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EU-IMF creditors begin new audit of Greece鈥檚 finances
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Creditors from the European Union and the International Monetary Fund yesterday began a new audit of Greek finances with Athens hoping for a deal in two weeks to facilitate its debt repayment needs, a finance ministry source said.
“The talks begin today,” the source said. “We want this to be over by March 10 owing to the country’s need to repay maturing debt.”
Greece needs to repay 6.6 billion euros (US$9 billion) in treasury bills by late April, according to the debt management agency.
Greek state news agency ANA said there were 8.3 billion euros in eurozone loans and another 3.6 billion euros from IMF loans to be claimed by Athens, pending from last year.
The so-called ‘troika’ of the EU, the European Central Bank and the IMF first bailed out Greece in 2010 with a plan worth 110 billion euros.
When that failed to stabilise the economy, they agreed a much tougher second rescue in 2012 worth 130 billion euros, plus a private sector debt write-off of over 100 billion euros.
Greece has struggled to meet the terms of this second package but hopes it has now done enough to satisfy the troika, especially in achieving a ‘primary budget surplus’ — that is, in the black before debt costs.
Greece says it achieved a primary surplus of 1.5 billion euros in 2013.
EU data agency Eurostat is expected to formally announce the size of the surplus in April.
“I am certain that a deal will be achieved before the next Eurogroup (on March 10),” deputy prime minister Evangelos Venizelos said on Saturday after talks with Prime Minister Antonis Samaras.
“The results of sacrifices by the Greek people are extremely impressive. The fiscal adjustment is unique,” said Venizelos, head of the socialist party in the government coalition.
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