Greece begins more bailout talks

International auditors reviewing Greece’s bailout are demanding Greece makes more public sector layoffs before they will agree further lending. Greece’s creditors – the European Union, the European Central Bank and the International Monetary Fund – yesterday held a two-hour meeting with Greece’s finance minister Yannis Stournaras in Athens at the beginning of a week of discussions. The talks will affect the disbursement of €2.8bn (£2.4bn) in financial aid to Athens during March. Under the bailout conditions adopted last year, Greece needs to cut public sector workers by 25,000 in 2013 and a total of 150,000 by the end of 2015.

Other issues to be addressed are speeding up privatisation plans and recapitalising four of its main banks.