Finance Minister Yannis Stournaras was set to begin negotiations with representatives of the European Union, the European Central Bank and the International Monetary Fund – collectively known as the troika – on Thursday with regard to 11.5 billion euros worth of cuts demanded by the country's creditors.
The cuts were agreed on Wednesday following a tense meeting between the leaders of the three-party coalition government headed by Prime Minister and New Democracy chief Antonis Samaras, PASOK head Evangelos Venizelos and Democratic Left's leader Fotis Kouvelis. At the meeting the Greek premier reportedly insited that the country should only begin the process of asking for readjustments to the bailout program after the cuts have been agreed. He also stated that Greece has to demonstrate that it is moving ahead with pledged structural reforms.
After the meeting which was also attended by Stournaras, the latter noted that while negotiations with the troika would start immediately the details regarding the 11.5 billion euros in cuts would be finalized by the end of August.