From Bloomberg: Greece’s ability to avoid default hangs in the balance as international monitors prepare to assess whether Prime Minister George Papandreou can meet the conditions of rescue loans.
European Union and International Monetary Fund inspectors hold a teleconference today at 7 p.m. Athens time with Finance Minister Evangelos Venizelos, to judge whether the government is eligible for an aid payment due next month and on track for a second rescue package approved by EU leaders July 21.
“We can’t move along without real implementation of fiscal reforms and we are late,” Venizelos said at a conference in Athens today. “We must reach the end of December with a cash balance result that’s within fiscal targets.”
Greece is struggling to prove to its partners it is doing enough to receive a sixth tranche of loans to prevent default. As Papandreou fights investor doubts and domestic protests, European leaders are squabbling over the terms of the July agreement and the prospect that they will be forced to channel more money to keep Greece in the currency union. IMF and EU monitors suspended their review earlier this month after discovering an unexpected hole in the budget….
More? Check out http://www.bloomberg.com/news/2011-09-18/greece-s-next-aid-payment-in-the-balance-as-review-set-to-resume.html
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