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Athens waits on its money

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Athens waits on its money


Greece is wrapping up talks with officials from the European Union, International Monetary Fund and European Central Bank — the so-called Troika — on the next instalment of the bailout Athens needs to prevent it going bankrupt next month.

After looking at the books, the inspectors will report to euro zone finance ministers and the IMF board, who will decide on the aid.

Greek Finance Minister Evangelos Venizelos has said he expects better terms in the latest bailout deal and has hinted that the banks will get back even less of the money they lent Athens.

Greece has been struggling to pay back the 340 billion euros it has borrowed.

In the first rescue it was loaned 110 billion euros last May. The latest bailout, which was agreed in July, is for 109 billion euros.

Greek bank shares tumbled as the week started. That was because a rescue fund had to be activated to save Proton Bank, effectively nationalising it.

The government said Proton was a special case — it is under investigation for possible money-laundering — and there were no plans for any other bank privatisations.

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