Greece backs down on bailout easing

Date: Friday 06 Jul 2012

Greece appears to have changed its tune and backed down on its insistence that the terms on its second bailout be relaxed.

“The programme is off-track and we can’t ask for anything from our creditors before we get it back on course,” Greek Finance Minister Yannis Stournaras told Financial Times (FT).

The comment comes after Stournaras and Prime Minister Antonis Samaras met yesterday for the first time with the so-called 'Troika' (the inspectors representing Greece’s international creditors are the European Commission, the International Monetary Fund and the European Central Bank).

Samaras avoided discussing any change in the payback timetable with the officials, according to FT sources.

He will be presenting his coalition government’s new policy programme to parliament this afternoon at 16:30 London time. After speeches from the new ministers, a three-day debate on the programme will begin that ends Sunday night with a confidence vote.

Thus, the process should end in time for Stournaras to attend Monday’s meeting of Eurozone Finance Ministers in Brussels.

JM

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