Creditors Delay Payment to Greece Over Tardy Reforms

27 October 2015
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Creditors are refusing for now to pay Greece the next installment of bailout money, saying Athens is implementing agreed reforms too slowly, a report says. The delay is likely to cause further postponements.

According to the report in the German newspaper “Süddeutsche Zeitung” on Tuesday, creditors say Athens will likely have to wait until next month for the payment earmarked for October. “The payment of the first two of the remaining 3 million euros ($3.32 million) from the first tranche planned for October is being delayed,” the paper quoted a senior EU official as saying.

The report said that Greece had approved just 14 of the 48 “milestone” reforms demanded by creditors in return for what is the country’s third international bailout, worth 86 billion euros.

The delay in payment is likely to cause further problems down the line, the paper said, with talks on reforming the Greek banking and financial system already lagging behind the agreed timeframe

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