Greece has been buried in debt for a number of years. It used foreign loans to cover its budget deficit. Pensions are the biggest budget spending item.
International lenders suggest privatizing 40 percent of debt-ridden Greece's state-run utility company Public Power Corporation (PPC), according to a draft of the plan seen by the Kathimerini newspaper on Monday.
The French finance minister stood up for Greece, underscoring that Athens has already made great efforts in tackling the country's financial crisis.
The German foreign ministry's spokesman said Berlin had done a lot to help Greece get back on its feet economically.
Greek authorities expect that potential withdrawal of the International Monetary Fund (IMF) from the country's bailout program could allow to end the deadlock in the discussions of the issue between the parties to the program.
The European Commission has referred Greece to the European Court of Justice over illegal state aid in a further worsening of relations between Brussels and Athens which are already under strain over the third Greek bailout.
The International Monetary Fund (IMF) has released a damning report on the way its own staff failed to spot problems in the Eurozone, following the global credit crisis of 2007/8 and described the Greek bailouts a being ill-considered.
New measures to help the poorest people in Greece, unveiled by Prime Minister Alexis Tsipras, have been labeled too "limited."
A year after capital controls were introduced in Greece as part of the third bailout agreement with its creditors, the Greeks are still suffering from the harshest of austerity measures, leading to despair, anxiety and a rise in drug usage, Sputnik has been told.
European Stability Mechanism (ESM) direction board approved the disbursement of the second tranche to Greece, ESM Managing Director Klaus Regling said Friday.
Athens expects the Greek economy to return to growth in the second half of 2016, Greek Prime Minister Alexis Tsipras told Sputnik.
Greece's creditors have buried their differences and agreed to give the country US$11.48 billion of new cash after their Eurozone members finally conceded that long-term debt relief - writing down of debt - had to be part of the deal.
The EU and Greece have moved forward with negotiations on the reforms needed to advance financial assistance program.
Lawmakers in the European Parliament have sharply condemned the latest Greek bailout deal - reached after weeks of negotiations - which they say will lead to "Social Armageddon" and "too high a price to pay."
Finance ministers from the Eurozone are gathering in Brussels Monday (May 9) in an extraordinary meeting to discuss controversial new measures it is imposing on Athens amid mass strikes and demonstrations.
Greece is waiting for the Eurogroup ministers to make a statement on the debt relief issue, a source close to the EU institutions told RIA Novosti on Monday.
International Monetary Fund Managing Director Christine Lagarde urged Greece's lenders to concentrate on debt relief instead of simply pushing for contingency budget cuts.
German Chancellor Angela Merkel has, once more, intervened in the Greece bailout crisis by refusing to back a 'haircut' for Greece - debt relief, or the writing-off of part of its debts - despite Germany being given a generous haircut in the years after World War II.
The leaked phone conversation between Poul Thomsen, the head of the IMF's European Department, and Delia Velkulesku, the IMF Mission Chief for Greece suggested a possible Greek default coinciding with the United Kingdom's referendum on whether it should leave the European Union ('Brexit').
Germany's Finance Minister Wolfgang Schäuble has made it clear Greece will have to stick to tough budget targets as part of its third bailout package, despite having to cope with the worsening migrant crisis.
According to the Greek prime minister, Athens is expecting the country's economy to return to grownth in the second half of 2016.
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