EU-IMF will likely clear Greek debt lifeline Oct 24: Juncker

6th October 2011, Comments 0 comments

International creditors will likely wrap up their keenly awaited report on Greece's fiscal health on October 24 and approve the release of further aid, eurozone chief Jean-Claude Juncker said Thursday.

"The troika (the International Monetary Fund, the European Central Bank and the European Union) will probably present the report on October 24," Juncker, chairman of the Eurogroup of eurozone finance ministers, told German television.

"I think the troika will make a positive decision."

Greece needs the approval of ECB, EU and IMF auditors before the release of the 8.0 billion euros ($10.7 billion), the latest installment in a 110-billion rescue agreed for Greece in May last year.

Its release was blocked last month by the auditors, who are currently in Athens poring over the country's books.

Eurozone leaders also approved in July a second 109-billion-euro bailout to save Greece from bankruptcy, with the private sector providing another 50 billion euros in relief by debt rollovers.

The IMF's Europe director, Antonio Borges, said Wednesday that he expected a positive conclusion to talks with Greece on plans to trim its deficit that would allow the release of the bailout funds.

"We are confident negotiations will come to a positive conclusion," he said.

Greek Prime Minister George Papandreou was due to meet his ministers to discuss the spiralling crisis Thursday as German Economy Minister and Vice Chancellor Philipp Roesler arrived.

Talk by Roesler last month of an "orderly default" for Greece provoked a frenzy on the markets. He is heading up a German business delegation who will stay in the country for two days.

© 2011 AFP

0 Comments To This Article