Talks Over $8 Billion In Bailout Funds Stalled After Greeks Miss Reform Goals

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Greek finance minister Evangelos Venizelos

Image: AP

Discussions between Greece and officials from the "troika" of the European Union, European Central Bank, and International Monetary Fund will pause for 10 days so that Greece can perform a technical study of its economic data.

This pause follows revelations yesterday that Greece will miss its deficit-cutting and privatization goals.

In a press conference this morning, Greek Finance Minister Evangelos Venizelos told reporters, "Yesterday night it was decided to conclude the first cycle of talks and a second cycle will begin in about 10 days on September 14," per a Reuters report.

He also confirmed that expectations of Greece's contraction had come in worse than expected at a number "very close" to 5%.

According to the AP, he insisted that this break had been "planned," and that austerity measures beyond those already approved by the Parliament would not be adopted.

Nonetheless, controversy will pervade this development, particularly on the heels of yesterday's announcement. Fail ling to meet announced goals could jeopardize $11 billion in bailout funds from the troika.

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