Greece’s Troika of Creditors Doomed to ‘Collapse’ - Belgian Economist

The so-called troika of international creditors, comprising the European Union, the European Central Bank and the International Monetary Fund, which negotiated the Greek bailout, is on the verge of collapse, Belgian economist Paul Jorion said Monday.

BRUSSELS (Sputnik) — Greece owes about $270 billion of its total $350-billion debt to the International Monetary Fund, the European Central Bank and some Eurozone countries.

"Today, we are witnessing the collapse of the troika. The problem is in disagreements within the troika," Jorion said in an interview with French-language RTBF broadcaster.

The July 5 referendum, in which Greeks voted against the austerity measures demanded by the country’s creditors in exchange for further aid, fueled fears that the country may default on its debt.

On Monday, however, eurozone leaders managed to reach an agreement on a new bailout package for Greece, with $95 billion to be given to the country over three years in exchange for economic reforms.