Athens fights to head off cash crunch

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Series Details 19.9.11
Publication Date 19/09/2011
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Preview and reports of an important conference call between Greek Finance Minister Evangelos Venizelos and representatives from the Troika that created the €109bn rescue package granted to Greece in 2010, including the European Commission, the European Central Bank and the International Monetary Fund.

Greece was seeking to persuade its lenders that it deserved another €8bn loan payment from the package. The onus was on the Greeks to prove they were delivering the budget cuts and fiscal reforms mandated by the emergency loan. A German-led group of European creditor countries had made clear they were unsatisfied with measures so far, including further austerity measures announced only the previous week.

Reports on the 21 September 2011 suggested that negotiations were progressing satisfactorily. Debt inspectors from the European Commission, European Central Bank, and International Monetary Fund would return to Athens the following week for further negotiations.

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