Greece seeks to unlock bailout funds

Greek team of officials responsible for handling vital debt talks with international creditors makes progress over the weekend

Updated Jul 28, 2015

Negotiations to unlock the remaining 7.2 billion euro ($8 billion) installment of its bailout programme has resumed in Brussels and is expected to continue till later this week. 

After positive developments on the way, an agreement could be settled this month, say officials.

Prime Minister Alexis Tsipras is under constant pressure to reach an agreement with creditors over reforms to prevent national bankruptcy.

However, talks are continuing to lag as he resists further cuts in pensions and labour reforms, arguing that these would clash with his campaign pledge to end austerity.

However, after Tsipras re-shuffled the negotiation team and switched Finance Minister Yanis Varoufakis with junior Foreign Minister Euclid Tsakalotos, slow progress in Greek debt talks began to pick up pace over the weekend.

"There has been a lot of progress, we are approaching an agreement," said a spokesman for Greek Prime Minister Alexis Tsipras. "Everything is going to be decided this week."

Expected to pay an interest of €200 million to the International Monetary Fund on Wednesday, Athens hopes that any form of progress made at the so-called Brussels Group will be acknowledged by the Eurogroup of eurozone finance ministers in order to bring some liquidity relief.

TRTWorld and agencies