Creditors’ Technical Teams Return to Greece on Monday



ellada-europe-simaies_0The work between the technical teams of Greece and creditors will start on Monday in Athens and is expected to last four weeks before the third bailout agreement is signed.

The representatives of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) will work closely with Greek authorities to prepare the procedures required for the new Memorandum of Understanding. According to Prime Minister Alexis Tsipras, negotiations will last about four weeks.

The three institutions will assess the condition of the Greek economy and banking system, and the technical teams of both sides will draft the new loan agreement and bailout program.

The creditors’ representatives will have access to pertinent Ministries and the General Accounting Office, and will monitor the progress of required reforms. The aim of both sides is to expedite the signing of the agreement.