by on October 18, 2012
This week, Greek officials and monetary lenders continued negotiations over the austerity measures the country must implement to save itself from economic collapse.
Greece must pass a proposed measure that would cut public spending by 13.5 billion Euros in order to receive the next installment of its 173 billion euro bailout from international creditors: the European Commission, the International Monetary Fund and the European Central Bank — known collectively as the troika. It’s crunch time in Greece; they are expected to be out of money by November so they must reach an agreement with lenders by the end of this month.
Rumor has it that negotiations have gone fairly well. Reuters quotes IMF Mission Chief for Greece Poul Thomsen saying late Tuesday that both sides came to agreement on “most policy issues.”
The lone holdup? Labor. To Read More….
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