Greece must wait for aid due to slow reforms

27 October 2015
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The transfer of billions of euros in financial aid to Greece might be delayed because Athens is not implementing reforms agreed with creditors, who are putting pressure on the government.

“There are many open issues and items, which we have to fulfil,” an official at the Greek Finance Ministry said on Tuesday.

This was the result of a two-day visit to Greece by European Vice President Valdis Dombrovskis, who left Athens on Monday.

The Südeutsche Zeitung newspaper had reported that creditors were holding off until November on the transfer of a €2bn loan tranche due this month.

Creditors and Greece are also divided on laws regarding foreclosures.

According to newspaper reports, Athens has implemented 14 of 48 reforms agreed with creditors.

Greece and its EU partners agreed in the summer on a new bailout programme worth €86bn, and €13bn were transferred to Greece in August.

“There is substantial progress and technical teams hope to finalize work by the end of week,” an EU official who spoke on the condition of anonymity said. “… Work continues day and night. The engagement from the Greek authorities is high.”

The Greek Parliament in November must approve new spending cuts that include tax breaks for farmers. Labour unions plan to strike on November 12.

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