EU To Release Greek Debt Test Results Thursday

The European Commission, International Monetary Fund and European Central Bank will Thursday  outline the results of an inspection that will determine whether debt-ridden Greece will receive the second installment of rescue loans to keep it from bankruptcy, AP reports.

“The government welcomes the conclusions made by our partners.”

Giorgos Petalotis

Greece is set to receive euro9 billion ($11.8 billion) in loans by Sept. 13 under a three-year program worth euro110 billion set up by the IMF and by other EU countries using the euro currency. In return, the country has been implementing a strict austerity program that has seen it cut civil service pay, trim pensions and increase taxes, and has been under quarterly review by the IMF, ECB and the EU Commission.

Greek officials said on Wednesday that they expected to pass the inspection, which lasted two weeks, AP reports.

“The government welcomes the conclusions made by our partners … but there is still much work ahead,” government spokesman Giorgos Petalotis said as the inspectors concluded consultations in Athens, holding a six-hour meeting with Finance Ministry officials.

In an interim report in June, the delegation, known as the “troika,” said Greece was on track with its reforms.

Press reports indicate that the delegation will set a deadline for improvement on slipping revenue targets and ask for a speeding up of public utility privatizations.

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