The 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. Yet, they say it is too early for a Greek debt haircut.
According to government sources, Athens has sent an official letter of invitation to the IMF’s Managing Director Christine Lagarde asking the fund’s team to arrive in Athens.
Regarding rumors coming from Brussels saying creditors might ask for more measures in order to close new holes in the 2015 budget, government officials say that the only measures required are the ones voted in parliament after the Eurozone summit agreement and there won’t be any others.
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