BBC NEWS (UK), ASSOCIATED PRESS (USA)
Inspectors from the European Union, the European Central Bank and the International Monetary Fund arrived in Athens on Friday to meet with Greek authorities, who hope to convince their international creditors that Athens should receive the final installment of 31.5 billion euros in bailout money.
Greece is facing a difficult economic situation as it struggles to implement the 14 billion euros in austerity cuts required by its European partners.
The Associated Press reports that Spain and Italy’s economic difficulties are pressuring Greece to slash spending even more if it wants to avoid leaving the Eurozone as the Euro debt crisis deepens. The cuts target pensions, salaries, benefits and government jobs.
On Thursday Greek Prime Minister Antonis Samaras met with E.U. Commission President Jose Manuel Barroso, according to the BBC. Samaras said his government would do everything to get Greece back on track but Barroso was even more pressing. “Words are not enough. Actions are much more important,” he said. Greece is behind schedule on its deficit reduction plan.
The first two bailouts were worth 100 billion and 130 billion euros. International creditors are skeptic that Athens will be able to meet its deficit reduction commitments, as Greece’s economy is expected to contract by 7% in 2012. This is Greece’s fifth year of recession.