ECONOMY

Troika exerts pressure using return date

Confirmation of the troika’s return date to Greece is still pending, as the country’s creditors are expecting the government to submit proposals concerning the issues that remain open.

If this does not happen they are expected to announce that there has not been enough progress for the eurozone and International Monetary Fund representatives to continue their inspections of the Greek program in Athens.

This puts pressure on the government to move ahead rapidly with the agreed actions, as it is Athens that is eager to complete the inspection process as early as possible. Sources say that the plan is for the troika to return to the Greek capital in the second week of November.

Meanwhile the head of the European Stability Mechanism, Klaus Regling, stated on Monday that the amount of funding required next year by Greece will depend on the results of the European Central Bank’s stress tests on local banks. He added that Greece must proceed with its reforms, which is a sign of the troika’s intentions to apply more pressure.