Greece seeks final bailout payment

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Greece seeks final bailout payment

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Greek Prime Minister Antonis Samaras is meeting with a troika of EU, International Monetary Fund and European Central Bank inspectors to try and convince them to release the final bailout payment of 31.5 billion euros.

Without the money, Greece would probably go bankrupt and have to leave the euro. The Greek government says it is preparing cost-cutting plans to save 11.7 billion euros during 2013 and 2014.

Greek reforms aimed at cutting public spending have fallen behind schedule, however.

Greek government spokesperson Symeon Kedikoglou said: “The prime minister was briefed by the troika representatives on the progress of their meetings so far and the initiatives that have to be taken in order for the Greek programme to get back on track.”

As anti-austerity demonstrations continue, the latest cost-cutting plan has still not been agreed by all the government’s coalition partners. Cuts to supplemental pensions and social security benefits are expected but the government says it is trying to avoid any further wage cuts.