, seeking to cut the budget deficit from a massive 13.6 percent of annual output in 2009 to 8.1 percent this year.
The tough austerity measures, which have included public sector salary cuts, trimmed pensions and tax increases, have angered labor unions which staged six general strikes so far this year.
A new wave of protests began yesterday, with truckers declaring a work stoppage and parking hundreds of vehicles along major highways to protest plans to liberalize their profession. Motorists formed long lines at gas stations over the last two days, fearing a repetition of a weeklong strike in July that left pumps dry nationwide for days.
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