Greece has submitted a letter inviting IMF’s technocratic groups to visit the country. This is the first step for the beginning of negotiations leading to a third memorandum and a third “aid package” from the ESM.
The exact details about the manner in which the groups will be able to check the necessary information from the Greek government have not been clarified.
Many members of the Eurozone insist that a full deal must me completed before Aug. 20 when a bond from Greece to the ECB comes to maturity.
In the letter, signed by the Greek Fin.Min E.Tsakalotos, it is stated that the Greek authorities are committed to policies that will strengthen the country’s fiscal viability. Mr. Tsakalotos also promises that these measures will aid financial stability and long term growth. Furthermore, they will secure that the cost of the reformations will be spread in a more just way throughout the social strata.
“The Greek authorities have committed to implement a number of policies that would enhance fiscal sustainability, strengthen fiscal stability, sustain long-term growth and, importantly, spread the cost of economic adjustment in a fair way,” the finance minister wrote.
“It is our belief that it will take several quarters before the Greek economy faces up to these challenges and returns to a vigorous and sustainable path to growth with fairness and social inclusion,”
The letter is expected to facilitate the arrival of the so-called Troika. Today the European Commission let it be known that the negotiators would arrive in Athens “in the following days”.