World Economy

Creditors Begin Review of Greek Reforms

Creditors Begin Review of Greek ReformsCreditors Begin Review of Greek Reforms

Greece’s international creditors on Wednesday began a review of reforms pledged under the country’s bailout, a day ahead of a general strike to protest the measures.

Senior representatives of the European Commission, the European Central Bank, the IMF and the European stability fund began their round of meetings with Economy Minister Yiorgos Stathakis, his office said, AFP reported.

Greece in July accepted a three-year, 86-billion-euro ($93-billion) EU bailout that saved it from crashing out of the eurozone, but came with strict conditions.

Athens has since adopted a number of unpopular reforms but is now under creditor pressure to facilitate home loan foreclosures. The Greek government insists on maintaining a safety net for more vulnerable households.

There is also a rift over Greece’s mechanism for dealing with bad loans --an important factor in shoring up the country’s beleaguered banks.

Eurozone finance ministers said Monday there had to be an agreement on the issues during this week before unlocking more bailout funds. Greek unions have called a general strike Thursday to protest the austerity cuts, the first to be held under the leftist government of Alexis Tsipras.

Trains and ships will be ground to a halt by the strike and over 30 domestic flights will have to be cancelled. Ministries, local councils and museums will also be shut. Journalists are also taking part in the 24-hour work stoppage.