Greece submits new austerity package to troika | business | Hindustan Times
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Greece submits new austerity package to troika

Greece has submitted its 11.5-billion-euro ($14.7 billion) austerity programme to its so-called troika of international auditors, finance minister Yannis Stournaras said in Athens on Monday.

business Updated: Sep 10, 2012 22:51 IST

Greece has submitted its 11.5-billion-euro ($14.7 billion) austerity programme to its so-called troika of international auditors, finance minister Yannis Stournaras said in Athens on Monday.

“We have submitted the 11.5-billion (package) to the troika. A discussion and an evaluation are taking place,” said Stournaras after attending a meeting with Prime Minister Antonis Samaras and the troika.

Greece is racing to finalise the new painful round of spending cuts for 2013 and 2014 necessary to unlock critical bailout loans that have been keeping its economy afloat.

The troika, expected to remain in the Greek capital for several weeks, will determine whether Greece will be able to receive a much-needed 31-billion-euro instalment from its 130-billion-euro EU-IMF rescue loans. “The measures are difficult,” Stournaras said. “We are trying to convince them that our arguments are correct.”

Matthias Mors from the EU, Klaus Masuch from the European Central Bank (ECB) and Poul Thomsen from the International Monetary Fund (IMF), who arrived in Athens last week, had their first meeting with Samaras on Monday.

The mission has come to resume the audit it started at the end of July, monitoring the indebted country’s progress regarding the implementation of reforms that are part of its bailout deal.