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Greece's Creditors Remain Strict in Bailout Program Negotiations

tsak_stath__articleThe quartet of Greece’s creditors remained adamant in their positions after nine hours of negotiations with Finance Minister Euclid Tsakalotos and Economy Minister Giorgos Stathakis that ended on Wednesday night.
According to a source close to the talks, on the security fund reforms proposals, creditors found a 1-billion-euro fiscal gap in the measures proposed by the Greek government. Also they were not convinced by the estimated figures on other proposed measures for security fund reforms.
The long duration of the talks led to the postponement of the meeting of the quartet with Labor Minister Giorgos Katrougalos that was scheduled on Wednesday. It is rescheduled for Thursday afternoon.
On Wednesday Katrougalos met with Prime Minister Alexis Tsipras to discuss the proposed increase on contributions. Lenders have turned down the governments proposal for a 1.5 percent increase in contributions in order to avoid pension cuts.
Katrougalos will meet with creditors at 2:00 pm on Thursday amid the general strike. He will negotiate pension reforms and social welfare issues such as housing for the poor and minimum income.

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