EU-IMF creditors back in Greece for talks

EU-IMF creditors have begun talks on Greek finances, with Athens hoping for a deal to help it meet debt repayments.

EU-IMF creditors have begun a new audit of Greek finances, with Athens hoping for a deal in two weeks to help it meet debt repayments.

"The talks begin today," the source said on Monday.

"We want this to be over by March 10 owing to the country's need to repay maturing debt," the official added.

Greece needs to repay 6.6 billion euros ($A10.17 billion) in treasury bills by late April, according to the debt management agency.

The talks began ahead of a Bank of Greece announcement, expected by next week, on the restructuring requirements of the country's four main lenders - National Bank, Alpha Bank, Piraeus Bank and Eurobank.

According to Greek reports, preliminary estimates based on stress tests by private analysts BlackRock indicate that about five billion euros will be required to help the banks cope with ongoing challenges.

However, the Financial Times reported on Monday that according to IMF estimates, close to 20 billion euros could be required.

The Bank of Greece declined to comment.

The so-called 'troika' of the European Union, the European Central Bank and the International Monetary Fund first bailed out Greece in 2010 with a program worth 110 billion euros.

When that failed to stabilise the economy, they agreed a much tougher second rescue in 2012 worth 130 billion euros, plus a private sector debt write-off of more than 100 billion euros.

Greece has struggled to meet the terms of this second package but hopes it has now done enough to satisfy the troika.

Greece says it achieved a primary surplus, before interest charges, of 1.5 billion euros in 2013.

EU data agency Eurostat is expected formally to announce the size of the surplus in April.


2 min read

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Source: AAP


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