Troika´s report on Greece will not be ready by Monday´s EU summit

Date: Thursday 26 Jan 2012

Conversations between Greece and its private bond holders resumed on Thursday. Nothing new has been revealed about these negotiations in which both parties must determine the 'haircut' that will be applied to Greek debt and the interest rate on new bonds. This agreement is a required condition so that Greece can receive a second bailout package from the European Central Bank (ECB), the International Monetary Fund (IMF), and the European Union (EU).

Also necessary for the bailout to be approved, the "troika" must present its report on Greece's progress with austerity measures. According to an official German source quoted by a news agency, the report is not expected to be ready by Monday's EU summit.

M.G.

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