ECONOMY

Greece, EU/IMF pause talks; to resume in 10 days

Greece’s talks with EU/IMF/ECB inspectors on a fiscal adjustment programme before the release of a new aid tranche will resume in 10 days, a finance ministry official said on Friday.

“The first cycle of negotiations is completed. They (inspectors) will return in 10 days to see the budget plan for 2012 and conclude the procedure. Talks are not frozen,» the official told Reuters.

Greek officials had not previously suggested that there would be a pause in the negotiations with the team of EU/IMF/ECB inspectors.

The country’s finance minister will hold a news conference later on Friday.

The government and its international lenders said on Thursday, Greece would miss its budget deficit target this year, but they disagreed on how big the fiscal derailment will be and what is to blame. [Reuters]