Greek premier calls for faster reforms

Greeceâ„¢s Prime Minister Antonis Samaras has called on his government to speed up the rate of austerity reforms, amid discussions that the country may need an additional third bailout package.

On Sunday, Athens admitted that it may require further economic support to an amount of ten billion euros (about $13.3 billion) in 2014.

Finance Minister Yannis Stournaras told Greek newspaper Proto Thema that he ruled out any requirements of new austerity conditions to be attached to the third bailout deal and that there were no discussions of a new debt reduction for the country.

Last week, German Finance Minister Wolfgang Schaeuble announced that Greece would need another rescue package after 2014, but it would be much smaller.

Germany is the biggest contributor to the Greek bailout packages, of which the first one amounted to 110 billion euros in May 2010, and followed by another 140 billion in 2012.

Meanwhile, inspectors from the international troika of lenders are scheduled to visit Athens in September to determine whether the Greek government can generate the revenue required to meet its 2015-2016 budget targets.

The eurozone and the International Monetary Fund are set to pay out 5.8 billion euros next week to Greece.

Greece would be eligible for another one billion euros in October if Athens meets the requirements given by the troika, including the European Central Bank, the International Monetary Fund and the European Commission.

The Greek economy is in its sixth year of recession due to fiscal mismanagement resulting in tax rises and spending cuts.

Greeceâ„¢s jobless rate stands at over 27 percent, which is more than double the eurozoneâ„¢s average reading of 12.1 percent, reflecting a deepening recession after years of austerity being imposed under the EU bailout plan.

CAH/HSN

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Republished from: Press TV