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Lenders recommence talks on Greece's rescue loan

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July 1
6:50 AM 2013

On Monday, Greece and its worldwide moneylenders recommenced with their negotiations after a two-week time off. The talks were focused on releasing Euro 8.1 billion or US$10.5 billion rescue loans. The nation almost collapsed due to redundancies at ERT, the state broadcaster, but the Prime Minister was optimistic with a successful conclusion to the talks.

Delays to Greece's privatization project and impediments in public sector reforms transpired over the last few weeks. Greek media announced the trio of lenders were trying to pressure Athens to deliver on improvement. They said the moneylenders planned to give three once-a-month payments rather than pay the total in one go.

An executive finance ministry official told Reuters, "The biggest issue in the negotiations will be the delays in public sector reforms."

Greece was going through its sixth year of recession. Its newest installment was needed to be finalized before the 240-billion-euro bailout terminates by the end of 2014.

"The lenders will give us trouble but less so than in previous reviews," a government adviser told reporters on Sunday.

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