Greece to announce deal with EU-IMF for financial aid
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The Greek government is expected to announce on Sunday the final terms of the deal with the European Union and the International Monetary Fund (IMF) for the financial assistance to Greece over the next three years to tackle the debt crisis, local reports said on Friday.
The negotiations between Greek officials and the mixed group of EU-IMF experts who are in Athens the past ten days are expected to wind up by Friday evening and the Greek Prime Minister leans towards announcing the result in two days time.
The initial thought was to make the announcement of the additional package of austerity measures immediately, but there were fears that this move would spark massive protests in the streets on May 1.
Based on unconfirmed information from government sources and labor union representatives, the new string of measures Greece is asked to take in order to get loans from the EU-IMF safety net include further cutbacks on salaries of civil servants, similar reductions in wages of private sector employees and pensioners and more tax hikes.
