September 21, 2011
Greece reported progress Tuesday in talks with a troika of international inspectors over fresh austerity measures the country must take to meet its deficit goals, but failed to clinch a deal that would secure the country its next installment of badly needed aid.
Greece's finance ministry said the negotiations made "satisfactory progress" but that the talks would continue over the weekend in Washington, where Finance Minister Evangelos Venizelos is to attend the annual meetings of the World Bank and the International Monetary Fund.
"Over the weekend in Washington, where Mr. Venizelos will be participating in the annual IMF summit, the talks will continue." Greece has been under mounting pressure from its European partners to adopt new austerity measures to cut its budget deficit after it appeared the country would overshoot its deficit goals this year.
At a meeting of European finance ministers in Poland last weekend, officials warned that Greece may not receive an €8 billion ($11 billion) aid tranche in October if it fails to bring its budget back in line with targets. Without that aid, Greece expects to run out of cash by mid-October.
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