Kostas Tsironis, Associated Press
ATHENS, Greece — Greece's international debt inspectors returned to Athens Thursday to resume their suspended review of the country's reforms and determine whether to recommend the debt-struck nation receives the vital next installment of bailout loans.
Officials from the International Monetary Fund, European Central Bank and European Commission, known as the troika, halted their review earlier this month amid dissatisfaction over missed fiscal targets and delays in implementation of reforms the country must make to qualify for its bailout loans.
An initial meeting with Finance Minister Evangelos Venizelos was "positive and constructive," a ministry official said. The talks consisted of an overview of issues to be examined until the review is completed, said the official, who asked not to be named in line with ministry rules.
The heads of the troika were to meet again with Venizelos and other ministers in the coming days.
Greece has been reliant since May last year on regular payouts of loans from a €110 billion ($150 billion) bailout from other eurozone countries and the IMF. It was granted a second, €109 billion package in July, though the details of that deal remain to be worked out.
The troika had originally been expected to approve Greece's next batch of loans, worth €8 billion, in early September. Greece has said that without the loans, it has enough funds to see it through mid-October, after which it runs out of cash and will be unable to pay salaries and pensions.
The government announced a series of extra austerity measures after the troika left, including pension cuts, extra taxes and the suspension of 30,000 civil servants on partial pay by the end of the year.
Prime Minister George Papandreou stressed during a Cabinet meeting to discuss the situation that the new measures were essential, and that Greece would honor the commitments it had made.
"The reform of Greece will not come from abroad, it will come from us ourselves," Papandreou told his ministers, according to statements released by his office. "From all of us, from the government and the people, from a broad — if silent — majority, from an alliance that these great changes require."
Papandreou said that during his recent visit to Berlin to meet with German Chancellor Angela Merkel, he discussed the possibility of cooperating with Germany on issues such as administration and tax systems.
The prime minister also stressed the importance of the July 21 agreement under which Greece was granted its second bailout, and insisted Greece would meet its targets.
"The road for the completion of the agreement's implementation is of course long and has many external factors" such as being ratified by the parliaments of other eurozone countries, he said. German lawmakers were the latest to approve expanding the size and powers of the European Financial Stability Facility, or EFSF, bailout fund, on Thursday.
Venizelos welcomed the vote, expressing "his satisfaction and his optimism" that all eurozone countries will ratify the agreement, a statement released from his office said.
Venizelos connected the vote in Berlin "with the fact that Greece has sent a very clear and decisive message at an international level that it meets its obligations," the statement said.
The latest measures announced this month have sparked outrage among Greeks who have already been through more than a year of austerity in which salaries have been trimmed and taxes increased. Unions have responded with repeated strikes and daily protests.
- Student who sued parents to get them to...
- In Ukraine's east, some beg for Russian iron...
- New York apartment buildings collapse in...
- President Obama calls for a 'rethinking' on...
- Last words from missing Malaysia Airlines...
- Deadline fast approaching for Affordable Care...
- 'Noah' banned in three countries weeks before...
- 'Burger King baby' now seeks birth mom on...
- Senate Democrats choose election... 22
- 'Noah' banned in three countries weeks... 20
- Supreme Court sides with Wyoming... 16
- Student who sued parents to get them to... 15
- Obama economists: Rosier picture if... 14
- Utah among states wrestling with... 11
- President Obama calls for a... 11
- Survey: Uninsured rate drops from 17.1... 9