Greece agrees new cuts as troika leaves

City A.M. Reporter
GREECE has made some progress in finding budget cuts needed to continue its bailout programme but not all work is done and international inspectors will return next month for a final verdict, officials said yesterday.

Inspectors from the International Monetary Fund, the European Commission and the European Central Bank – known as the troika – concluded a visit to Greece yesterday saying the talks with the new coalition government were productive.

“Talks went well, we made good progress. We will take a break and come back in early September,” the IMF’s mission chief for Greece Poul Thomsen said after a meeting at the finance ministry. Greece pledged a series of measures to convince international lenders to keep Athens hooked to a €130bn (£103bn) lifeline and avoid bankruptcy.