European Economic News

Troika Says Greece Committed To Budget Cuts

Greece's international creditors said the embattled euro area member is committed to the planned budget cuts and that their discussions with the Greek authorities will continue in September.

"The Greek authorities are committed to proceeding with determination in their work over the next month," the troika, consisting of the European Union, the European Central Bank and the International Monetary Fund, said in a joint statement on Sunday after concluding a review visit.

The troika expects to return to Athens in early September to continue the discussions.

"The discussions on the implementation of the program were productive and there was overall agreement on the need to strengthen policy efforts to achieve its objectives," the creditors said.

Greece has pledged a series of economic reforms and spending cuts worth EUR 11 billion for 2013 and 2014 to keep the bailout-deal afloat.

by RTTNews Staff Writer

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