Representatives from the European Central Bank (ECB), the European Commission, the International Monetary Fund (IMF) and the European Stability Mechanism ESM) have arrived in Athens, Greece, in order to restart negotiations regarding the country’s much needed third bailout program.
Shortly after 10:00 am the creditors’ technical experts visited Greece’s General Accounting Office. However, the new cycle of talks started off with a quarrel since the officials argued with the Greek side over the government’s prior commitments that need to be implemented before the country receives its 86-billion-euro emergency loan next month, according to Bloomberg.
The two sides need to reach an agreement in the next two weeks, before Greece’s scheduled bonds payment to the ECB. If the two sides are not able to agree on the new bailout program, Greece will be forced into another short-term bridge loan.
The creditors’ representatives will focus on making changes to the pension system, labor market, fiscal policy and market regulation, noted Bloomberg.
The Greek government claims they have passed all the necessary measures in parliament. It appears that the two sides do not agree on this matter. EU Commission spokeswoman Mina Andreeva noted on Monday that “more reforms are expected as part of the statement from the Greek authorities.”
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