ATHENS: TroikaThe representatives of Greece’s creditors due to arrive in Athens on Friday in order to start negotiations for the third bailout package have postponed their visit for Monday.
The technical teams of the European Commission, the European Central Bank and the European Stability Mechanism will meet with government officials in order to assess the state of the Greek economy and confirm the implementation of required reforms. They will visit the general Accounting Office and pertinent ministries.
However, there is a complication with the International Monetary Fund as the organization is asking that Greece makes an official invitation and that will be a confirmation that the Greek government is willing to proceed with required reforms. Furthermore, they want to see reforms implemented before they agree to disburse any funds.
The IMF considers that the Greek debt is not sustainable, thereby they are reluctant to continue providing financial aid. They are asking from the EC and the ECB to write off part of the debt in order to participate in Greece’s bailout. At the same time, the EU, ECB and ESM say that it is absolutely necessary the IMF participates in the bailout program.